Account Cash 47,400 Supplies 300 Prepaid Rent 22,917 7,350 17,500 Accounts Receivable Equipment Accumul.Dep-Equipment Accounts Payable Unearned Service Eevenue Salaries Payable Interest Payable Notes Payable (2030) Share Capital-ordinary 35 13,420 1,900 150 12,000 60,000 Dividends 7,000 Service Revenue 19,000 4,200 Rent Revenue Salaries Expense Depreciation Exp.-Equipment Utilities Expense Interest Expense Rent Expense Supplies Expense 1,900 35 670 150 2,083 3,400 110,705 Total 110,705

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Prepare the closing entries.

- Prepare the T-accounts for Retained Earnings and Income Summary

 

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Based on the following Adjusted Trial Balance for Duston Inc:
Duston Inc
Adjusted Trial Balance
December 31, 2020
Account Title
Debit
Credit
Cash
47,400
Supplies
300
22,917
7,350
17,500
Prepaid Rent
Accounts Receivable
Equipment
Accumul.Dep-Equipment
Accounts Payable
Unearned Service Eevenue
Salaries Payable
Interest Payable
Notes Payable (2030)
Share Capital-ordinary
35
13,420
1,900
150
12,000
60,000
Dividends
7,000
Service Revenue
19,000
4,200
Rent Revenue
Salaries Expense
1,900
Depreciation Exp.-Equipment
Utilities Expense
Interest Expense
Rent Expense
Supplies Expense
35
670
150
2,083
3,400
Total
110,705
110,705
Transcribed Image Text:Based on the following Adjusted Trial Balance for Duston Inc: Duston Inc Adjusted Trial Balance December 31, 2020 Account Title Debit Credit Cash 47,400 Supplies 300 22,917 7,350 17,500 Prepaid Rent Accounts Receivable Equipment Accumul.Dep-Equipment Accounts Payable Unearned Service Eevenue Salaries Payable Interest Payable Notes Payable (2030) Share Capital-ordinary 35 13,420 1,900 150 12,000 60,000 Dividends 7,000 Service Revenue 19,000 4,200 Rent Revenue Salaries Expense 1,900 Depreciation Exp.-Equipment Utilities Expense Interest Expense Rent Expense Supplies Expense 35 670 150 2,083 3,400 Total 110,705 110,705
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