COME UP WITH 2023 CLOSING JOURNAL ENTRIES USING THE INFO ABOVE.

REMEMBER: DO NOT CLOSE DIVIDENDS TO RETAINED EARNINGS BECAUSE RETAAINED EARNINGS WERE REDUCED DURING THAT YEAR WHEN DIVIDENDS WERE DECLARED AND PAID

A B C D E F G H Transaction SUPERIOR PAINTING COMPANY Unadjusted Trial Balance Ajusted entries Adjusted trial Balance DR CR DR CR DR CR CASH $ 586,000 $ 586,000 ACCOUNT RECEIVABLE $ 31,000 $ 31,000 PREPAID INSURRANCE $ $ 8,000 $ 8,000 PREPAID ADVERTISING $ 11,000 $ 5,000 $ 6,000 EQUIPMENT $ 260,000 $ 260,000 O ACCUMULATED DEPRECIATION $ 25,000 $ 25,000 $ 50,000 WAGE PAYABLE $ $ 11,000 $ 11,000 UTLITIY PAYABLE NOTE PAYABLE $ $ 5,000 $ 5,000 $ 550,000 $ 550,000 INTEREST PAYABLE $ $ 8,250 $ 8,250 DEFERRED REVENUE COMMON STOCK $ 60,000 $36,000 $ 24,000 $ 75,000 $ 75,000 7 RETAINED EARNINGS $ 45,000 $ 45,000 SERVICE REVENUE $ 285,000 $ 36,000 $ 321,000 WAGE EXPENSE $ 140,000 $ 11,000 $ 151,000 INTEREST EXPENSE $ $ 8,250 $ 8,250 1 DEPRECIATION EXPENSE $ $25,000 $ 25,000 2 INSURRANCE EXPENSE $ 12,000 $ 8,000 $ 4,000 B ADVERTIZING EXPENSE $ $ 5,000 $ 5,000 UTILITY EXPENSE $ $ 5,000 $ 5,000 NET INCOME 5 TOTALS $ 1,040,000 $1,040,000 $98,250 $ 98,250 $1,089,250 $1,089,250 J K