Solution-Prepare the closing entries in journal

Prepare the closing entries in journal

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Reference no: EM131607889

Question - Explain the closing entry process and prepare the closing entries in journal form based on the information below.

POST COMPANYADJUSTED TRIAL BALANCE
POST COMPANYADJUSTED TRIAL BALANCE
	Debit	Credit
Cash	80,000
Accounts Receivable	12,000
Prepaid Insurance	2,000
Equipment	4,000
Accumulated Depreciation		100
Supplies	400
Accounts Payable		800
Wages Payable		200
Unearned Revenue		1,200
Contributed Capital		82,400
Retained Earnings		0
Sales		16,000
Gas Expense	200
Supply Expense	400
Insurance Expense	400
Depreciation Expense	100
Wage Expense	200
Dividends	1,000
	100,700	100,700

Reference no: EM131607889

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Prepare the closing entries in journal

Reference no: EM131607889

Reference no: EM131607889

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