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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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