1. Record the entries to close the ending 2021 balances in the temporary accounts to retained earnings in the general journal.

2. Post the closing entries into T-accounts.

Boomer Co. reported the following events in 2021, the first year of operations: 1. Issued common stock for $54,000. 2. Paid $13,900 for 1-year of rent from April 1, 2021, to March 31, 2022. 3. Provided services to customers on account for $110,000. 4. Incurred operating expenses on account of $44,500. 5. Received $84,000 cash from customers on account. 6. Paid $40,000 to employees for 2021 salaries. 7. Paid $35,600 on account. Adjusting Entries 8. Recorded adjusting entry for rent used in 2021 (from 2 above.) 9. Recorded adjusting entry for $6,200 of accrued salaries owed at the end of 2021. Events for 2022 1. Paid $6,200 for the salaries accrued at the end of 2021. 2. Provided services for cash of $59,000. 3. Purchased $4,700 of supplies on account. 4. Paid $16,200 for 1-year of rent April 1, 2022 to March 31, 2023. 5. Provided services to customers on account for $126,000. 6. Incurred operating expenses on account of $60,500. 7. Received $108,000 from customers on account. 8. Paid $58,000 on account. 9. Paid $33,400 to employees for 2022 salaries, 10. Paid $10,000 in dividends to stockholders. Adjusting Entries 11. Recorded adjusting entry for rent used in 2022. (Hint Part of the rent was paid in 2021: rent per month is not the same in each month in 2022.) 12. Recorded adjusting entry for supplies. At the end of the year, $400 of supplies were still on hand. Cash Accounts Receivable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Prepaid Rent Accounts Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Salaries Payable Common Stock Beg. Bal. Beg. Bal. End. Bal. End. Bal. Retained Earnings Service Revenue Beg. Bal. Beg. Bal. 101,125 110,000 110,000 110,000 End. Bal. 8,875 End. Bal. Beg. Bal. Beg. Bal. End. Bal. End. Bal. Retained Earnings Service Revenue Beg. Bal. Beg. Bal. 101,125 110,000 110,000 110,000 End. Bal. 8,875 End. Bal Operating Expenses Rent Expense Beg. Bal. Beg. Bal. 14. 44,500 44,500 11. 10,425 10,425 End. Bal. End. Bal. Salaries Expense Beg. Bal. 46,200 46,200 End. Bal