The adjusted trial balance for Destination Wedding Photo as of December 31, 2023, follows: An analysis of
Question:
The adjusted trial balance for Destination Wedding Photo as of December 31, 2023, follows:
An analysis of other information reveals that Destination Wedding Photo is required to make a $49,000 payment on the long-term notes payable during 2024. Also, David Sale invested $83,000 cash early in the year.
Required
Prepare the closing entries made at the end of the year.
Transcribed Image Text:
No. 101 Cash 104 Current investments 126 Supplies 149 Notes receivable, due May 1, 2025 167 Equipment 168 Accumulated depreciation, equipment 173 Building 174 Accumulated depreciation, building 183 Land 193 Franchise 201 Accounts payable 203 Interest Payable Account 233 Unearned professional revenue 251 Long-term notes payable 301 David Sale, capital 302 David Sale, withdrawals 401 Photography revenue 406 Interest income 605 Depreciation expense, building 606 Depreciation expense, equipment 612 Wages expense 623 Interest expense 633 Insurance expense 637 Supplies expense 652 Telephone expense 688 Utilities expense Totals Debit Credit $ 16,800 21,800 8,400 46,000 66,000 168,000 90,000 35,000 3,800 20,800 8,800 34,800 690 18,800 13,600 $ 22,000 45,000 17,800 120 27,800 140,000 99,290 214,000 480 5,200 8,000 $566,490 $566,490
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Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781260881325
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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