Exercise 3-17 Record closing entries (LO6)
Seminoles
Corporation’s fiscal year-end is December 31, 2015. The following is a
partial adjusted trial balance as of December 31.
|
Accounts | Debit | Credit |
Retained Earnings | | | | $ | 25,000 | |
Dividends | $ | 2,500 | | | | |
Service Revenue | | | | | 45,000 | |
Interest Revenue | | | | | 5,500 | |
Salaries Expense | | 14,500 | | | | |
Rent Expense | | 5,500 | | | | |
Advertising Expense | | 2,500 | | | | |
Depreciation Expense | | 10,500 | | | | |
Interest Expense | | 4,500 | | | | |
|
1. |
Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Explanation:
| |
|
| | 25,000 | |
| | 50,500 | |
| 37,500 | | |
| 2,500 | | |
|
|
| | 35,500 | |
| | |
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