Closing Entries Use the Adjusted Trial Balance below for the Year Ended December 31, 2020 to complete the closing entries on the journal page in the Exam 1 format document. You should have 2 entries closing revenues, expenses and dividends. Debit Credit Cash 17,000 Accounts Receivable 5,100 Supplies 340 Factory 100,000 Accum. Depreciation 25,500 Accounts Payable 5,440 Notes Payable 8,500 Common Stock 5,000 Retained Earnings 10,000 Dividends 2,550 Professional Fees 85,340 Rent Expense 6,800 Telephone Expense 4,250 Depreciation Expense 3,740 Total 139,780 139,780

Closing Entries Use the Adjusted Trial Balance below for the Year Ended December 31, 2020 to complete the closing entries on the journal page in the Exam 1 format document. You should have 2 entries closing revenues, expenses and dividends. Debit Credit Cash 17,000 Accounts Receivable 5,100 Supplies 340 Factory 100,000 Accum. Depreciation 25,500 Accounts Payable 5,440 Notes Payable 8,500 Common Stock 5,000 Retained Earnings 10,000 Dividends 2,550 Professional Fees 85,340 Rent Expense 6,800 Telephone Expense 4,250 Depreciation Expense 3,740 Total 139,780 139,780

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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