Closing Entries

Review the adjusted trial balance for Peacock Company at December 31, 2030. Prepare the closing entries for Peacock for the year ended December 31, 2030.

AccountsDebitCreditCash $ 11,000 Accounts receivable 150,000Prepaid rent 5,000Supplies 25,000Equipment 300,000Accumulated depreciation$ 135,000Accounts payable 20,000Salaries payable 4,000Interest payable 1,000Notes payable (due in two years) 30,000Common stock 200,000Retained earnings 50,000Dividends 20,000Service revenue 400,000Salaries expense 180,000Advertising expense 70,000Rent expense 15,000Depreciation expense 30,000Interest expense 2,000 Utilities expense 32,000Totals$ 840,000$ 840,000