attached below is the question Provide closing entries and t accounts Jackson, Inc.Adjusted Trial Balance12/31/2020Dr.Cr.Cash25,000Accounts Receivable18,000Office Supplies24,000Prepaid Rent36,000Equipment245,000Accumulated Depreciation20,00011,000Accounts PayableWages Payable8,0007,000Unearned Revenue9,000Long-Term Debt1,000Common StockAdditional Paid in Capital (APIC).4,000225,000Retained EarningsDividends22,000100,000Sales Revenue15,000Interest RevenueRent Expense15,00010,000Wage ExpenseUtilities Expense5,000400,000400,000TOTAL

Answered: Provide closing entries and t accounts

Business

Accounting

Provide closing entries and t accounts

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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Question

attached below is the question

Provide closing entries and t accounts

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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