4) Prepare the required closing entries. Martin Air Freight Adjusted Trial Balance December 31 Debit Credit Cash.............................................................................. $18,200 Accounts receivable ..................................................... 34,200 Supplies........................................................................ 2,100 Long-term
4) Prepare the required closing entries.
| Martin Air Freight Adjusted Trial Balance December 31 |
| Debit Credit |
| Cash.............................................................................. $18,200 |
| Accounts receivable ..................................................... 34,200 |
| Supplies........................................................................ 2,100 |
| Long-term investments ................................................ 25,000 |
| Shipping equipment...................................................... 45,000 |
| Accumulated depreciationShipping equipment........ $11,080 |
| Patent........................................................... 16,000 |
| Accounts payable ......................................................... 16,200 |
| Wages payable ............................................................. 4,120 |
| Long-term notes payable * ................................................ 20,000 |
| Common stock ....................................................... 10,000 |
| Retained earnings ....................................................... 30,400 |
| Dividends .............................................. 15,000 |
| Shipping fees earned .................................................... 145,000 |
| Rent expense ................................................................ 8,000 |
| Wages expense............................................................. 62,000 |
| Supplies expense........................................................... 2,500 |
| Depreciation expenseShipping equipment ................. 4,050 |
| Interest expense............................................................ 1,000 |
| Utilities expense........................................................... 3,750 |
| Totals............................................................................ $236,800 $236,800 |
* $2,000 of the long-term note payable is due during the next year.
4) Prepare the required closing entries.
| Martin Air Freight Adjusted Trial Balance December 31 |
| Debit Credit |
| Cash.............................................................................. $18,200 |
| Accounts receivable ..................................................... 34,200 |
| Supplies........................................................................ 2,100 |
| Long-term investments ................................................ 25,000 |
| Shipping equipment...................................................... 45,000 |
| Accumulated depreciationShipping equipment........ $11,080 |
| Patent........................................................... 16,000 |
| Accounts payable ......................................................... 16,200 |
| Wages payable ............................................................. 4,120 |
| Long-term notes payable * ................................................ 20,000 |
| Common stock ....................................................... 10,000 |
| Retained earnings ....................................................... 30,400 |
| Dividends .............................................. 15,000 |
| Shipping fees earned .................................................... 145,000 |
| Rent expense ................................................................ 8,000 |
| Wages expense............................................................. 62,000 |
| Supplies expense........................................................... 2,500 |
| Depreciation expenseShipping equipment ................. 4,050 |
| Interest expense............................................................ 1,000 |
| Utilities expense........................................................... 3,750 |
| Totals............................................................................ $236,800 $236,800 |
* $2,000 of the long-term note payable is due during the next year.
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Authors: Stuart Manson, Iain Gray, Louise Crawford
6th Edition
1408081709, 978-1408081709
