НоmeworkThe following is the adjusted trial balance as of December 31, 2020 of ABCCompany. Prepare CLOSING entries.AccountsDebitCreditCash$18,000Accounts Receivable30,000Prepaid InsuranceOffice Supplies9,0003,200BuildingAccumulated Depreciation-Building165,000$12,000Equipment88,000Accumulated Depreciation-Equipment8,500Land45,000Accounts PayableSalaries Payable12,0002,000Unearned service revenue25,000Mortgage PayableMartin, Capital100,00021,290Martin, Withdrawals25,840Service Revenue325,000Salaries Expense63,000Depreciation Expense-Building and Equipment6,250Supplies Expense15,000Insurance Expense14,500Utilities ExpenseTotal23,000$505,790$505,790

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Ноmework The following is the adjusted trial balance as of December 31, 2020 of ABC Company. Prepare CLOSING entries. Accounts Debit Credit Cash $18,000 Accounts Receivable 30,000 Prepaid Insurance 9,000 Office Supplies 3,200 Building 165,000 Accumulated Depreciation-Building $12,000 Equipment 88,000 Accumulated Depreciation-Equipment 8,500 Land 45,000 Accounts Payable 12,000 Salaries Payable Unearned service revenue 2,000 25,000 Mortgage Payable Martin, Capital 100,000 21,290 Martin, Withdrawals 25,840 Service Revenue 325,000 Salaries Expense Depreciation Expense-Building and Equipment 63,000 6,250 Supplies Expense Insurance Expense Utilities Expense Total 15,000 14,500 23,000 $505.790 $505,790

Ноmework The following is the adjusted trial balance as of December 31, 2020 of ABC Company. Prepare CLOSING entries. Accounts Debit Credit Cash $18,000 Accounts Receivable 30,000 Prepaid Insurance 9,000 Office Supplies 3,200 Building 165,000 Accumulated Depreciation-Building $12,000 Equipment 88,000 Accumulated Depreciation-Equipment 8,500 Land 45,000 Accounts Payable 12,000 Salaries Payable Unearned service revenue 2,000 25,000 Mortgage Payable Martin, Capital 100,000 21,290 Martin, Withdrawals 25,840 Service Revenue 325,000 Salaries Expense Depreciation Expense-Building and Equipment 63,000 6,250 Supplies Expense Insurance Expense Utilities Expense Total 15,000 14,500 23,000 $505.790 $505,790

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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Question

Ноmework
The following is the adjusted trial balance as of December 31, 2020 of ABC
Company. Prepare CLOSING entries.
Accounts
Debit
Credit
Cash
$18,000
Accounts Receivable
30,000
Prepaid Insurance
Office Supplies
9,000
3,200
Building
Accumulated Depreciation-Building
165,000
$12,000
Equipment
88,000
Accumulated Depreciation-Equipment
8,500
Land
45,000
Accounts Payable
Salaries Payable
12,000
2,000
Unearned service revenue
25,000
Mortgage Payable
Martin, Capital
100,000
21,290
Martin, Withdrawals
25,840
Service Revenue
325,000
Salaries Expense
63,000
Depreciation Expense-Building and Equipment
6,250
Supplies Expense
15,000
Insurance Expense
14,500
Utilities Expense
Total
23,000
$505,790
$505,790

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