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Practice Preparing Closing Entries Listed below are the accounts taken from the Dec. 31, 2019 adjusted trial balance of Teresita Nacion Publishers. Accounts Receivable Supplies Expense 260,000 710,000 Interest Payable Cash 40,000 160,000 Salaries Expense 2,270,000 Repairs 10,000 Printing revenues Prepaid Insurance Depreciation Expense Supplies 8,130,000 320,000 250,000 Unearned Printing Revenues 160,000 310,000 5,520,000 70,000 Accounts Payable Telephone Expense 190,000 20,000 210,000 300,000 Interest Expense Salaries Payable Printing Equipment Prepaid Advertising Nacion, Withdrawals Nacion, Capital Notes Payable Miscellaneous Expense Utilities Expense 340,000 2,500,000 90,000 80,000 1,500,000

Practice Preparing Closing Entries Listed below are the accounts taken from the Dec. 31, 2019 adjusted trial balance of Teresita Nacion Publishers. Accounts Receivable Supplies Expense 260,000 710,000 Interest Payable Cash 40,000 160,000 Salaries Expense 2,270,000 Repairs 10,000 Printing revenues Prepaid Insurance Depreciation Expense Supplies 8,130,000 320,000 250,000 Unearned Printing Revenues 160,000 310,000 5,520,000 70,000 Accounts Payable Telephone Expense 190,000 20,000 210,000 300,000 Interest Expense Salaries Payable Printing Equipment Prepaid Advertising Nacion, Withdrawals Nacion, Capital Notes Payable Miscellaneous Expense Utilities Expense 340,000 2,500,000 90,000 80,000 1,500,000

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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Practice Preparing Closing Entries Listed below are the accounts taken from the Dec. 31, 2019 adjusted trial balance of Teresita Nacion Publishers. Accounts Receivable Supplies Expense 260,000 Interest Payable 40,000 710,000 Cash 160,000 Salaries Expense 2,270,000 Repairs 10,000 Accounts Payable Telephone Expense 250,000 Unearned Printing Revenues Printing revenues 8,130,000 190,000 Prepaid Insurance 320,000 20,000 Depreciation Expense 210,000 Supplies 160,000 Interest Expense 300,000 Salaries Payable Nacion, Capital Notes Payable Miscellaneous Expense Utilities Expense 310,000 340,000 Printing Equipment 5,520,000 2,500,000 Prepaid Advertising 70,000 90,000 Nacion, Withdrawals 1,500,000 80,000
Transcribed Image Text:Practice Preparing Closing Entries Listed below are the accounts taken from the Dec. 31, 2019 adjusted trial balance of Teresita Nacion Publishers. Accounts Receivable Supplies Expense 260,000 Interest Payable 40,000 710,000 Cash 160,000 Salaries Expense 2,270,000 Repairs 10,000 Accounts Payable Telephone Expense 250,000 Unearned Printing Revenues Printing revenues 8,130,000 190,000 Prepaid Insurance 320,000 20,000 Depreciation Expense 210,000 Supplies 160,000 Interest Expense 300,000 Salaries Payable Nacion, Capital Notes Payable Miscellaneous Expense Utilities Expense 310,000 340,000 Printing Equipment 5,520,000 2,500,000 Prepaid Advertising 70,000 90,000 Nacion, Withdrawals 1,500,000 80,000
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