he adjusted account balances of Rose Merchandising Company on Dec. 31st of 2020 are below. Provide the necessary journal entry for closing expense accounts

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
A Accounts Payable AA Losses due to fire
B Accounts Receivable BB Merchandise Inventory
E Accumulated Depreciation—Equip EE Notes Payable
F Allowance for Doubtful Accounts FF Payroll Tax Expense
G Bad Debt Expense GG Premium on Bonds Payable
H Bonds Payable HH Prepaid Insurance
I Building II Prepaid Rent
J Capital Lease Payable JJ Rent Expense
K Cash KK Rent Revenue
L Cost of Goods Sold LL Retained Earnings
M Depreciation Expense MM Salaries and Wages Expense
N Discount on Bonds Payable NN Salaries and Wages Payable
O Dividends OO Sales Commission Expense
P Equipment PP Sales Commission Payable
Q Fed Income Tax Payable QQ Sales Returns
R Fed Unemployment Tax Payable RR Sales Revenues
S FICA Taxes Payable SS Sales Taxes Payable
T Income Summary TT Service Revenue
U Insurance Expense UU State Income Tax Payable
V Interest Expense VV State Unemployment Tax Payable
W Interest Payable WW Supplies
X Interest Receivable XX Supplies Expense
Y Interest Revenue YY Unearned Rent Revenue
Z Land ZZ Unearned Service Revenue


 
Examole of Journal Entry: K3000D,B2000D,TT5000C
Where K denotes Cash account, 3000 is the amount, D stands for debit, B denotes Accounts Receivable, 2000 is the amount, D stands for debit, TT denotes Service Revenues, 5000 is the amount, and C stands for credit.  The letters are in capital. Comma is used to separate the changes in each account. Don’t use dollar sign, decimal point, or space in any place.  If in an entry requires more than one debit or credit accounts, first enter debit accounts in order of dollar amount – large amount to small amount, then the credit accounts in order of dollar amount – large amount to small amount. 
 
Question: The adjusted account balances of Rose Merchandising Company on Dec. 31st
of 2020 are below.
 

Provide the necessary journal entry for closing expense accounts

Accounts
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Cash
Common Stock (par value $20)
Cost of goods sold
Depreciation expense
Dividends declared and paid
Equipment
Interest Revenue
Merchandise Inventory
Rent expense
Retained earnings, December 31, 2016
Salaries and Wages expense
Sales Returns
Sales Revenues
Balance
156,000
60,000
38,400
42,000
464,400
360,000
12,000
30,000
480,000
9,600
240,000
60,000
198,000
300,000
21,600
984,000
Transcribed Image Text:Accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Common Stock (par value $20) Cost of goods sold Depreciation expense Dividends declared and paid Equipment Interest Revenue Merchandise Inventory Rent expense Retained earnings, December 31, 2016 Salaries and Wages expense Sales Returns Sales Revenues Balance 156,000 60,000 38,400 42,000 464,400 360,000 12,000 30,000 480,000 9,600 240,000 60,000 198,000 300,000 21,600 984,000
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

Can this be in the adjusted journal entry format like above.

Ex: K3000D,B2000D,TT5000C

Solution
Bartleby Expert
SEE SOLUTION
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education