Question

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.
  

Accounts	Debit				Credit
Cash	$	10,800
Accounts Receivable		138,000
Prepaid Rent		4,800
Supplies		24,000
Equipment		280,000
Accumulated Depreciation					$	123,000
Accounts Payable						10,800
Salaries Payable						9,800
Interest Payable						3,800
Notes Payable (due in two years)						28,000
Common Stock						180,000
Retained Earnings						48,000
Service Revenue						380,000
Salaries Expense		280,000
Rent Expense		14,000
Depreciation Expense		28,000
Interest Expense		3,800
Totals	$	783,400			$	783,400

1. Record the necessary closing entries at December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
  

Question 10 linked to 11 of 18 Total

Journal entry worksh Record the entry to close the revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021

Answer 1

Debit Credit $380,000 Date General Journal Dec 31, 2021 Service Revenue Income Summary (To close the revenue account) $325,800 Dec 31, 2021 Income Summary Salaries Expense Rent Expense Depreciation Expense Interest Expense (To close the expense account) $280,000 $14,000 $28.000 $3,800