Sheridan Company shows the following balances in selected accounts of its adjusted trial balance. Supplies $24,320 Supplies Expense 4,560 Accounts Receivable 9,120 Dividends 16.720 Retained Earnings 53,200 Service Revenue 82,080 Salaries and Wages Expense 30,400 Utilities Expense 6,080 Rent Expense 13,680 Prepare the remaining closing entries at December 31. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 Dec. 31 (To close revenue account to Income Summary) (To close expense accounts to Income Summary) (To close net income to retained earnings) (To close dividends to retained earnings) Debit Credit

Sheridan Company shows the following balances in selected accounts of its adjusted trial balance. Supplies $24,320 Supplies Expense 4,560 Accounts Receivable 9,120 Dividends 16.720 Retained Earnings 53,200 Service Revenue 82,080 Salaries and Wages Expense 30,400 Utilities Expense 6,080 Rent Expense 13,680 Prepare the remaining closing entries at December 31. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 Dec. 31 (To close revenue account to Income Summary) (To close expense accounts to Income Summary) (To close net income to retained earnings) (To close dividends to retained earnings) Debit Credit

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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Entry for uncollectible accounts
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