Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need this done as close to this format as possible, thank you. Natalie had a very busy December. At the end of the month, after
Need this done as close to this format as possible, thank you.
Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance. COOKIE CREATIONS Adjusted Trial Balance December 31, 2019 Debit Credit Cash $870 Accounts Receivable 650 Supplies 260 Prepaid Insurance 900 Equipment 900 Accumulated Depreciation-Equipment $30 Accounts Payable 55 Salaries and Wages Payable 41 Interest Payable 10 Unearned Service Revenue 220 Notes Payable 1,500 Owner's Capital 590 Owner's Drawings 370 Service Revenue 3,343 Salaries and Wages Expense 744 Utilities Expense 95 Advertising Expense 120 Supplies Expense 760 Depreciation Expense 30 Insurance Expense 80 Interest Expense 10 $5,789 $5,789 Using the information in the adjusted trial balance, do the following. (b) Natalie has decided that her year-end will be December 31, 2019. Prepare closing entries as of December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account) Dec. 31 (To close expense accounts) Dec. 31 (To close net income / (loss)) Dec. 31 (To close drawings) e Textbook and Media List of Accounts Save for Later Attempts: 0 of 1 used SubmitStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started