**PA4. LO 5.1**: Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books:**Adjusted Trial Balance**| Debit | Credit ||-----------------------|---------------------|| Cash | $38,750 || Prepaid Insurance | $4,500 || Equipment | $35,000 || Notes Payable | | $32,000 || Common Stock | | $10,000 || Retained Earnings | | $17,325 || Dividends | $22,000 || Sales Revenue | | $200,000 || Automobile Expense | $24,575 || Insurance Expense | $18,000 || Salaries Expense | $110,000 || Supplies Expense | $6,500 |**Total** | **$259,325** | **$259,325** The adjusted trial balance shows that the total debits and credits are equal, at $259,325. This balance is used to prepare the closing journal entries needed to finalize the accounting records for the period.

A closing entry is a journal entry made at the end of the accounting period. It involves shifting…

PA4. LO 5.1 Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit Credit $ 38,750 4,500 Cash Prepaid Insurance Equipment Notes Payable 35,000 $ 32,000 10,000 17,325 Common Stock Retained Earnings Dividends 22,000 Sales Revenue 200,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 24,575 18,000 110,000 6,500 $259,325 $259,325

PA4. LO 5.1 Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit Credit $ 38,750 4,500 Cash Prepaid Insurance Equipment Notes Payable 35,000 $ 32,000 10,000 17,325 Common Stock Retained Earnings Dividends 22,000 Sales Revenue 200,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 24,575 18,000 110,000 6,500 $259,325 $259,325

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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