Account Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Sales Revenues Rent Expense Depreciation Expense Salaries Expense Insurance Expense Supplies Expense Utilities Expense Debit $40,000 50,000 12,000 150,000 6,000 10,000 80,000 6,000 2,000 5,000 $361,000 ABC Co. Adjusted Trial Balance December 31, 2022 Credit $ 60,000 15,000 50,000 20,000 16,000 200,000 $361,000
Account Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Sales Revenues Rent Expense Depreciation Expense Salaries Expense Insurance Expense Supplies Expense Utilities Expense Debit $40,000 50,000 12,000 150,000 6,000 10,000 80,000 6,000 2,000 5,000 $361,000 ABC Co. Adjusted Trial Balance December 31, 2022 Credit $ 60,000 15,000 50,000 20,000 16,000 200,000 $361,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 13GI
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Question
Do not give answer in image
![7. Prepare the closing journal entries using the Adjusted Trial Balance.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F48a8e91d-36bb-4c3b-8c5d-260822cd50c2%2Fd5aaac95-e862-4e21-9e0f-4bcc80cd8af3%2F2nas9oo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:7. Prepare the closing journal entries using the Adjusted Trial Balance.
![Account
Cash
Accounts Receivable
Prepaid Rent
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable
Common Stock
Retained Earnings
Sales Revenues
Rent Expense
Depreciation Expense
Salaries Expense
Insurance Expense
Supplies Expense
Utilities Expense
Debit
$40,000
50,000
12,000
150,000
6,000
10,000
80,000
6,000
2,000
5,000
$361,000
ABC Co.
Adjusted Trial Balance
December 31, 2022
Credit
$ 60,000
15,000
50,000
20,000
16,000
200,000
$361,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F48a8e91d-36bb-4c3b-8c5d-260822cd50c2%2Fd5aaac95-e862-4e21-9e0f-4bcc80cd8af3%2F992xdii_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Account
Cash
Accounts Receivable
Prepaid Rent
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable
Common Stock
Retained Earnings
Sales Revenues
Rent Expense
Depreciation Expense
Salaries Expense
Insurance Expense
Supplies Expense
Utilities Expense
Debit
$40,000
50,000
12,000
150,000
6,000
10,000
80,000
6,000
2,000
5,000
$361,000
ABC Co.
Adjusted Trial Balance
December 31, 2022
Credit
$ 60,000
15,000
50,000
20,000
16,000
200,000
$361,000
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