Question

Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $630 were declared at the end of the year, and 560 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,980 in cash (for a total at the end of the year of 830 shares). These effects are included below:

Catena’s Marketing Company
Adjusted Trial Balance
End of the Current Year
	Debit				Credit
Cash	$	1,490
Accounts receivable		2,330
Interest receivable		290
Prepaid insurance		1,630
Long-term notes receivable		2,890
Equipment		16,100
Accumulated depreciation				$	3,150
Accounts payable					2,220
Dividends payable					630
Accrued expenses payable					3,850
Income taxes payable					2,620
Unearned rent revenue					550
Common Stock (830 shares)					83
Additional paid-in capital					3,447
Retained earnings					3,360
Sales revenue					37,740
Interest revenue					180
Rent revenue					820
Wages expense		19,400
Depreciation expense		1,760
Utilities expense		310
Insurance expense		790
Rent expense		8,900
Income tax expense		2,760
Total	$	58,650		$	58,650

Prepare the closing entry at the end of the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)