Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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...
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started