Question
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Title Debit Credit Cash 12,400 Accounts Receivable 169,000 Prepaid Rent
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:
Title Debit Credit
Cash 12,400
Accounts Receivable 169,000
Prepaid Rent 6,900
Inventory 44,000
Equipment 490,000
Accumulated Depreciation Equipment 144,000
Accounts payable 49,000
Notes payable due 49,000
Salaries payable 5,900
Interest payable 20,400
Common Stock 295,000
Retained Earnings 91,800
Dividends 17,500
Sales Revenue 590,000
Cost of goods sold 275,000
Salaries expense 139,000
Rent expense 34,000
Depreciation Expense 49,000
Interest expense 3,900
Advertising expense 4,400
Totals 1,245,100 1,245,100
I need help understanding how to input 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.)
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