Journal Entry Worksheet #1 and #2

Required information (The following information applies to the questions displayed below.] The December 31, Year 1, adjusted trial balance for a company is presented below. Accounts Credit Cash Debit $ 10,500 135,000 4,500 22,500 250,000 Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $120,000 10,500 9,500 3,500 25,000 150,000 45,000 350,000 250,000 12,500 25,000 3,500 $ 713,500 $713,500 Required: 1. Record the necessary closing entries at December 31, Year 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts. Note: Enter debits before credits. Credit Date General Journal December 31, Year 1 Service Revenue Debit 350,000 Record entry Clear entry View general Journal