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prepare Closing entries journal from the adjusted trial balance The Swatch Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash 3,600,000 Accounts Receivable 1,450,000
prepare Closing entries journal from the adjusted trial balance
The Swatch Company Adjusted Trial Balance December 31, 2019 | |||
Debit | Credit | ||
Cash | 3,600,000 | ||
Accounts Receivable | 1,450,000 | ||
Allowance for Doubtful Accounts | 40,000 | ||
Inventory | 470,000 | ||
Office Supplies | 5,600 | ||
Prepaid Insurance | 70,000 | ||
Prepaid Advertising | 58,000 | ||
Prepaid Consulting | 50,000 | ||
Land | 3,290,000 | ||
Plant and equipment | 257,000 | ||
Accumulated Depreciation | 45,700 | ||
Intangible assets | 780,000 | ||
Goodwill | 2,900,000 | ||
Accounts payable | 235,000 | ||
Dividend payable | 13,000 | ||
Interest payable | 16,500 | ||
Salaries payable | - | 22,000 | |
Accrued Liabilities | 389,000 | ||
Unearned Revenue | 100,000 | ||
Bonds Payable | 1,300,000 | ||
Dividends | 13,000 | ||
Common shares | 3,700,000 | ||
Retained Earnings | 6,828,000 | ||
Sales | 4,100,000 | ||
Cost of goods sold | 770,000 | ||
Advertising expense | 352,000 | ||
Bad debt expense | 28,000 | ||
Depreciation expense | 15,700 | ||
Interest expense | 286,500 | ||
Insurance expense | 50,000 | ||
Office expenses | 621,400 | ||
Salaries & wages expense | 1,722,000 | ||
TOTALS | 16,789,200 | 16,789,200 |
Required:
- prepare Closing entries journal from the adjusted trial balance
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