PA5. LO 5.1 Use the following Adjusted Trial Balance to prepare the four journal entries required to close thebooks:Adjusted Trial BalanceDebitCreditCash$ 22,900Prepaid InsuranceFixed Assets4,00044,000Notes Payable$ 40,000Common Stock25,000Retained EarningsDividends48,35022,000Sales Revenue150,000Automobile ExpenseInsurance ExpenseSalaries ExpenseSupplies Expense26,50020,000122,5001,450$263,350$263,350

Closing entries are used to transfer the balance from a temporary account to permanent account. We…

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

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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