The adjusted trial balance columns of the worksheet for Sheridan Company are as follows.SHERIDAN COMPANYWorksheet (partial)For the Month Ended April 30, 2020 Adjusted Trial BalanceAccount Titles Dr. Cr.Cash 12,000 Accounts Receivable 7,500 Prepaid Rent 2,200 Equipment 22,800 Accumulated Depreciation—Equip. 5,100Notes Payable 5,800Accounts Payable 5,000Owner’s Capital 29,440Owner’s Drawings 3,800 Service Revenue 15,100Salaries and Wages Expense 10,700 Rent Expense 700 Depreciation Expense 740 Interest Expense 40 Interest Payable 40 Totals 60,480 60,480 Journalize the closing entries at April 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)No. Date Account Titles and ExplanationDebitCredit1. Аpr. 30(To close revenue account)2. Apr. 30(To close expense accounts)3. Apr. 30(To close net income / (loss)4. Apr. 30(To close drawings)

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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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The adjusted trial balance columns of the worksheet for Sheridan Company are as follows.

SHERIDAN COMPANY Worksheet (partial) For the Month Ended April 30, 2020
	Adjusted Trial Balance
Account Titles	Dr.	Cr.
Cash	12,000
Accounts Receivable	7,500
Prepaid Rent	2,200
Equipment	22,800
Accumulated Depreciation—Equip.		5,100
Notes Payable		5,800
Accounts Payable		5,000
Owner’s Capital		29,440
Owner’s Drawings	3,800
Service Revenue		15,100
Salaries and Wages Expense	10,700
Rent Expense	700
Depreciation Expense	740
Interest Expense	40
Interest Payable		40
Totals	60,480	60,480

Journalize the closing entries at April 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. Date Account Titles and Explanation
Debit
Credit
1. Аpr. 30
(To close revenue account)
2. Apr. 30
(To close expense accounts)
3. Apr. 30
(To close net income / (loss)
4. Apr. 30
(To close drawings)

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