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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

FINANCIAL ACCOUNTING
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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7. Prepare the closing journal entries using the Adjusted Trial Balance.
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
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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