Reference no: EM132575628
Listed below are the accounts taken from the December 31, 2018 adjusted trial balance of Teresita Nacion Publishers:
Accounts Receivable 260,000 Interest payable 40,000
Supplies Expense 710,000 Cash 160,000
Salaries Expense 2,270,000 Repairs Expense 10,000
Printing Revenues 8,130,000 Accounts Payable 190,000
Prepaid Insurance 320,000 Telephone Expense 20,000
Depreciation Expense 250,000 Utilities Expense 80,000
Supplies 160,000 Unearned Printing
Revenues 210,000
Salaries payable 310,000 Interest Expense 300,000
Printing Equipment 5,520,000 Nacion, Capital 340,000
Prepaid Advertising 70,000 Notes, Payable 2,500,000
Nacion, Withdrawals 1,500,000 Miscellaneous Expense 90,000
Required:
Question 1: Prepare the closing entries.