The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Terrell Production Company follow:

Requirement
Journalize the adjusting and closing entries of Terrell Production Company at December 31. There was only one adjustment to ServiceRevenue.

Transcribed Image Text:

A1 Terrel Production Company Unadjusted Trial Balance From the Adjusted Trial Balance Account 2 Cash 14450 2500 44,000 Prepaid rent 5 Equipment Accumulated depreclation, equipment Accounts payable 3,500 4,700 8 Salary payable 10 Income tax payable 12 Common stock 1 Divldends Unearned service revenue Notes payable, long-term Retained earnings 9,100 17,000 8,700 11,160 1,10.60 20,600 Service revenue Salary expense Rent expense 14,100 4,600 1600 5,600 2,300 750 18 Depreciation expense 19 Income tax expense 2 Total 20,600