1.The ledger of Hunter Company contains the following balances: Retained Earnings $60,000; Dividends $4,000; Service Revenue $95,000; Salaries and Wages Expense $59,000; and Rent Expense $18,000.

Instructions:

Please prepare the closing entries at December 31

2.

An examination of the accounts of Zedn Company for the month of June revealed the following errors after the transactions were journalized and posted.

Instructions:

Prepare correcting entries for each of the above assuming the erroneous entries are not reversed.

a. A collection of $750 from R. Joseph, a customer on account, was debited to Cash $750 and credited to Service Revenue, $750.

b. A payment for Advertising Expense costing $620 was debited to Utilities Expense, $260 and credited to Cash $260.

c. A bill for $710 for Supplies purchased on account was debited to Equipment, $170 and credited to Accounts Payable $170.