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FINANCIAL ACCOUNTING
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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Please check if my general entry are correct
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable 14,600 345, е00 14,500 54, 000 640, e00 266,000 78,000 72,000 7,800 2,400 400,000 165,000 780, 000 Common stock Retained earnings Sales revenue 468,000 117, 000 43,500 64,000 4,800 Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense 5,800 1,771,200 1,771,200 Totals
Transcribed Image Text:The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable 14,600 345, е00 14,500 54, 000 640, e00 266,000 78,000 72,000 7,800 2,400 400,000 165,000 780, 000 Common stock Retained earnings Sales revenue 468,000 117, 000 43,500 64,000 4,800 Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense 5,800 1,771,200 1,771,200 Totals
Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit December 31, 2021 Sales revenue 780,000 Cost of goods sold 468,000 Salaries expense 117,000 Rent expense 43,500 Depreciation expense 64,000 Interest expense 4,800 December 31, 2021 Sales revenue 703,100 Cost of goods sold 468,000 Salaries expense 117,000 43,500 Rent expense 64,000 Depreciation expense 4,800 Interest expense 5,800 Advertising expense Retained earnings Dividends
Transcribed Image Text:Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit December 31, 2021 Sales revenue 780,000 Cost of goods sold 468,000 Salaries expense 117,000 Rent expense 43,500 Depreciation expense 64,000 Interest expense 4,800 December 31, 2021 Sales revenue 703,100 Cost of goods sold 468,000 Salaries expense 117,000 43,500 Rent expense 64,000 Depreciation expense 4,800 Interest expense 5,800 Advertising expense Retained earnings Dividends
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