Required Information Problem 2-4 (Algo) Accounting cycle; adjusting entries through post-closing trial balance (LO2-4, 2-6, 2-7, 2-8] [The following information applies to the questions displayed below] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Cash Accounts receivable Supplies Inventory Notes receivable Debits 33,500 Credits 41,600 2,300 61,600 21,600 Interest receivable e Prepaid rent 1,700 Prepaid insurance 7,600 office equipment 86,400 Accumulated depreciation 32,400 Accounts payable 32,600 Salaries payable 0 Notes payable $1,600 Interest payable Deferred sales revenue 2,800 Common stock 71,200 Retained earnings 32,500 Dividends 5,600 Sales revenue 154,000 Interest revenue Cost of goods sold 78,000 Salaries expense 19,700 Rent expense 11,900 Depreciation expense B Interest expense Supplies expense 1,900 Insurance expense Advertising expense 3,800 377,108 377,100 Totals Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $10,800 2. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $1,150. 3. On October 1, 2021, Pastina borrowed $51,600 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years. 4. On March 1, 2021, the company lent a supplier $21,600 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022 5. On April 1, 2021, the company paid an insurance company $7,500 for a one-year fire insurance policy. The entire $7,600 was debited to prepaid insurance. 6. $710 of supplies remained on hand at December 31, 2021 7. A customer paid Pastina $2,800 in December for 1,150 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue. 8. On December 1, 2021, $1,700 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $850 per month. The entire amount was debited to prepaid rent Problem 2-4 (Algo) Part 5 5. Prepare closing entries. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar) 5 t ences 5. Prepare closing entries. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the entry to close the dividends account. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal Problem 2-4 (Algo) Part 5 5. Prepare closing entries. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Journal entry worksheet < 1 2 3 Record the entry to close the expense accounts. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit View general journal Record entry Clear entry m ul ar es er eri moj View transaction list Journal entry worksheet < 1 2 3 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Cali vid Record entry Clear entry View general journal Les teri st lar