Exercise 3-17A Record closing entries (LO3-6)

Seminoles Corporations fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31.

Accounts	Debit			Credit
Retained Earnings				$	27,000
Dividends	$	2,700
Service Revenue					47,000
Interest Revenue					5,700
Salaries Expense		14,700
Rent Expense		5,700
Advertising Expense		2,700
Depreciation Expense		10,700
Interest Expense		4,700

Required:

1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Required information Exercise 2-20A Record transactions, post to T-accounts, and prepare a trial balance (LO2-4, 2-5, 2-6) (The following information applies to the questions displayed below.] Boilermaker House Painting Company incurs the following transactions for September. 1. September 3 Paint houses in the current month for $16,000 on account. 2. September 8 Purchase painting equipment for $17,000 cash. 3. September 12 Purchase office supplies on account for $2,700. 4. September 15 Pay employee salaries of $3,400 for the current month. 5. September 19 Purchase advertising to appear in the current month for $1,100 cash. 6. September 22 Pay office rent of $4,600 for the current month. 7. September 26 Receive $11,000 from customers in (1) above. 8. September 30 Receive cash of $5,200 in advance from a customer who plans to have his house painted in the following month. 2. Post each transaction to T-accounts and calculate the ending balance for each account. At the beginning of September, the company had the following account balances: Cash, $42,100; Accounts Receivable, $1,300; Supplies, $420; Equipment, $6,600; Accounts Payable, $1,000; Common Stock, $21,000; Retained Earnings, $28,420. All other accounts had a beginning balance of zero. Answer is not complete. Cash Accounts Receivable 42,100 1,300 Beg. bal. (7) Beg. bal. (1) End. bal. End. bal. 2. Post each transaction to T-accounts and calculate the ending balance for each account. At the beginning of September, the company had the following account balances: Cash, $42,100; Accounts Receivable, $1,300; Supplies, $420; Equipment, $6,600; Accounts Payable, $1,000; Common Stock, $21,000; Retained Earnings, $28,420. All other accounts had a beginning balance of zero. Answer is not complete. Cash Accounts Receivable 42,100 1,300 Beg. bal. (7) Beg. bal. (1) End. bal. End. bal