D 7 Number Title Debit Credit 8 100 Cash 465,878,640 9 110 Accounts Receivable 49,293,000 10 115 Allowance for Bad Debts 2,715,790 11 120 Inventory 14,634,000 12 130 Notes Receivable 218,000 13 135 Accumulated Depreciation 74,940,000 14 140 Equipment 105,840,280 15 160 Buildings 1,000,000 16 170 Land 2,691,600 17 180 Patents 170,000 18 185 Accumulated Amortization 53,000 19 20 21 22 190 Interest Receivable 195 Prepaid Insurance Expense 200 Accounts Payable 205 Unearned Rent Revenue 70,059,000 23 300 Common Stock 31,500 120,648,520 24 305 APIC-Common Stock 267,000,000 25 340 Retained Earnings 26 400 Sales Revenue 73,230,000 65,421,000 410 Interest Revenue 18,000 8 405 Rent Revenue 31,500 9 415 Loss on Sale of Equipment 7,000 0 500 Cost of Goods Sold 19,600,000 1 510 Depreciation Expense 2,556,000 2 518 Amortization Expense 3,000 3 520 Bad Debt Expense 1,478,790 540 Salaries Expense 8,750,000 5 5 560 Insurance Expense 599 Income Tax Expense 600 Dividends 20,000 2,000,000 8,000 Total 674,148,310 674,148,310 Instructions: Prepare the closing journal entries for Pane Company. Once you have recorded the journal entries, post them to the "T-Accounts - Closing" tab. Journal Entries Account Name 1 BBB Dr. Sales Revenue Dr. Rent Revenue Dr. Interest Revenue Cr. Salaries Expense Cr. Loss on sale of equipment Cr. cost of goods sold Cr. Depreciation Expense Cr. Amortization Expense Cr. bad debt expense Cr. Insurance Expense Cr. Income Tax expense Cr. Retained Earnings To close the income statement accounts 2 Dr. Cr. dividends To close the Dividends account Check figures: Total debits should equal total credits. DR CR