Question
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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