Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $600 were declared at the end of the year, and 570 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,970 in cash (for a total at the end of the year of 820 shares). These effects are included below:
Catena’s Marketing Company | ||||||||
Adjusted Trial Balance | ||||||||
End of the Current Year | ||||||||
Debit | Credit | |||||||
Cash | $ | 1,440 | ||||||
Accounts receivable | 2,380 | |||||||
Interest receivable | 230 | |||||||
Prepaid insurance | 1,720 | |||||||
Long-term notes receivable | 2,840 | |||||||
Equipment | 16,100 | |||||||
Accumulated depreciation | $ | 3,080 | ||||||
Accounts payable | 2,240 | |||||||
Dividends payable | 600 | |||||||
Accrued expenses payable | 3,890 | |||||||
Income taxes payable | 2,590 | |||||||
Unearned rent revenue | 410 | |||||||
Common Stock (820 shares) | 82 | |||||||
Additional paid-in capital | 3,518 | |||||||
Retained earnings | 1,430 | |||||||
Sales revenue | 38,760 | |||||||
Interest revenue | 200 | |||||||
Rent revenue | 840 | |||||||
Wages expense | 19,900 | |||||||
Depreciation expense | 1,680 | |||||||
Utilities expense | 260 | |||||||
Insurance expense | 790 | |||||||
Rent expense | 7,600 | |||||||
Income tax expense | 2,700 | |||||||
Total | $ | 57,640 | $ | 57,640 | ||||
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.)
Solution
Closing Entries | |||
Date | Accounts and Explanations | Debit | Credit |
31-Dec | Sales revenue | $ 38,760.00 | |
Interest revenue | $ 200.00 | ||
Rent revenue | $ 840.00 | ||
Income Summery | $ 39,800.00 | ||
(Revenue accounts closed) | |||
31-Dec | Income Summery | $ 32,930.00 | |
Wages expense | $ 19,900.00 | ||
Depreciation expense | $ 1,680.00 | ||
Utilities expense | $ 260.00 | ||
Insurance expense | $ 790.00 | ||
Rent expense | $ 7,600.00 | ||
Income tax expense | $ 2,700.00 | ||
(Expenses Accounts closed) | |||
31-Dec | Income Summery | $ 6,870.00 | |
Retained earnings | $ 6,870.00 | ||
(Income summery transferred to Retained earnings) |
Catena's Marketing Company has the following adjusted trial balance at the end of the current year....
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $600 were declared at the end of the year, and 660 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,640 in cash (for a total at the end of the year of 820 shares). These effects are included below: Catena's Marketing Company has the following adjusted trial balance at the...
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Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $600 were declared at the end of the year, and 610 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,440 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...
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Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $600 were declared at the end of the year, and 640 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,930 in cash (for a total at the end of the year of 830 shares). These effects are included below: Prepare the closing entry at the end of the current year....
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 550 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,200 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...
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