Question
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit Credit Cash 10,700 Accounts receivable 152,000 Prepaid rent 5,200
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit Credit Cash 10,700 Accounts receivable 152,000 Prepaid rent 5,200 Inventory 27,000 Equipment 320,000 Accumulated depreciationequipment 127,000 Accounts payable 32,000 Notes payabledue in three months 32,000 Salaries payable 4,200 Interest payable 10,200 Common stock 210,000 Retained earnings 54,400 Dividends 9,000 Sales revenue 420,000 Costs of goods sold 190,000 Salaries expense 122,000 Rent expense 17,000 Depreciation expense 32,000 Interest expense 2,200 Advertising expense 2,700 Totals 889,800 889,800 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.)
1.) Record the entry to close the revenue accounts
2.) Record the entry to close the expense accounts
3.) Record the entry to close the dividends account
Thank you!
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