Closing Entries

Wilson Consulting Company prepares the following Adjusted Trial Balance at the end of 2018.

Using the information from the adjusted trial balance, prepare the closing entries

Accounting Name Debit Credit

Cash 7500

Prepaid building rent 1300

Unexpired insurance 3500

supplies 175

equipment 8000

Accumulated depreciation equipment 3500

notes payable 4000

salaries payable 1550

income taxes payable 2750

unearned service revenue 95950

capital stock 65000

retained earnings 25000

dividends 1000

service revenue earned 93792

salaries expense 31276

supplies expense 37500

rent expense 6050

insurance expense 655

advertising expense 175

depreciation expense-equipment 877

interest expense 450

income tax expense 2000

Totals 197750 197750