I need the closing entries Create a T Account for all accounts listed below Don't forget to put them in color 6 (1) Bassy 8haterica's ohutters and oheds ehatt of oiccounts When doing joumal entries, all inventory will be combined into a single inventory account (Account 103) Sales P cost Cl markut ) Sassy Shaterica's Shutters and Sheds Transactions X1 October 1 Stockholder's invest $424,208 into the company in exchange for Sassy's Shaterica's Shutters and Sheds common stock 2 October 1 Sassy Shaterica paid in advance for a 5 month insurance policy, which will begin today She paid $3,345 cash for the policy 8 October 1 Sassy Shaterica purchased some land and a building for a total of $539,837 using $119,837 cash and then borrowing the rest from the bank Based on the total purchase price of $539,837, the land was $95,657 and the building was the remainder The loan from the bank will be paid off over the next 12 years ( 1 12 of the principal will be paid off at the end of each year) The loan carries an interest rate of 12 88 Interest accrued will be paid off at the end of every year The building has an expected life of 55 years and will be depreciated using the straight line method 82200 October 6 Sassy Shaterica purchased eight SHED2GR8T 4U's, five 1 B1 GASIID 4U's, fifty tive 5515 ISHUT1 2's, and eighty SIUUT4U 2's from Harley Charley Davidson's Pit Palace See Inventory Costing List for costs The credit terms are 8 20, n 90 De bit invertory, credit accounts payable A October 7 Sassy Shaterica paid FedEx $2,212 cash to ship the shutters and sheds she bought from Harley Charley Davidson's Pit Palace 6 October 12 Sassy Shaterica purchased $1,976 worth of supplies from Roscoes R' Us paying cash 7 October 13 Sassy Shaterica sold two 1B1GASHD 4U's (markup 95 ) and fifteen ISHUT1 2's (markup 140 ) to Madi's Massive Mansions Use Inventory Costing List for markups and costs The credit terms are 2 20,n 50 October 14 Madi's Massive Mansions paid DHL $313 cash to ship the bikes she just bought October 16 Sassy Shaterica bought a Shutterer Machine for $55,536 using $5,536 cash and then borrowing the rest from the bank The loan will be paid off over the next 4 years ( 1 4 of the principal will be paid at the end of each year) The loan carries an interest rate of 6 percent Interest accrued will be paid off at the end of every year The Shutterer Machine has an expected life of 8 years, salvage value of $1,200, and will be depreciated using the straight line method 10 October 18 Sassy Shaterica hires Patty P Promo for promotional purposes She estimates her salary to be $15 hour She will probably work 25 hours over the next month M October 21 Sassy Shaterica's pay period ends and she now owes her employees $2,487 in salaries These salaries will be paid on October 26th 12 October 24 Sassy Shaterica paid off the balance due from Harley Charley Davidson's Pit Palace 13 October 26 Sassy Shaterica paid her employees the salaries owed 14 November 1 Madi's Massive Mansions paid her balance off for the shutters and sheds she purchased P5 November 5 Sassy Shaterica purchased more from Harley Charley Davidson's Pit Palace She purchased twelve SHED2GR8T 4U's, nine IB1GASHD 4U's, forty five ISHUTI 2's, and twenty SHUT4U 2's The credit terms are 4 25EOM,n 75 (2050) D6 November 8 Harley Charley Davidson's Pit Palace paid UPS $2,091 cash to ship the shutters and sheds to Sassy Shaterica 17 November 13 Sassy Shaterica sold sixty ISHUT1 2's (markup 200 ), seventy five SHUT4U 2's (markup 220 ), twelve SHED2GR8T 4U's (markup 350 ), and six 1B1GASHD 4U's (markup 78 November 14 Sassy Shaterica paid FedEx $3,333 to ship the shutters and sheds to Willow's Windows 19 November 16 Sassy Shaterica bought a Shedding Machine for $22,383 using $4,383 cash and then borrowing the rest from the bank The loan will be paid off over the next 3 years (1 3 of the principal will be paid at the end of cach year) The loan carries an interest rate of 18 percent Interest accrued will be paid off at the end of every year The Shedding Machine has an expected life of 4 5 years, salvage value of $567, and will be depreciated using the straight line method 0 November 21 Sassy Shaterica's pay period ends and she now owes her employees $2,501 in salaries These salaries will be paid on November 26th 21 November 23 Sassy Shaterica returned one 1B1GASHD4U 's and three ISIIUT1 2's to Harley Charley Davidson's Pit Palace 75001225 32 November 26 Sassy Shaterica paid her employees the salaries owed 20 November 30 Sassy Shaterica paid cash dividends of $2,345 24 December 2 Willow's Windows returned two SHED2GR8T 4U's due to parts falling off 25 December 5 Sassy Shaterica purchased twenty 1B1GASHI 4L's and twenty two SHED2GR8T4 U's from Jeremy's Joyful Junk More The credit terms are 1 10 EOM, n 60 26 December 7 Sassy Shaterica paid FedEx $3,000 to have the sheds shipped to her 27 December 10 Sassy Shaterica paid a utilities bill in the amount of $3,247 28 December 15 Sassy Shaterica sells sheds to Taco Terrier and Pits Campgrounds They purchased twenty four SHED2GR8T 4U's (markup 425 ) and eighteen I B1 GASHD 4U's (markup 375 ) Credittermsare3 20,n 50 242200(5 25)187500(4 75) 29 December 19 Taco Terrier and Pits Campgrounds paid FedEx $5,000 to ship the sheds they just bought 30 December 21 Sassy Shaterica's pay period ends and she now owes her employees $2,555 in salaries These salaries will be paid on December 26th 31 December 24 Sassy Shaterica paid off the balance due from Harley Charley Davidson's Pit Palace 32 December 26 Sassy Shaterica paid her employees the salaries owed 33 December 30 Willow's Windows paid her balance off for the shutters and sheds she purchased Adjustments On December 31 , you notice the following a) You have $377 worth of supplies on hand b) You need to recognize insurance used up c) You need to recognize depreciation on the building d) You need to recognize depreciation on the shutterer machine e) You need to recognize interest accumulated on the 3 bank loans (do in one transaction) f) You have accrued salaries of $651 g) You need to recognize depreciation on the shedding machine h) You need to recognize accrue federal income taxes of $299,221 The Accounting Cycle 1 Analyze business transactions 2 Journalize the transactions 3 Post to ledger accounts 4 Prepare a trial balance 5 Joumalize and post adjusting entries 6 Prepare an adjusted irial balance 7 Prepare the financial statements ( 1 S, Stmt of RE, B S) 8 Joumalize and post closing entries 9 Prepare a post closing trial balance Create a T Account for all accounts listed below Don't forget to put them in color 6 (1) Bassy 8haterica's ohutters and oheds ehatt of oiccounts When doing joumal entries, all inventory will be combined into a single inventory account (Account 103) Sales P cost Cl markut ) Sassy Shaterica's Shutters and Sheds Transactions X1 October 1 Stockholder's invest $424,208 into the company in exchange for Sassy's Shaterica's Shutters and Sheds common stock 2 October 1 Sassy Shaterica paid in advance for a 5 month insurance policy, which will begin today She paid $3,345 cash for the policy 8 October 1 Sassy Shaterica purchased some land and a building for a total of $539,837 using $119,837 cash and then borrowing the rest from the bank Based on the total purchase price of $539,837, the land was $95,657 and the building was the remainder The loan from the bank will be paid off over the next 12 years ( 1 12 of the principal will be paid off at the end of each year) The loan carries an interest rate of 12 88 Interest accrued will be paid off at the end of every year The building has an expected life of 55 years and will be depreciated using the straight line method 82200 October 6 Sassy Shaterica purchased eight SHED2GR8T 4U's, five 1 B1 GASIID 4U's, fifty tive 5515 ISHUT1 2's, and eighty SIUUT4U 2's from Harley Charley Davidson's Pit Palace See Inventory Costing List for costs The credit terms are 8 20, n 90 De bit invertory, credit accounts payable A October 7 Sassy Shaterica paid FedEx $2,212 cash to ship the shutters and sheds she bought from Harley Charley Davidson's Pit Palace 6 October 12 Sassy Shaterica purchased $1,976 worth of supplies from Roscoes R' Us paying cash 7 October 13 Sassy Shaterica sold two 1B1GASHD 4U's (markup 95 ) and fifteen ISHUT1 2's (markup 140 ) to Madi's Massive Mansions Use Inventory Costing List for markups and costs The credit terms are 2 20,n 50 October 14 Madi's Massive Mansions paid DHL $313 cash to ship the bikes she just bought October 16 Sassy Shaterica bought a Shutterer Machine for $55,536 using $5,536 cash and then borrowing the rest from the bank The loan will be paid off over the next 4 years ( 1 4 of the principal will be paid at the end of each year) The loan carries an interest rate of 6 percent Interest accrued will be paid off at the end of every year The Shutterer Machine has an expected life of 8 years, salvage value of $1,200, and will be depreciated using the straight line method 10 October 18 Sassy Shaterica hires Patty P Promo for promotional purposes She estimates her salary to be $15 hour She will probably work 25 hours over the next month M October 21 Sassy Shaterica's pay period ends and she now owes her employees $2,487 in salaries These salaries will be paid on October 26th 12 October 24 Sassy Shaterica paid off the balance due from Harley Charley Davidson's Pit Palace 13 October 26 Sassy Shaterica paid her employees the salaries owed 14 November 1 Madi's Massive Mansions paid her balance off for the shutters and sheds she purchased P5 November 5 Sassy Shaterica purchased more from Harley Charley Davidson's Pit Palace She purchased twelve SHED2GR8T 4U's, nine IB1GASHD 4U's, forty five ISHUTI 2's, and twenty SHUT4U 2's The credit terms are 4 25EOM,n 75 (2050) D6 November 8 Harley Charley Davidson's Pit Palace paid UPS $2,091 cash to ship the shutters and sheds to Sassy Shaterica 17 November 13 Sassy Shaterica sold sixty ISHUT1 2's (markup 200 ), seventy five SHUT4U 2's (markup 220 ), twelve SHED2GR8T 4U's (markup 350 ), and six 1B1GASHD 4U's (markup 78 November 14 Sassy Shaterica paid FedEx $3,333 to ship the shutters and sheds to Willow's Windows 19 November 16 Sassy Shaterica bought a Shedding Machine for $22,383 using $4,383 cash and then borrowing the rest from the bank The loan will be paid off over the next 3 years (1 3 of the principal will be paid at the end of cach year) The loan carries an interest rate of 18 percent Interest accrued will be paid off at the end of every year The Shedding Machine has an expected life of 4 5 years, salvage value of $567, and will be depreciated using the straight line method 0 November 21 Sassy Shaterica's pay period ends and she now owes her employees $2,501 in salaries These salaries will be paid on November 26th 21 November 23 Sassy Shaterica returned one 1B1GASHD4U 's and three ISIIUT1 2's to Harley Charley Davidson's Pit Palace 75001225 32 November 26 Sassy Shaterica paid her employees the salaries owed 20 November 30 Sassy Shaterica paid cash dividends of $2,345 24 December 2 Willow's Windows returned two SHED2GR8T 4U's due to parts falling off 25 December 5 Sassy Shaterica purchased twenty 1B1GASHI 4L's and twenty two SHED2GR8T4 U's from Jeremy's Joyful Junk More The credit terms are 1 10 EOM, n 60 26 December 7 Sassy Shaterica paid FedEx $3,000 to have the sheds shipped to her 27 December 10 Sassy Shaterica paid a utilities bill in the amount of $3,247 28 December 15 Sassy Shaterica sells sheds to Taco Terrier and Pits Campgrounds They purchased twenty four SHED2GR8T 4U's (markup 425 ) and eighteen I B1 GASHD 4U's (markup 375 ) Credittermsare3 20,n 50 242200(5 25)187500(4 75) 29 December 19 Taco Terrier and Pits Campgrounds paid FedEx $5,000 to ship the sheds they just bought 30 December 21 Sassy Shaterica's pay period ends and she now owes her employees $2,555 in salaries These salaries will be paid on December 26th 31 December 24 Sassy Shaterica paid off the balance due from Harley Charley Davidson's Pit Palace 32 December 26 Sassy Shaterica paid her employees the salaries owed 33 December 30 Willow's Windows paid her balance off for the shutters and sheds she purchased Adjustments On December 31 , you notice the following a) You have $377 worth of supplies on hand b) You need to recognize insurance used up c) You need to recognize depreciation on the building d) You need to recognize depreciation on the shutterer machine e) You need to recognize interest accumulated on the 3 bank loans (do in one transaction) f) You have accrued salaries of $651 g) You need to recognize depreciation on the shedding machine h) You need to recognize accrue federal income taxes of $299,221 The Accounting Cycle 1 Analyze business transactions 2 Journalize the transactions 3 Post to ledger accounts 4 Prepare a trial balance 5 Joumalize and post adjusting entries 6 Prepare an adjusted irial balance 7 Prepare the financial statements ( 1 S, Stmt of RE, B S) 8 Joumalize and post closing entries 9 Prepare a post closing trial balance

Question

I need the closing entries Create a T Account for all accounts listed below  Don't forget to put them in color    6 (1) Bassy 8haterica's ohutters and oheds ehatt of oiccounts  When doing joumal entries, all inventory will be combined into a single inventory account (Account 103) Sales P  cost Cl  markut ) Sassy Shaterica's Shutters and Sheds Transactions X1  October 1  Stockholder's invest  $424,208 into the company in exchange for Sassy's Shaterica's Shutters and Sheds common stock  2  October 1  Sassy Shaterica paid in advance for a 5 month insurance policy, which will begin today  She paid $3,345 cash for the policy  8  October 1  Sassy Shaterica purchased some land and a building for a total of $539,837 using $119,837 cash and then borrowing the rest from the bank  Based on the total purchase price of $539,837, the land was $95,657 and the building was the remainder  The loan from the bank will be paid off over the next 12 years ( 1 12 of the principal will be paid off at the end of each year)  The loan carries an interest rate of 12 88   Interest accrued will be paid off at the end of every year  The building has an expected life of 55 years and will be depreciated using the straight line method  82200 October 6  Sassy Shaterica purchased eight SHED2GR8T 4U's, five 1 B1 GASIID 4U's, fifty tive 5515 ISHUT1 2's, and eighty SIUUT4U 2's from Harley    Charley Davidson's Pit Palace  See Inventory Costing List for costs  The credit terms are 8 20, n 90  De bit invertory, credit accounts payable A  October 7  Sassy Shaterica paid FedEx $2,212 cash to ship the shutters and sheds she bought from Harley    Charley Davidson's Pit Palace  6 October 12  Sassy Shaterica purchased $1,976 worth of supplies from Roscoes R' Us paying cash  7  October 13  Sassy Shaterica sold two 1B1GASHD 4U's (markup 95  ) and fifteen ISHUT1 2's (markup 140  ) to Madi's Massive Mansions  Use Inventory Costing List for markups and costs  The credit terms are 2 20,n 50      October 14  Madi's Massive Mansions paid DHL $313 cash to ship the bikes she just bought      October 16  Sassy Shaterica bought a Shutterer Machine for $55,536 using $5,536 cash and then borrowing the rest from the bank  The loan will be paid off over the next 4 years ( 1 4 of the principal will be paid at the end of each year)  The loan carries an interest rate of 6 percent  Interest accrued will be paid off at the end of every year  The Shutterer Machine has an expected life of 8 years, salvage value of $1,200, and will be depreciated using the straight line method  10  October 18  Sassy Shaterica hires Patty P  Promo for promotional purposes  She estimates her salary to be $15 hour  She will probably work 25 hours over the next month  M October 21  Sassy Shaterica's pay period ends and she now owes her employees $2,487 in salaries  These salaries will be paid on October 26th  12  October 24  Sassy Shaterica paid off the balance due from Harley    Charley Davidson's Pit Palace  13  October 26  Sassy Shaterica paid her employees the salaries owed  14  November 1  Madi's Massive Mansions paid her balance off for the shutters and sheds she purchased  P5  November 5  Sassy Shaterica purchased more from Harley    Charley Davidson's Pit Palace  She purchased twelve SHED2GR8T 4U's, nine IB1GASHD 4U's, forty five ISHUTI 2's, and twenty SHUT4U 2's  The credit terms are 4 25EOM,n 75  (2050) D6  November 8  Harley    Charley Davidson's Pit Palace paid UPS $2,091 cash to ship the shutters and sheds to Sassy Shaterica  17  November 13  Sassy Shaterica sold sixty ISHUT1 2's (markup 200  ), seventy five SHUT4U 2's (markup 220  ), twelve SHED2GR8T 4U's (markup 350  ), and six 1B1GASHD 4U's (markup 78  November 14  Sassy Shaterica paid FedEx $3,333 to ship the shutters and sheds to Willow's Windows  19 November 16  Sassy Shaterica bought a Shedding Machine for $22,383 using $4,383 cash and then borrowing the rest from the bank  The loan will be paid off over the next 3 years (1 3 of the principal will be paid at the end of cach year)  The loan carries an interest rate of 18 percent  Interest accrued will be paid off at the end of every year  The Shedding Machine has an expected life of 4 5 years, salvage value of $567, and will be depreciated using the straight line method   0  November 21  Sassy Shaterica's pay period ends and she now owes her employees $2,501 in salaries  These salaries will be paid on November 26th  21  November 23  Sassy Shaterica returned one 1B1GASHD4U 's and three ISIIUT1 2's to Harley    Charley Davidson's Pit Palace  75001225 32  November 26  Sassy Shaterica paid her employees the salaries owed  20  November 30  Sassy Shaterica paid cash dividends of $2,345  24  December 2  Willow's Windows returned two SHED2GR8T 4U's due to parts falling off  25  December 5  Sassy Shaterica purchased twenty 1B1GASHI 4L's and twenty two SHED2GR8T4 U's from Jeremy's Joyful Junk    More  The credit terms are 1 10 EOM, n 60  26  December 7  Sassy Shaterica paid FedEx $3,000 to have the sheds shipped to her  27  December 10  Sassy Shaterica paid a utilities bill in the amount of $3,247  28  December 15  Sassy Shaterica sells sheds to Taco Terrier and Pits Campgrounds  They purchased twenty four SHED2GR8T 4U's (markup 425  ) and eighteen I B1 GASHD 4U's (markup 375  )  Credittermsare3 20,n 50 242200(5 25)187500(4 75) 29  December 19  Taco Terrier and Pits Campgrounds paid FedEx $5,000 to ship the sheds they just bought  30  December 21  Sassy Shaterica's pay period ends and she now owes her employees $2,555 in salaries  These salaries will be paid on December 26th  31  December 24  Sassy Shaterica paid off the balance due from Harley    Charley Davidson's Pit Palace  32  December 26  Sassy Shaterica paid her employees the salaries owed  33  December 30  Willow's Windows paid her balance off for the shutters and sheds she purchased  Adjustments On December 31 , you notice the following  a) You have $377 worth of supplies on hand b) You need to recognize insurance used up c) You need to recognize depreciation on the building d) You need to recognize depreciation on the shutterer machine e) You need to recognize interest accumulated on the 3 bank loans (do in one transaction) f) You have accrued salaries of $651 g) You need to recognize depreciation on the shedding machine h) You need to recognize accrue federal income taxes of $299,221  The Accounting Cycle 1  Analyze business transactions 2  Journalize the transactions 3  Post to ledger accounts 4  Prepare a trial balance 5  Joumalize and post adjusting entries 6  Prepare an adjusted irial balance 7  Prepare the financial statements ( 1 S, Stmt of RE, B S) 8  Joumalize and post closing entries 9  Prepare a post closing trial balance Create a T Account for all accounts listed below  Don't forget to put them in color    6 (1) Bassy 8haterica's ohutters and oheds ehatt of oiccounts  When doing joumal entries, all inventory will be combined into a single inventory account (Account 103) Sales P  cost Cl  markut ) Sassy Shaterica's Shutters and Sheds Transactions X1  October 1  Stockholder's invest  $424,208 into the company in exchange for Sassy's Shaterica's Shutters and Sheds common stock  2  October 1  Sassy Shaterica paid in advance for a 5 month insurance policy, which will begin today  She paid $3,345 cash for the policy  8  October 1  Sassy Shaterica purchased some land and a building for a total of $539,837 using $119,837 cash and then borrowing the rest from the bank  Based on the total purchase price of $539,837, the land was $95,657 and the building was the remainder  The loan from the bank will be paid off over the next 12 years ( 1 12 of the principal will be paid off at the end of each year)  The loan carries an interest rate of 12 88   Interest accrued will be paid off at the end of every year  The building has an expected life of 55 years and will be depreciated using the straight line method  82200 October 6  Sassy Shaterica purchased eight SHED2GR8T 4U's, five 1 B1 GASIID 4U's, fifty tive 5515 ISHUT1 2's, and eighty SIUUT4U 2's from Harley    Charley Davidson's Pit Palace  See Inventory Costing List for costs  The credit terms are 8 20, n 90  De bit invertory, credit accounts payable A  October 7  Sassy Shaterica paid FedEx $2,212 cash to ship the shutters and sheds she bought from Harley    Charley Davidson's Pit Palace  6 October 12  Sassy Shaterica purchased $1,976 worth of supplies from Roscoes R' Us paying cash  7  October 13  Sassy Shaterica sold two 1B1GASHD 4U's (markup 95  ) and fifteen ISHUT1 2's (markup 140  ) to Madi's Massive Mansions  Use Inventory Costing List for markups and costs  The credit terms are 2 20,n 50      October 14  Madi's Massive Mansions paid DHL $313 cash to ship the bikes she just bought      October 16  Sassy Shaterica bought a Shutterer Machine for $55,536 using $5,536 cash and then borrowing the rest from the bank  The loan will be paid off over the next 4 years ( 1 4 of the principal will be paid at the end of each year)  The loan carries an interest rate of 6 percent  Interest accrued will be paid off at the end of every year  The Shutterer Machine has an expected life of 8 years, salvage value of $1,200, and will be depreciated using the straight line method  10  October 18  Sassy Shaterica hires Patty P  Promo for promotional purposes  She estimates her salary to be $15 hour  She will probably work 25 hours over the next month  M October 21  Sassy Shaterica's pay period ends and she now owes her employees $2,487 in salaries  These salaries will be paid on October 26th  12  October 24  Sassy Shaterica paid off the balance due from Harley    Charley Davidson's Pit Palace  13  October 26  Sassy Shaterica paid her employees the salaries owed  14  November 1  Madi's Massive Mansions paid her balance off for the shutters and sheds she purchased  P5  November 5  Sassy Shaterica purchased more from Harley    Charley Davidson's Pit Palace  She purchased twelve SHED2GR8T 4U's, nine IB1GASHD 4U's, forty five ISHUTI 2's, and twenty SHUT4U 2's  The credit terms are 4 25EOM,n 75  (2050) D6  November 8  Harley    Charley Davidson's Pit Palace paid UPS $2,091 cash to ship the shutters and sheds to Sassy Shaterica  17  November 13  Sassy Shaterica sold sixty ISHUT1 2's (markup 200  ), seventy five SHUT4U 2's (markup 220  ), twelve SHED2GR8T 4U's (markup 350  ), and six 1B1GASHD 4U's (markup 78  November 14  Sassy Shaterica paid FedEx $3,333 to ship the shutters and sheds to Willow's Windows  19 November 16  Sassy Shaterica bought a Shedding Machine for $22,383 using $4,383 cash and then borrowing the rest from the bank  The loan will be paid off over the next 3 years (1 3 of the principal will be paid at the end of cach year)  The loan carries an interest rate of 18 percent  Interest accrued will be paid off at the end of every year  The Shedding Machine has an expected life of 4 5 years, salvage value of $567, and will be depreciated using the straight line method   0  November 21  Sassy Shaterica's pay period ends and she now owes her employees $2,501 in salaries  These salaries will be paid on November 26th  21  November 23  Sassy Shaterica returned one 1B1GASHD4U 's and three ISIIUT1 2's to Harley    Charley Davidson's Pit Palace  75001225 32  November 26  Sassy Shaterica paid her employees the salaries owed  20  November 30  Sassy Shaterica paid cash dividends of $2,345  24  December 2  Willow's Windows returned two SHED2GR8T 4U's due to parts falling off  25  December 5  Sassy Shaterica purchased twenty 1B1GASHI 4L's and twenty two SHED2GR8T4 U's from Jeremy's Joyful Junk    More  The credit terms are 1 10 EOM, n 60  26  December 7  Sassy Shaterica paid FedEx $3,000 to have the sheds shipped to her  27  December 10  Sassy Shaterica paid a utilities bill in the amount of $3,247  28  December 15  Sassy Shaterica sells sheds to Taco Terrier and Pits Campgrounds  They purchased twenty four SHED2GR8T 4U's (markup 425  ) and eighteen I B1 GASHD 4U's (markup 375  )  Credittermsare3 20,n 50 242200(5 25)187500(4 75) 29  December 19  Taco Terrier and Pits Campgrounds paid FedEx $5,000 to ship the sheds they just bought  30  December 21  Sassy Shaterica's pay period ends and she now owes her employees $2,555 in salaries  These salaries will be paid on December 26th  31  December 24  Sassy Shaterica paid off the balance due from Harley    Charley Davidson's Pit Palace  32  December 26  Sassy Shaterica paid her employees the salaries owed  33  December 30  Willow's Windows paid her balance off for the shutters and sheds she purchased  Adjustments On December 31 , you notice the following  a) You have $377 worth of supplies on hand b) You need to recognize insurance used up c) You need to recognize depreciation on the building d) You need to recognize depreciation on the shutterer machine e) You need to recognize interest accumulated on the 3 bank loans (do in one transaction) f) You have accrued salaries of $651 g) You need to recognize depreciation on the shedding machine h) You need to recognize accrue federal income taxes of $299,221  The Accounting Cycle 1  Analyze business transactions 2  Journalize the transactions 3  Post to ledger accounts 4  Prepare a trial balance 5  Joumalize and post adjusting entries 6  Prepare an adjusted irial balance 7  Prepare the financial statements ( 1 S, Stmt of RE, B S) 8  Joumalize and post closing entries 9  Prepare a post closing trial balance

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I need the closing entries Create a T-Account for all accounts listed below. Don't forget to put them in color!!! 6 (1) Bassy 8haterica's ohutters

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