Adjusted Trial Balance December 31 Account Debit Credit No. Balances Balances Cash 11 8,130 Accounts Receivable 12 3,300 Prepaid Expenses 13 2,750 Equipment 18 10,400 Accumulated Depreciation 19 2,200 Accounts Payable 21 2,700 Notes Payable 22 1,000 Diane Miller, Capital 31 11,200 Diane Miller, Drawing 32 4,870 Fees Earned 41 36,600 Wages Expense 51 12,450 Rent Expense 52 4,900 Utilities Expense 53 3,475 Depreciation Expense 54 2,150 Miscellaneous Expense 59 1,275 53,700 53,700 Prepare closing entries. If an amount box does not require an entry, leave it blank.
Adjusted Trial Balance December 31 Account Debit Credit No. Balances Balances Cash 11 8,130 Accounts Receivable 12 3,300 Prepaid Expenses 13 2,750 Equipment 18 10,400 Accumulated Depreciation 19 2,200 Accounts Payable 21 2,700 Notes Payable 22 1,000 Diane Miller, Capital 31 11,200 Diane Miller, Drawing 32 4,870 Fees Earned 41 36,600 Wages Expense 51 12,450 Rent Expense 52 4,900 Utilities Expense 53 3,475 Depreciation Expense 54 2,150 Miscellaneous Expense 59 1,275 53,700 53,700 Prepare closing entries. If an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:/N2.cengagenow.com/Irm/takeAssignment/takeAssignmentMain.do?invoker=&takeAs
Wages Expense
51
12,450
Rent Expense
52
4,900
Utilities Expense
53
3,475
Depreciation Expense
54
2,150
Miscellaneous Expense
59
1,275
53,700
53,700
Prepare closing entries. If an amount box does not require an entry, leave it blank.
Prepare the post-closing trial balance. If an amount box does not require an entry, leave
Miller Company
Expert Solution
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Step 1
Closing entries are used to transfer the balance from a temporary account to a permanent account. We can say that closing entries are used to reset the balance of the temporary account.
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