Please help with making a closing journal entry. I am truly confused
W Income Stmt Dr. Cr. A B E 11 2 Bears, Inc. 3 Worksheet 4 For the Year Ended December 31, 2020 5 Unadjusted 6 Account Title Trial Balance Adjustments 7 Dr. Cr. Dr. Cr. 8 Cash 36,000 9 Accounts Receivable 277,000 10 Inventory 242.500 11 Prepaid Insurance 11,800 4,425 12 Prepaid Rent 3.000 1,200 13 Shop Supplies 5,200 2,000 Store Equipment 120.000 15 Accumulated Depreciation - Store Equipment 14,000 16 Office Equipment 32,000 17 Accumulated Depreciation - Office Equipment 2.400 18 Accounts Payable 49,000 13,500 19 Salaries Payable 13.800 20 Interest Payable 175 21 Unearned Consulting Revenue 12,000 9,000 22 Unearned Rent Revenue 15,600 14,300 23 Note Payable 14.000 1,300 24 Common Stock 300,000 25 Retained Earnings 256,400 26 Dividends 11,500 27 Sales R 1.495 150 Adjusted Trial Balance Dr. Cr. 36,000 277,000 242,500 7,375 1.800 3,200 120.000 14,000 32,000 2,400 62,500 13.800 175 3,000 1,300 15,300 300,000 256,400 11,500 1495 150 Balance Sheet Dr. Cr. 36,000 277,000 242,500 7,375 1,800 3,200 120,000 14.000 32,000 2.400 62.500 13.800 175 3,000 1,300 15,300 300,000 256,400 11,500 1495 1501 3 Share Comments Insert v HH HT 2ro 3 LA X Delete Paste BIURA SEB Merge & Center $ %, Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Analyze Sensitivity Data Analysis Sensitivity Clipboard Font Alignment Number Cells H1 fi K L INCE T U V W Balance Sheet Dr. Cr. . B D E F G H 1 J 1 2 Bears, Inc. 3 Worksheet 4 For the Year Ended December 31, 2020 5 Unadjusted Adjusted 6 Account Title Trial Balance Adjustments Trial Balance Income Stmt 7 Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 27 Sales Revenue 1,495,150 1,495,150 1,495,150 28 Consulting Revenue 9,000 9,000 9,000 29 Rent Revenue 14,300 14,300 14.300 30 Interest Revenue 31 Cost of Goods Sold 975,000 975,000 975,000 32 Sales Salaries Expense 275,000 11,040 286,040 286,040 33 Office Salaries Expense 150,000 2,760 152,760 152,760 34 Miscellaneous Administrative Expense 5,650 5,650 5,650 35 Miscellaneous Selling Expense 13.900 13,900 13.900 36 Depreciation Expense - Store Equipment 26,400 26.400 26.400 37 Depreciation Expense - Office Equipment 26.400 26,400 26,400 38 Shop Supplies Expense 15.500 15,500 15,500 39 Rent Expense 1,200 1,200 1,200 40 Insurance Expense 4,425 4,425 4,425 41 Interest Expense 175 175 175 42 Utilities Expense-Store 325 325 325 43 Utilities Expense-Office 975 975 975 44 2,158,550 2,158,550 86,100 86,100 2,213,725 2,213,725 1,493,850 1,544,850 45 51,000 719,875 668,875 1,000 X Arial 10 AA a-A- Insert 2X Delete 47 v Paste BIU y y 3 Merge & Center $ %, Sensitivity 60 00 .000 Format Conditional Formar as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Analyze Data Clipboard Font Alignment Number Cells Analysis Sensitivity AG12 X E FZ AD AE AF AG AH AI AJ AK AL AM AN AO AP AQ AR AS AT AU AV AW AX AY AZ BA BB BC BD BE Cr. 175 1.200 2,000 13,500 4,425 - A B C 1 2 3 Bears, Inc. 4 Adjusting Journal Entries 5 For the Year Ended December 31, 2020 6 Item Account Title Dr. 7 A. Interest Expense 175 8 Interest Payable 9 10 B. Rent Expand 1,200 11 Prepaid Rent 12 13 C. Shop Supplies Expense 2,000 14 Shop Supplies 15 16 D. Miscellancou: Selling Expense 13,500 17 Accounts Payable 18 19 E. Insurance Expono 4,425 20 Prepaid Insurance 21 22 F. Unearned Consulting Revenue 9,000 23 Consulting Revenue 24 25 G. Uncarncd Rent Revenue 14,300 26 Rent Revenue 27 28 H. Office Salaries Expense 2,760 29 Store Salaries Expense 11,040 30 Salaries Payable 31 32 1. Depreciation Expense 16,800 Accumulated Depreciation - Store Equipment 34 35 J. Depreciation Expense 9,600 36 Accumulated Depreciation - Office Equipment 37 38 K. Utilities Expande-Office 325 Utilities Expense-Store 975 40 Notes Payable 41 42 43 44 45 9,000 14,300 13,800 16,800 9,600 1,300 W Income Stmt Dr. Cr. A B E 11 2 Bears, Inc. 3 Worksheet 4 For the Year Ended December 31, 2020 5 Unadjusted 6 Account Title Trial Balance Adjustments 7 Dr. Cr. Dr. Cr. 8 Cash 36,000 9 Accounts Receivable 277,000 10 Inventory 242.500 11 Prepaid Insurance 11,800 4,425 12 Prepaid Rent 3.000 1,200 13 Shop Supplies 5,200 2,000 Store Equipment 120.000 15 Accumulated Depreciation - Store Equipment 14,000 16 Office Equipment 32,000 17 Accumulated Depreciation - Office Equipment 2.400 18 Accounts Payable 49,000 13,500 19 Salaries Payable 13.800 20 Interest Payable 175 21 Unearned Consulting Revenue 12,000 9,000 22 Unearned Rent Revenue 15,600 14,300 23 Note Payable 14.000 1,300 24 Common Stock 300,000 25 Retained Earnings 256,400 26 Dividends 11,500 27 Sales R 1.495 150 Adjusted Trial Balance Dr. Cr. 36,000 277,000 242,500 7,375 1.800 3,200 120.000 14,000 32,000 2,400 62,500 13.800 175 3,000 1,300 15,300 300,000 256,400 11,500 1495 150 Balance Sheet Dr. Cr. 36,000 277,000 242,500 7,375 1,800 3,200 120,000 14.000 32,000 2.400 62.500 13.800 175 3,000 1,300 15,300 300,000 256,400 11,500 1495 1501 3 Share Comments Insert v HH HT 2ro 3 LA X Delete Paste BIURA SEB Merge & Center $ %, Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Analyze Sensitivity Data Analysis Sensitivity Clipboard Font Alignment Number Cells H1 fi K L INCE T U V W Balance Sheet Dr. Cr. . B D E F G H 1 J 1 2 Bears, Inc. 3 Worksheet 4 For the Year Ended December 31, 2020 5 Unadjusted Adjusted 6 Account Title Trial Balance Adjustments Trial Balance Income Stmt 7 Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 27 Sales Revenue 1,495,150 1,495,150 1,495,150 28 Consulting Revenue 9,000 9,000 9,000 29 Rent Revenue 14,300 14,300 14.300 30 Interest Revenue 31 Cost of Goods Sold 975,000 975,000 975,000 32 Sales Salaries Expense 275,000 11,040 286,040 286,040 33 Office Salaries Expense 150,000 2,760 152,760 152,760 34 Miscellaneous Administrative Expense 5,650 5,650 5,650 35 Miscellaneous Selling Expense 13.900 13,900 13.900 36 Depreciation Expense - Store Equipment 26,400 26.400 26.400 37 Depreciation Expense - Office Equipment 26.400 26,400 26,400 38 Shop Supplies Expense 15.500 15,500 15,500 39 Rent Expense 1,200 1,200 1,200 40 Insurance Expense 4,425 4,425 4,425 41 Interest Expense 175 175 175 42 Utilities Expense-Store 325 325 325 43 Utilities Expense-Office 975 975 975 44 2,158,550 2,158,550 86,100 86,100 2,213,725 2,213,725 1,493,850 1,544,850 45 51,000 719,875 668,875 1,000 X Arial 10 AA a-A- Insert 2X Delete 47 v Paste BIU y y 3 Merge & Center $ %, Sensitivity 60 00 .000 Format Conditional Formar as Cell Formatting Table Styles Styles Sort & Find & Filter Select Editing Analyze Data Clipboard Font Alignment Number Cells Analysis Sensitivity AG12 X E FZ AD AE AF AG AH AI AJ AK AL AM AN AO AP AQ AR AS AT AU AV AW AX AY AZ BA BB BC BD BE Cr. 175 1.200 2,000 13,500 4,425 - A B C 1 2 3 Bears, Inc. 4 Adjusting Journal Entries 5 For the Year Ended December 31, 2020 6 Item Account Title Dr. 7 A. Interest Expense 175 8 Interest Payable 9 10 B. Rent Expand 1,200 11 Prepaid Rent 12 13 C. Shop Supplies Expense 2,000 14 Shop Supplies 15 16 D. Miscellancou: Selling Expense 13,500 17 Accounts Payable 18 19 E. Insurance Expono 4,425 20 Prepaid Insurance 21 22 F. Unearned Consulting Revenue 9,000 23 Consulting Revenue 24 25 G. Uncarncd Rent Revenue 14,300 26 Rent Revenue 27 28 H. Office Salaries Expense 2,760 29 Store Salaries Expense 11,040 30 Salaries Payable 31 32 1. Depreciation Expense 16,800 Accumulated Depreciation - Store Equipment 34 35 J. Depreciation Expense 9,600 36 Accumulated Depreciation - Office Equipment 37 38 K. Utilities Expande-Office 325 Utilities Expense-Store 975 40 Notes Payable 41 42 43 44 45 9,000 14,300 13,800 16,800 9,600 1,300
