Question

please prepare closing entries.

41.400 4.674 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Income Statement Balance Sheet Cash 270,788 270,78% 270,788 Accounts receivable 1,070,384 1.070,384 1,070,384 Allowance for doubtful accounts 18,513,6 74.567.14 93,080.74 93,081 Interest receivable 8.530.525 8,531 8.531 Nole receivable 359,180 359.180 359,180 Merchandise inventory 782.572 782,572 782,572 Prepaid insurance 28,728 19,1529,576 9.576 Prepaid rent 47.880 6,390 41,490 Supplies 121.296 116.622 4,674 Equipment 1,118,264 1,118,264 1,118,264 Accumulatod depreciation Equipment 118,104 110,626.4 228.730.4 228.730 Accounts payable 111.826.4 111,826.4 111,826 Salaries & Wages payable 71,490 71,490 71,490 Uncamed revenue 32,000 12.000 20.000 20.000 Interest payable 15.920.1 15.920.1 15.920 Utilities payable 12,314 12,314,0 12,314 Note payable (final payment duc 2023) 758.100 758.100 758.100 Common stock 585,200 585,200 585,200 Retained earnings 904,400 24,400 904,400 Dividends 234,080 234,080 234.080 Sales 11,179,980 11.179,980 11.179.980 Consulting Revenue 12,000 12,000 12,000 Sales retums and allowances 63.840 63,840 63.840 Sales discounts 137.256 137.256 137,256 Cost of goods sold 7,612,388 7.612,388 7.612,388 Salaries & wages expense 1.733.256 71,490 1.804,746 1.804,746 Depreciation expense-equipment 110.626.4 110.626 110,626 Bad debt expense 74,567.14 74,567 74,567 Insurance expense 19.152 19.152 19,152 Rent expense 6,390 6,390 6,390 Supplies expense 116,622 116,622 116,622 Utilities expense 128,212 12.314 140,526 140.526 Interest revenue 8,530,525 8,530,525 8.531 Interest expense 15,920.1 15.920 15,920 13.708.124 13.708,124447.612.165 447.612.165 14,001,572.165 14,001,572.165 10,102.033.640 11.200,510.5253.899,538.5252.801.061.640 Net income 1.098.476.885 1.098,476.885 11.200,510.525 11.200,510.5253.899,538.5253.899,538.525 Calculations: a Interest expense for six months (Julyl to Dec31)= 758,100 x 4.2% x (6/12) = 15.920,1 b Insurance expense for 8 months (Mayl to Dec31) - 28,728 x (8/12) - 19,152 cRent expense for 2 months (Novl to Dec31) - 12,780 x (2/4) - 6,390 dConsulting revenue from uneared for 3 months (Octl to Dec31) = 32,000 X (3/8) = 12,000 e Supplies expense - Supplies - Supplies on had - 121.296-4,674 - 116,622 [ Depreciation expense -(1.118,264-12,000/10 years - 110,626.4 g Interest revenue for 5 months (Augl to Dec31)= 359,180 x 5.7% < (5/12)=8.530.525 h Bad debt expense - 74,567.14 i Wages expense - 71,490 į Utilities expense = 12,314 Please note that for bad debt expense i relied upon your calculation because no additional information available to calculated had deht expense.

Answer 1

Date	Description	Debits	Credits
31-Dec	Sales Revenue	$   11,179,980.00
	Consulting Revenue	$          12,000.00
	Interest Revenue	$            8,531.00
	Income Summary		$ 11,200,511.00
	Close revenue account
31-Dec	Income Summary	$   10,102,033.00
	Sales Discounts		$      137,256.00
	Sales Returns and Allowances		$        63,840.00
	Cost of Goods Sold		$   7,612,388.00
	Bad Debt Expense		$        74,567.00
	Depreciation  Expense		$      110,626.00
	Salaries and wages Expense		$   1,804,746.00
	Insurance  Expense		$        19,152.00
	Rent Expense		$          6,390.00
	Supplies  Expense		$      116,622.00
	Utilities Expense		$      140,526.00
	Interest Expense		$        15,920.00
	Close  Expenses account
31-Dec	Income Summary	$     1,098,478.00
	Retained Earnings		$   1,098,478.00
	Close income summary account
31-Dec	Retained Earnings	$        234,080.00
	Dividends		$      234,080.00
	Close dividends account