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The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit Credit Cash 11,000 Accounts receivable 155,000 Prepaid rent 5,500

The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:

Debit

Credit

Cash

11,000

Accounts receivable

155,000

Prepaid rent

5,500

Inventory

30,000

Equipment

350,000

Accumulated depreciation—equipment

130,000

Accounts payable

35,000

Notes payable—due in three months

35,000

Salaries payable

4,500

Interest payable

12,000

Common stock

225,000

Retained earnings

61,000

Dividends

10,500

Sales revenue

450,000

Costs of goods sold

205,000

Salaries expense

125,000

Rent expense

20,000

Depreciation expense

35,000

Interest expense

2,500

Advertising expense

3,000

Totals

952,500

952,500


Required:
Prepare the closing entries for China Tea Company for the year ended December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet

  • Record the entry to close the revenue accounts.

Note: Enter debits before credits.






Event

General Journal

Debit

Credit

1

















  • Journal entry worksheet
  • Record the entry to close the expense accounts.

Note: Enter debits before credits.






Event

General Journal

Debit

Credit

2

















Journal entry worksheet

  • Record the entry to close the dividends account.

Note: Enter debits before credits.






Event

General Journal

Debit

Credit

3

















Journal entry worksheet

  • Record the entry to close the dividends account.

Note: Enter debits before credits.






Event

General Journal

Debit

Credit

3





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