record closing entry for revenues.

The following information applies to the questions displayed below On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances Credit Debit Accounts $58,700 25,000 Cash Accounts Receivable Allowance for Uncollectible 2,200 Accounts 36,300 Inventory Notes Receivable (5%, due in 2 years) Land 12,000 155, 000 14,800 220,000 50,000 $287,000 Accounts Payable Common Stock Retained Earnings Totals $287,000 During January 2021, the following transactions occur 1 Purchase equipment for $19,500. The company estimates a residual value of $1.500 and a fivea-vear corvice 1ifo January Next>