Sheridan Company shows the following balances in selected accounts of its adjusted trial balance.Supplies $30,900 Service Revenue $116,000Supplies Expense 5,100 Salaries and Wages Expense 36,000Accounts Receivable 11,600 Utilities Expense 8,700Owner’s Drawings 23,000 Rent Expense 18,300Owner’s Capital 74,000 List of AccountsAccounts PayableAccounts ReceivableAccumulated Depreciation-BuildingsAccumulated Depreciation-EquipmentAccumulated Depreciation-Delivery TrucksAdvertising ExpenseBuildingsCashDebt InvestmentsDelivery TrucksDepreciation ExpenseEquipmentGasoline ExpenseIncome SummaryInsurance ExpenseInterest ExpenseInterest PayableInterest ReceivableInterest RevenueInventoryLandLong-term DebtLong-term InvestmentsMaintenance and Repairs ExpenseMiscellaneous ExpenseMortgage PayableNotes PayableOwner's CapitalOwner's DrawingsPatent NeedsPrepaid InsurancePrepaid RentRent ExpenseRent RevenueSalaries and Wages ExpenseSalaries and Wages PayableService RevenueShort-Term InvestmentsStock InvestmentsSuppliesSupplies ExpenseTicket RevenueUnearned Rent RevenueUnearned Service RevenueUtilities Expense Journalize the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indentmanually.)DateAccount Titles and ExplanationDebitCreditDec. 31(To close revenue account)Dec. 31(To close expense accounts)Dec. 31(To close net income / (loss))Dec. 31

Name: Sheridan Company shows the following balances in selected accounts of
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Description: Sheridan Company shows the following balances in selected accounts of its adjusted trial balance.Supplies $30,900 Service Revenue $116,000Supplies Expense 5,100 Salaries and Wages Expense 36,000Accounts Receivable 11,600 Utilities Expense 8,700Owner’

Journal entry: This is the first step to record accounts. It is written in the same order in which…

Answered: Journalize the closing entries at…

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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Supplies	$30,900	Service Revenue	$116,000
Supplies Expense	5,100	Salaries and Wages Expense	36,000
Accounts Receivable	11,600	Utilities Expense	8,700
Owner’s Drawings	23,000	Rent Expense	18,300
Owner’s Capital	74,000

List of Accounts

Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Accumulated Depreciation-Delivery Trucks
Advertising Expense
Buildings
Cash
Debt Investments
Delivery Trucks
Depreciation Expense
Equipment
Gasoline Expense
Income Summary
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Long-term Debt
Long-term Investments
Maintenance and Repairs Expense
Miscellaneous Expense
Mortgage Payable
Notes Payable
Owner's Capital
Owner's Drawings
Patent Needs
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Salaries and Wages Expense
Salaries and Wages Payable
Service Revenue
Short-Term Investments
Stock Investments
Supplies
Supplies Expense
Ticket Revenue
Unearned Rent Revenue
Unearned Service Revenue
Utilities Expense

Journalize the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
(To close revenue account)
Dec. 31
(To close expense accounts)
Dec. 31
(To close net income / (loss))
Dec. 31

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