Answered step by step
Verified Expert Solution
Question
1 Approved Answer
21 The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit Credit Cash Accounts receivable Prepaid rent 12,100 166,000
21 The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit Credit Cash Accounts receivable Prepaid rent 12,100 166,000 6,600 Inventory 41,000 Equipment Accumulated depreciation-equipment Accounts payable 460,000 141,000 46,000 025714 Notes payable-due in three months Salaries payable 46,000 5,600 Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 18,600 280,000 85,200 16,000 560,000 200,000 136,000 31,000 46,000 3,600 4,100 1,182,400 1,182,400 Required: Prepare the closing entries for China Tea Company for the year ended December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Help Save & Exit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started