8.Use the following Adjusted Trial Balance to prepare the four journal entries required toclose the books:Adjusted Trial BalanceDebitCreditCash$ 75,500Accounts ReceivableAccounts Payable15,500$ 4,0006,00020,000Unearned RevenueCommon StockRetained EarningsDividendsService Revenue12,50030,000355,000Advertising ExpenseRent ExpenseUtilities ExpenseWages Expense30,00036,0009,500201,000$397,500$397,500SolutionDebitCreditDateAccounts and Explanation

Name: 8.Use the following Adjusted Trial Balance to prepare the four journa
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Description: 8.Use the following Adjusted Trial Balance to prepare the four journal entries required toclose the books:Adjusted Trial BalanceDebitCreditCash$ 75,500Accounts ReceivableAccounts Payable15,500$ 4,0006,00020,000Unearned RevenueCommon StockRetained Ea

Closing entries: These are the entries passed at the close of the accounting period to close the…

Business

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8. Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit Credit Cash $ 75,500 Accounts Receivable 15,500 $ 4,000 Accounts Payable Unearned Revenue Common Stock 6,000 20,000 12,500 Retained Earnings Dividends Service Revenue 30,000 355,000 Advertising Expense Rent Expense Utilities Expense Wages Expense 30,000 36,000 9,500 201,000 $397,500 $397,500

8. Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit Credit Cash $ 75,500 Accounts Receivable 15,500 $ 4,000 Accounts Payable Unearned Revenue Common Stock 6,000 20,000 12,500 Retained Earnings Dividends Service Revenue 30,000 355,000 Advertising Expense Rent Expense Utilities Expense Wages Expense 30,000 36,000 9,500 201,000 $397,500 $397,500

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...

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