The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $219,000; Service Revenue, $845,000; Salaries Expense, $379,000; Rent Expense, $139,005; Interest Expense, $74,000; and Dividends, $49,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 Record the entry to close revenue accounts. 2 Record the entry to close expense accounts. 3 Record the entry to close dividend accounts.
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $219,000; Service Revenue, $845,000; Salaries Expense, $379,000; Rent Expense, $139,005; Interest Expense, $74,000; and Dividends, $49,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 Record the entry to close revenue accounts. 2 Record the entry to close expense accounts. 3 Record the entry to close dividend accounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $219,000;
Service Revenue, $845,000; Salaries Expense, $379,000; Rent Expense, $139,005; Interest Expense, $74,000; and Dividends,
$49,000.
Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first
account field.)
View transaction list
1 Record the entry to close revenue accounts.
2 Record the entry to close expense accounts.
3 Record the entry to close dividend accounts.
Credit
Note :
= journal entry has been entered
View general jouurnal
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