Question

The Sky Blue Corporation has the following adjusted trial balance at December 31 Credit Debit $ 1,350 3,200 3,500 4,200 18,00
Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select No Journal Entry Re
Journal entry worksheet < 1 2 > Record the closing entry for dividends. Note: Enter debits before credits. Date General Journ
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Answer #1
Date General Journal Debit($) Credit($)
Dec. 31 Sales Revenue 52,830
Rent Revenue 420
Retained earnings (workings i) 7,430
Salaries and wages expense 24,000
Depreciation Expense 2,500
Utilities Expense 5,420
Insurance Expense 2,600
Rent Expense 7,200
Income Tax Expense 4,100
Dec. 31 Retained Earnings 420
Dividends 420

Workings:

i) Retained Earnings = Total Revenue - Total Expenses

= (52,830+420) - (24,000+2,500+5,420+2,600+7,200+4,100)

= $7,430

  

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