Miller CompanyAdjusted Trial BalanceDecember 31 Line Item Description Debit Credit Cash 8,130 Accounts Receivable 3,300 Prepaid Expenses 2,750 Equipment 10,400 Accumulated Depreciation 2,200 Accounts Payable 2,700 Notes Payable 1,000 Common Stock 9,200 Retained Earnings 2,000 Dividends 4,870 Fees Earned 36,600 Wages Expense 12,450 Rent Expense 4,900 Utilities Expense 3,475 Depreciation Expense 2,150 Miscellaneous Expense 1,275 Total 53,700 53,700 Question Content Area Journalize the closing entries. If an amount box does not require an entry, leave it blank.
Miller CompanyAdjusted Trial BalanceDecember 31 Line Item Description Debit Credit Cash 8,130 Accounts Receivable 3,300 Prepaid Expenses 2,750 Equipment 10,400 Accumulated Depreciation 2,200 Accounts Payable 2,700 Notes Payable 1,000 Common Stock 9,200 Retained Earnings 2,000 Dividends 4,870 Fees Earned 36,600 Wages Expense 12,450 Rent Expense 4,900 Utilities Expense 3,475 Depreciation Expense 2,150 Miscellaneous Expense 1,275 Total 53,700 53,700 Question Content Area Journalize the closing entries. If an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Miller CompanyAdjusted Trial BalanceDecember 31
| Line Item Description | Debit | Credit |
|---|---|---|
| Cash | 8,130 | |
| 3,300 | ||
| Prepaid Expenses | 2,750 | |
| Equipment | 10,400 | |
| 2,200 | ||
| Accounts Payable | 2,700 | |
| Notes Payable | 1,000 | |
| Common Stock | 9,200 | |
| 2,000 | ||
| Dividends | 4,870 | |
| Fees Earned | 36,600 | |
| Wages Expense | 12,450 | |
| Rent Expense | 4,900 | |
| Utilities Expense | 3,475 | |
| Depreciation Expense | 2,150 | |
| Miscellaneous Expense | 1,275 | |
| Total | 53,700 | 53,700 |
Question Content Area
Journalize the closing entries. If an amount box does not require an entry, leave it blank.
Expert Solution
Step 1 Introduction
The journal entries are prepared to record the business transactions on regular basis. The closing entries are prepared to close the temporary accounts of the business. The temporary accounts of the business are revenues, expenses, dividends and drawings account.
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