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Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared. However, 500 shares ($0.10 par

Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared. However, 500 shares ($0.10 par value per share) issued at the end of the year for $3,000 are included below: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Debit Credit
Cash $ 1,500
Accounts receivable 2,200
Interest receivable 100
Prepaid insurance 1,600
Notes receivable (long-term) 2,800
Equipment 15,290
Accumulated depreciation $ 3,000
Accounts payable 2,400
Accrued expenses payable 3,920
Income taxes payable 2,700
Unearned rent revenue 500
Common Stock (800 shares) 80
Additional paid-in capital 3,620
Retained earnings 2,000
Sales revenue 38,500
Interest revenue 100
Rent revenue 800
Wages expense 19,500
Depreciation expense 1,800
Utilities expense 380
Insurance expense 750
Rent expense 9,000
Income tax expense 2,700
Total $ 57,620 $ 57,620

Record the closing entry at the end of the current year.

Transaction General Journal Debit Credit
1

etc...

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