7) The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit...
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Question:
7)
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:
Debit Credit
Cash 11,900
Accounts receivable 164,000
Prepaid rent 6,400
Inventory 39,000
Equipment 440,000
Accumulated depreciationequipment 139,000
Accounts payable 44,000
Notes payabledue in three months 44,000
Salaries payable 5,400
Interest payable 17,400
Common stock 270,000
Retained earnings 80,800
Dividends 15,000
Sales revenue 540,000
Costs of goods sold 250,000
Salaries expense 134,000
Rent expense 29,000
Depreciation expense 44,000
Interest expense 3,400
Advertising expense 3,900
Totals 1,140,600 1,140,600
Construct the closing entries for China Tea Company for the year ended December 31, 2021
Posted Date: