The adjusted trial balance for Yondel Company at December 31, 2021 is presented below:AccountsDebitCreditCash$ 8,00020,000410,000Prepaid rentLandAccounts payableSalaries payable$ 17,00016,000270,00050,000Common stockRetained earningsDividends11,000Service revenue310,000Salaries expense160,00026,000 128,000Rent expenseUtilities expenseTotals$663,000$663,000Prepare the closing entries for Yondel Company for the year ended December 31, 2021. (If no entry is required for atransaction/event, select "No journal entry required" in the first account field.)View transaction listRecord the closing entry for service revenue.2Record the closing entry for expenses.3Record the closing entry for dividends.X:

1) Closing entry for service revenue :-

Answered: ance for Yondel Company at December 31,…

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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Holden Company reports Interest Expense of $325,000 on its 2020 Income Statement. Holden's Balance Sheet shows Interest Payable of $30,000 as of 12/31/20 and $50,000 as of 12/31/19. How much Cash did Holden pay for interest in 2020? $405,000 $305,000 $325,000 $345,000
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