Question
A partial list of Dolphin Inc.'s account balances as at December 31, 2013 are shown below. Each account has a normal debit or credit balance.
A partial list of Dolphin Inc.'s account balances as at December 31, 2013 are shown below. Each account has a "normal" debit or credit balance.
| Cash | $20,000 |
| Trade Payables | $60,000 |
| Trade Receivables | $100,000 |
| Cost of Goods Sold | $240,000 |
| Land | $200,000 |
| Loan Payable | $80,000 |
| Sales Revenues | $400,000 |
| Share capital | $200,000 |
| Interest Expense | $6,000 |
| Operating Expenses | $10,000 |
| Dividends | $10,000 |
| Unearned revenue | $2,000 |
Required: Prepare Dolphin Inc.'s closing journal entries for the year ended December 31, 2013.
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Sm Auditing Integrated Appr Review Copy
Authors: ARENS LO, EBBECKE
7th Edition
0135914396, 978-0135914397
