Plese do the exercise:By the end of December 2021, Greta Thunberg, chief accountant of Silence is working to finish his accounting for the year. He realizes that he still needs to prepare the closing entries.This is the trial balance that he has. Acapulco Inc.Trial Balance dated December 31st year 2021Cash And EquivalentsAccounts ReceivableOther Receivables,Notes ReceivableInventoryPrepaid ExpensesOther Current Assets,Gross Property Plant And EquipmentGoodwillLoans Receivable, Long-TermDeferred Tax Assets Long-TermOther Long-Term AssetsDividendsAccounts PayableAccrued ExpensesCurrent Income Taxes. Pavable.Unearned Revenue CurrentOther Current LiabilitiesLong-Term DebtUnearned Revenue Non CurrentDeferred Tax Liability Non CurrentOther Non Current LiabilitiesCommon StockAdditional Paid, In CapitalBetained EarningsAccumulated Depreciation,BevenuesCost of Goods SoldSelling General & Admin ExpensesDepreciation & AmortizationOther Operating, ExpensesInterest ExpenseIncome Tax ExpenseTotalDebit15,5659,692,373,4225,1324,1115,30818,6385,5310,140,7740,08200,001.293,94158,1440,9966,257,4049,722.917.17Credit42,7064,908,543,348,55299,823,3110,0553,090,44172,57219,28386,881.643,702.917.17

Closing Entries Closing entries are journal entries that move temporary account balances into…

Plese do the exercise: By the end of December 2021, Greta Thunberg, chief accountant of Silence is working to finish his accounting for the year. He realizes that he still needs to prepare the closing entries. This is the trial balance that he has.

Plese do the exercise: By the end of December 2021, Greta Thunberg, chief accountant of Silence is working to finish his accounting for the year. He realizes that he still needs to prepare the closing entries. This is the trial balance that he has.

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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