Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $590 were declared at the end of the year, and 510 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,830 in cash (for a total at the end of the year of 840 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Cash Accounts receivable Interest receivable Prepaid insurance Long-term notes receivable Equipment Accumulated depreciation Accounts payable Dividends payable Accrued expenses payable Income taxes payable Unearned rent revenue Common Stock (840 shares) Additional paid-in capital Retained earnings revenue Rent revenue Interest revenue Wages expense Depreciation expense Utilities expense Insurance expense Rent expense Income tax expense Total Debit $1,380 2,320 160 1,730 2,860 15,100 19,700 1,690 250 780 Credit $3,150 2,310 590 3,820 2,207 550 84 3,426 -890 39,530 700 200 7,500 2,207 $55,677 $55,677 Prepare the closing entry at the end of the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $590 were declared at the end of the year, and 510 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,830 in cash (for a total at the end of the year of 840 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Cash Accounts receivable Interest receivable Prepaid insurance Long-term notes receivable Equipment Accumulated depreciation Accounts payable Dividends payable Accrued expenses payable Income taxes payable Unearned rent revenue Common Stock (840 shares) Additional paid-in capital Retained earnings revenue Rent revenue Interest revenue Wages expense Depreciation expense Utilities expense Insurance expense Rent expense Income tax expense Total Debit $1,380 2,320 160 1,730 2,860 15,100 19,700 1,690 250 780 Credit $3,150 2,310 590 3,820 2,207 550 84 3,426 -890 39,530 700 200 7,500 2,207 $55,677 $55,677 Prepare the closing entry at the end of the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

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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