Question
The July 31, 2018 adjusted trial balance of Big Mark Company is found below: Cash $ 1,000 Accounts receivable 1,500 Supplies 500 Notes receivable 600
The July 31, 2018 adjusted trial balance of Big Mark Company is found below:
Cash | $ 1,000 |
|
Accounts receivable | 1,500 |
|
Supplies | 500 |
|
Notes receivable | 600 |
|
Equipment | 32,000 |
|
Accumulated depreciation, equipment |
| $ 14,000 |
Land | 58,000 |
|
Accounts payable |
| 500 |
Notes payable |
| 1,000 |
Mortgage payable |
| 30,000 |
Common shares |
| 100 |
Retained earnings |
| 32,000 |
Dividends | 2,000 |
|
Repairs revenue |
| 55,000 |
Wages expense | 20,000 |
|
Supplies expense | 1,000 |
|
Depreciation expense | 3,000 |
|
Maintenance expense | 5,000 |
|
Interest expense | 2,000 |
|
Income tax expense | 6,000 |
|
Totals | $132,600 | $132,600 |
|
|
|
Required: Prepare closing entries for the company.
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