Paloma Grooming shows the following balances in the selected accounts of its adjusted trial balance (amounts in thousands). Supplies Supplies expense Accounts Receivable Dividends | Share capital - ordinary | 200,000 $100,000 8,000 50,000 5,000 Rent Expense e Mi Service Revenue $90,000 40,000 5,000 10,0002020 Salaries and Wages expense Utilities Expense Prepare the closing entries at December 31.
Paloma Grooming shows the following balances in the selected accounts of its adjusted trial balance (amounts in thousands). Supplies Supplies expense Accounts Receivable Dividends | Share capital - ordinary | 200,000 $100,000 8,000 50,000 5,000 Rent Expense e Mi Service Revenue $90,000 40,000 5,000 10,0002020 Salaries and Wages expense Utilities Expense Prepare the closing entries at December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Paloma Grooming shows the following balances in the selected accounts of its adjusted trial
balance (amounts in thousands).
Supplies
Supplies expense
| Accounts Receivable
Dividends
Share capital - ordinary 200,000
Service Revenue
Salaries and Wages expense
Utilities Expense
Rent Expense
$100,000
8,000
$90,000
40,000
5,000
10,000 2020
50,000
5,000
Prepare the closing entries at December 31.
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