PA5. LO 5.1 Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit $ 22,900 4,000 44,000 Cash Prepaid Insurance Fixed Assets Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Automobile Expense Insurance Expense Salaries Expense Supplies Expense 22,000 26,500 20,000 122,500 1,450 $263,350 Credit $ 40,000 25,000 48,350 150,000 $263,350

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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PA5. 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
$ 22,900
Prepaid Insurance
Fixed Assets
4,000
44,000
Notes Payable
$ 40,000
Common Stock
25,000
Retained Earnings
Dividends
48,350
22,000
Sales Revenue
150,000
Automobile Expense
Insurance Expense
Salaries Expense
Supplies Expense
26,500
20,000
122,500
1,450
$263,350
$263,350
Transcribed Image Text:PA5. 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 $ 22,900 Prepaid Insurance Fixed Assets 4,000 44,000 Notes Payable $ 40,000 Common Stock 25,000 Retained Earnings Dividends 48,350 22,000 Sales Revenue 150,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 26,500 20,000 122,500 1,450 $263,350 $263,350
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