Malibu Corporation's fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance as of December 31. Debit Credit $14,000 $1,400 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Insurance Expense Interest Expense 13,400 4,400 1,400 9,400 3,400 34,000 4,400 quired: Prepare the necessary closing entries. Calculate the ending balance of Retained Earnings. uired 1 Required 2 complete this question by entering your answers in the tabs below.

Malibu Corporation's fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance as of December 31. Debit Credit $14,000 $1,400 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Insurance Expense Interest Expense 13,400 4,400 1,400 9,400 3,400 34,000 4,400 quired: Prepare the necessary closing entries. Calculate the ending balance of Retained Earnings. uired 1 Required 2 complete this question by entering your answers in the tabs below.

Name: Also record the entry to close the dividends account Journal entry wor
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Description: Also record the entry to close the dividends account Journal entry worksheet<12Record the entry to close the expense accounts.DateNote: Enter debits before credits.3December 31, 2024Record entryGeneral JournalClear entryRequired 1DebitCreditView gene

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Also record the entry to close the dividends account

Journal entry worksheet
<
1
2
Record the entry to close the expense accounts.
Date
Note: Enter debits before credits.
3
December 31, 2024
Record entry
General Journal
Clear entry
Required 1
Debit
Credit
View general journal
Required 2

Malibu Corporation's fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance as of December 31.
Credit
$14,000
Accounts
Retained Earnings
Dividends
Service Revenue
Interest Revenue
Salaries Expense
Rent Expense
Advertising Expense
Insurance Expense
Interest Expense
Required 1 Required 2
Required:
1. Prepare the necessary closing entries.
2. Calculate the ending balance of Retained Earnings.
ew transaction list
Debit
$1,400
Complete this question by entering your answers in the tabs below.
13,400
4,400
1,400
1
9,400
3,400
epare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the
st account field.)
2
ournal entry worksheet
3
34,000
4,400
ecord the entry to close the revenue accounts.

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