Journal Entries

Account Name DR CR

C $1$ Dr$.$ sales revenue $65421000$ debit

Dr$.$ interest revenue $3000$ debit

Dr$.$ rent revenue $31500$ debit

Cr$.$ prepaid insurance $3300$ credit

Cr$.$ depreciation $2556000$ credit

Cr$.$ cost of goods sold $19600000$ credit

Cr$.$ salaries expense $43750$ credit

Cr$.$ bad debt expense $250000$ credit

Cr$.$ insurance expense $16670$ credit

Cr$.$ income tax expense $2000000$ credit

Cr$.$ amoratization expense $3000$credit

Cr$.$

C $2$ Dr$.$ dividends

Cr$.$ retained earnings

Check figures: Total debits should equal total credits.

Please finish posting the closing journal entries above based on the following journal entries.

Journal Entries

Transaction No$.$ Account Name Debit Credit

A Dr$.$ Inventory $ $9,750,000$

Cr$.$ Accounts Payable $ $9,750,000$

B Dr$.$ Cash $ $63,000$

Cr$.$ Unearned Rent Revenue $ $63,000$

C Dr$.$ Accounts Payable $ $9,750,000$

Cr$.$ Cash $ $9,555,000$

Cr$.$ Inventory $ $195,000$

D Dr$.$ Prepaid Insurance $ $20,000$

Cr$.$ Cash $ $20,000$

E Dr$.$ Inventory $ $12,134,000($$$12,125,000+$ $$9$k shipping$)$

Cr$.$ Accounts Payable $ $12,134,000$

F Dr$.$ Cash $ $5,367,000$

Cr$.$ Sales Revenue $ $45,421,000$

Dr$.$ Accounts Receivable $ $40,054,000$

Dr$.$ Cost of Goods Sold $ $13,250,000$

Cr$.$ Inventory $ $13,250,000$

G Dr$.$ Accounts Payable $ $12,134,000$

Cr$.$ Cash $ $12,134,000$

H Dr$.$ Patents $ $90,000$

Cr$.$ Cash $ $90,000$

I Dr$.$ Cash $ $650,620$

Cr$.$ Common Stock $ $10,460$

Cr$.$ Additional Paid$-$In Capital $ $640,160$

J Dr$.$ Land $ $124,600$

Cr$.$ Cash $ $124,600$

K Dr$.$ Notes Receivable $ $200,000$

Cr$.$ Cash $ $200,000$

L Dr$.$ Accounts Receivable $ $20,000,000$

Cr$.$ Sales Revenue $ $20,000,000$

Dr$.$ Cost of Goods Sold $ $6,350,000$

Cr$.$ Inventory $ $6,350,000$

Dr$.$ Equipment $ $895,280$

Cr$.$ Cash $ $895,280$

Dr$.$ Cash $ $43,758,000$

Cr$.$ Accounts Receivable $ $43,758,000$

Dr$.$ Cash $ $10,000$

Dr$.$ Accumulated Depreciation $($equipment$)$ $ $38,000$

Dr$.$ Loss on Sale $ $7,000$

Cr$.$ Equipment $ $55,000$

Dr$.$ Income Tax Expense $ $2,000,000$

Cr$.$ Cash $ $2,000,000$

Dr$.$ Salary and Wages Expense $ $43,750$

Cr$.$ Cash $ $43,750$

Dr$.$ Bad Debt $ $3,000$

Cr$.$ Accounts Receivable $ $3,000$

Dr$.$ Cash Dividend $ $8,000$

Cr$.$ Cash $ $8,000$

Check figures: Total debits should equal total credits. $185,404,400185,404,400$

$ $176,700,250$ $ $176,700,250$

Dr$.$ cash $ $31,500$

Cr$.$ rent revenue $ $31,500$

Dr$.$ Insurance Expense $ $16,670$

Cr$.$ Prepaid Insurance $ $16,670$

Dr$.$ Interest Receivable $ $3,000$

Cr$.$ Interest Revenue $ $3,000$

Dr$.$ Bad Debt Expense $ $250,000$

Cr$.$ Allowance For Bad Debts $ $250,000$

Dr$.$ Depreciation Expense $ $2,556,000$

Cr$.$ Accumulated Depreciation $ $2,556,000$

Dr$.$ Amortization Expense $ $3,000$

Cr$.$ Accumulated Amortization $ $3,000$