Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Accounts Debit Retained Earnings Dividends

Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Accounts Debit Retained Earnings Dividends Credit $30,000 $ 3,000 Service Revenue Interest Revenue 50,000 6,000 Salaries Expense 15,000 Rent Expense 6,000 Advertising Expense 3,000 Depreciation Expense 11,000 5,000 Interest Expense Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Date General Journal Debit Credit 1 December 31, 202 Service Revenue 50,000 Interest Revenue 6,000 2 December 31, 202 Salaries Expense 15,000 equired: Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry equired" in the first account field.) Answer is not complete. No Date General Journal Debit Credit 1 December 31, 202 Service Revenue 50,000 Interest Revenue 6,000 2 December 31, 202 Salaries Expense 3 Rent Expense Depreciation Expense Advertising Expense Interest Expense December 31, 202 Retained Earnings Dividends > > 15,000 6,000 11,000 3,000 5,000 3,000 3,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Double Entry Exercises 40 Full Cycle Accounting Cases With Solutions

Authors: L Castelluzzo

1st Edition

1731173954, 978-1731173959

More Books

Students also viewed these Accounting questions

Question

Are there any questions that you want to ask?

Answered: 1 week ago