Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $224,000; Service Revenue $870,000; Salaries Expense, $384.000; Rent Expense, $144,000;
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $224,000; Service Revenue $870,000; Salaries Expense, $384.000; Rent Expense, $144,000; Interest Expense, $79,000; and Dividends, $54,000 Record the necessary closing entries. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) No Date December 31 Answer is complete but not entirely correct. General Journal Debit Service Revenue 870,000 Retained Earnings 1 Credit 870,000 2 December 31 224,000 Retained Eamingo Salaries Expense Rent Expense Interest Expense 384,000 144,000 79,000 3 December 31 Retained Earnings Dividends . 224,000 3 54.000 Consider the following situations for Shocker. 1. On November 28, 2021. Shocker receives a $3,600 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited 2. On December 1, 2021, the company pays a local radio station $2,520 for 30 radio ads that were to be aired, 10 per month. throughout December, January, and February, Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $7,400 will be paid on January 7, 2022. 4. On August 31, 2021, Shocker borrows $64,000 from a local bank. A note is signed with principal and 9% interest to be paid on August 31, 2022 Required: Record the necessary adjusting entries for Shocker at December 31, 2021. No adjusting entries were made during the year (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 2 3 On November 28, 2021, Shocker receives a $3,600 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited Record the adjusting entry for deferred revenue at its Year-end of December 31 Note Entert before crets General Journal Debit Credit December 31 Record Clear entry View general Journal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started