Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The adjusted trial balance for China Tea Company at December 31, 2021 is presented below: Credit Debit $15,000 156,000 8,000 26,000 340,000 Accounts Cash Accounts

image text in transcribed

The adjusted trial balance for China Tea Company at December 31, 2021 is presented below: Credit Debit $15,000 156,000 8,000 26,000 340,000 Accounts Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Interest payable Notes payable due in two years Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense Rent expense Depreciation expense Interest expense Utilities expense Totals $ 132,000 11,000 3,300 1,500 22,000 160,000 187,300 26,000 400,000 184,000 70,000 11,000 38,000 2,100 41,000 $ 917,100 $917,100 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.)

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_2

Step: 3

blur-text-image_3

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

Business Finance 101 Monopolies Accounting Audits And Blockchain

Authors: Louis Bevoc

1st Edition

1791808182, 978-1791808181

More Books

Students also viewed these Accounting questions