Question

M4-13 (Algo) Recording a Closing Entry L04-4 Catena's Marketing Company has the following adjusted the balance at the end of the current year Cash dividends of $540 were declared at the end of the year, and 580 additional shares of common stock 5010 Value Dr Shareware issued at the end of the year for $2.850 in cash for a total at the end of the year of 810 shares. These effects are included below catena's Marketing company Adsted Tra ce End of the current year Debit credit Accounts receivable Interest receivable Accounts payable Accued censes te Additional paid.in capital retained earnings 33.51 revent select "No journal entry Prepare the closing entry at the end of the current year if no entry is requin required in the first account feld) View transaction ist Journal entry worksheet Record the dosing entry at the end of the current year < Prey 707 N ext

Answer 1

Closing Entry- Catena's Marketing Company
Date	account and explanation	debit	credit
31-Dec	Sales Revenue	$38,510
	Interest Revenue	$100
	Income summary		$38,610
	( close revenue account)
31-Dec	Income summary	$34,700
	Wages Expense		$20,200
	Depreciation Expense		$1,670
	Utilities Expense		$410
	Insurance Expense		$740
	Rent Expense		$9,000
	Income Tax Expense		$2,680
	( close expense account)
31-Dec	Income summary (38610-34700)	$3,910
	Retained earnings		$3,910
	( close income summary account)
31-Dec	Retained earnings	$640
	Dividend		$640
	( close dividend account)