Provide closing entries and t accounts
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Provide closing entries and t accounts
Transcribed Image Text:Jackson, Inc.
Adjusted Trial Balance
12/31/2020
Dr.
Cr.
Cash
25,000
Accounts Receivable
18,000
Office Supplies
24,000
Prepaid Rent
36,000
Equipment
245,000
Accumulated Depreciation
20,000
11,000
Accounts Payable
Wages Payable
8,000
7,000
Unearned Revenue
9,000
Long-Term Debt
1,000
Common Stock
Additional Paid in Capital (APIC).
4,000
225,000
Retained Earnings
Dividends
22,000
100,000
Sales Revenue
15,000
Interest Revenue
Rent Expense
15,000
10,000
Wage Expense
Utilities Expense
5,000
400,000
400,000
TOTAL
Expert Solution
Step 1
In Closing Entries all the temporary Accounts are closed and moved to the Retained Earnings , So only Permanent Accounts will Remain and Once Temporary Accounts is closed so that Closed Trial Balance is Prepared.
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