Problem 3 (6 points)

Journalize the closing entries for Leaping Frogs, Inc., based on the following adjusted trial balance for December 31, 2017. Place your entries on the next page. Ignore extra lines.

Leaping Frogs, Inc. Trial Balance December 31, 2017
Cash	$9,120
Accounts Receivable	7,370
Supplies	650
Equipment	135,000
Accumulated Depr, Equipment		33,000
Land	82,000
Accounts Payable		4,100
Notes Payable		52,000
Common Stock		120,000
Retained Earnings		12,320
Dividends	15,000
Service Revenue		101,700
Salaries Expense	48,750
Rent Expense	11,340
Utilities Expense	6,750
Insurance Expense	1,840
Supplies Expense	5,300
TOTAL	323,120	323,120

Problem 3 continued