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 Debits Credits Cash 36,700 Accounts receivable 43,800 Supplies 3,400 Inventory 63,800 Notes receivable 23,800 Interest receivable 0 Prepaid rent 2,900 Prepaid insurance 9,800 Office equipment 95,200 Accumulated depreciation 35,700 Accounts payable 34,800 Salaries payable 0 Notes payable 53,800 Interest payable 0 Deferred sales revenue 3,900 Common stock 86,600 Retained earnings 38,000 Dividends 7,800 Sales revenue 165,000 Interest revenue 0 Cost of goods sold 89,000 Salaries expense 20,800 Rent expense 12,900 Depreciation expense 0 Interest expense 0 Supplies expense 3,000 Insurance expense 0 Advertising expense 4,900 Totals 417,800 417,800 Information necessary to prepare the year end adjusting entries appears below Depreciation on the office equipment for the year is $11,900 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 $1,750 On October 1, 2021, Pastina borrowed $53,800 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 On March 1, 2021, the company lent a supplier $23,800 and a note was signed requiring principal and interest at 8 to be paid on February 28, 2022 On April 1, 2021, the company paid an insurance company $9,800 for a one year fire insurance policy The entire $9,800 was debited to prepaid insurance $1,040 of supplies remained on hand at December 31, 2021 A customer paid Pastina $3,900 in December for 1,700 pounds of spaghetti to be delivered in January 2022 Pastina credited deferred sales revenue On December 1, 2021, $2,900 rent was paid to the owner of the building The payment represented rent for December 2021 and January 2022 at $1,450 per month The entire amount was debited to prepaid rent rev 09 14 2019 QC CS 180268, 10 11 2019 QC CS 184133 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 )

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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

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	Debits	Credits
Cash	36,700
Accounts receivable	43,800
Supplies	3,400
Inventory	63,800
Notes receivable	23,800
Interest receivable	0
Prepaid rent	2,900
Prepaid insurance	9,800
Office equipment	95,200
Accumulated depreciation		35,700
Accounts payable		34,800
Salaries payable		0
Notes payable		53,800
Interest payable		0
Deferred sales revenue		3,900
Common stock		86,600
Retained earnings		38,000
Dividends	7,800
Sales revenue		165,000
Interest revenue		0
Cost of goods sold	89,000
Salaries expense	20,800
Rent expense	12,900
Depreciation expense	0
Interest expense	0
Supplies expense	3,000
Insurance expense	0
Advertising expense	4,900
Totals	417,800	417,800

Information necessary to prepare the year-end adjusting entries appears below.

Depreciation on the office equipment for the year is $11,900.
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 $1,750.
On October 1, 2021, Pastina borrowed $53,800 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.
On March 1, 2021, the company lent a supplier $23,800 and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022.
On April 1, 2021, the company paid an insurance company $9,800 for a one-year fire insurance policy. The entire $9,800 was debited to prepaid insurance.
$1,040 of supplies remained on hand at December 31, 2021.
A customer paid Pastina $3,900 in December for 1,700 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue.
On December 1, 2021, $2,900 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $1,450 per month. The entire amount was debited to prepaid rent.

rev: 09_14_2019_QC_CS-180268, 10_11_2019_QC_CS-184133

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.)