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 10,000 Accounts Receivable 3,000 Supplies 200 Building 100,000 Accum. Depreciation 15,000 Accounts Payable 3,200 Notes Payable 5,000 Common Stock 5,000 Retained Earnings 10,000 Dividends 1.500 Fees Earned 85,200 Rent Expense 4,000 Telephone Expense 2.500 Depreciation Expense 2.200 Total 123.400 123,400

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 10,000 Accounts Receivable 3,000 Supplies 200 Building 100,000 Accum. Depreciation 15,000 Accounts Payable 3,200 Notes Payable 5,000 Common Stock 5,000 Retained Earnings 10,000 Dividends 1.500 Fees Earned 85,200 Rent Expense 4,000 Telephone Expense 2.500 Depreciation Expense 2.200 Total 123.400 123,400

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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