Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable Accounts Receivable 26,660 40,100 Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2026 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse Journal entry worksheet The company uses an income summary account in the closing process. Note: Enter debits before credits. Date December 31, 2023 11,090 22,180 9,300 20,500 121,000 79,300 Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2023, the company's year-end. Record entry 41,500 126,600 General Journal 34,500 110,100 Record to close the revenue account to the income summary. Clear entry 40,100 28,620 281,050 137,800 Debit Credit View general Journal

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is