Question

Required information [The following information applies to the questions displayed below.] The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Debit Credit Accounts $ 10,500 Cash Accounts Receivable 135,000 Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) 4,500 22,500 250,000 $120,000 10,500 9,500 3,500 25,000 150,000 45,000 350,000 Common Stock Retained Earnings Service Revenue Salaries Expense 250,000 12,500 25,000 Rent Expense Depreciation Expense Interest Expense 3,500 $713,500 $713,500 Totals

Answer 1

Date	Account title	Debit	Credit
1.
Dec 31, 2021	Service revenue	$350,000
	Income Summary		$350,000
	(To close revenue account)
2.
Dec 31, 2021	Income summary	291,000
	Salaries expense		250,000
	Rent expense		12,500
	Interest expense		3500
	Depreciation expense		25000
	(To close expenses account)
3.
Dec 31, 2021	Income summary ($350,000 - 291,000)	59,000
	Retained earnings		59,000
	(To close income summary account)