The adjusted trial balance for Jackson Corp at December 31, 2020, is presented below: Prepare the closing entries for Jackson Corp for the year ended December 31, 2020. Debit Credit 21,000 150,000 5,000 50,000 600,000 250,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation-equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Sales revenue 60,000 60,000 8.000 2.000 400,000 100.000 800,000 Iractenfonde cald 2AN 360,000 240,000 30,000 60,000 4,000 Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals TT TT Paragraph * DOQO O fx Mashups 16 5,000 1,680,000 1.680,000 Arial 3 (12pt) E. ET ET TEST T Me QUESTION 2 5 points Sa On January 1, 2020, Van Inc. had a balance in its supplies account of $3.500. During 2020 $8,000 of supplies were purchased. At the end of 2020, after adjusting entries were recorded, the balance in the supplies account was 5.300. Supplies expense for 2020 would be Qi X TTTT Paragraph Arial %D0Q (12pt) EE. T- TTTT rus Words:0 Path Gyro Corporation had revenues of $400,000 in its first year of operations. The company has not collected on $40,000 of its sales and still owes $50,000 on $140,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $30,000 in salaries. Owners invested $40,000 in the business and $40,000 was borrowed on a five-year note. The company paid $4.000 in interest that was the amount owed for the year and paid $12,000 for a two-year insurance policy on the first day of business (Jan 1, 2020). Gyro has an effective income tax rate of 40%. Compute net income for the first year for Gyro Corporation. TTTT Paragraph Arial 3 (120) i 32 %DO QE TT O fx Mashup HTML CSS Words Date QUESTION 6 Abdul Hardware Company uses a perpetual inventory system. How should Abdul record the sale of merchandise, costing $8,300, and sold on account for $14,500? Arial TE T TT TT Paragraph * DOO fx Mashups - 16 3 (12pt) T'T T HTML CSS Path: Words:0 LECTION