Use the information in the adjusted trial balance to prepare the closing entries for Stockton Company....

Use the information in the adjusted trial balance to prepare the closing entries for Stockton Company.

Stockton Company
Adjusted Trial Balance
For the Year Ended December 31, 2019
	Debit	Credit
Cash	$ 6,030
Accounts Receivable	2,100
Prepaid Expenses	700
Equipment	13,700
Accumulated Depreciation		$ 1,100
Accounts Payable		1,900
Notes Payable		4,200
Capital Stock		2,000
Retained Earnings		10,940
Dividends	790
Fees Earned		8,750
Wages Expense	2,500
Rent Expense	1,960
Utilities Expense	775
Depreciation Expense	250
Miscellaneous Expense	85
Totals	$28,890	$28,890

Format: Enter debits and credits as whole numbers WITH commas, but DO NOT add dollar signs. Please use the Chart of Accounts.

Don't forget to list expenses in descending order! Listing them ANY OTHER WAY will mark them WRONG!!!

Date	Account Name	Debit	Credit
Dec 31







Dec 31

Expert Solution

Closing Entries:

Date	Account title and Explanation	Debit	Credit
Dec 31	Fees Earned	8,750
	Income Summary		8,750
	[To close revenue accounts]

Dec 31	Income Summary	5,570
	Wages Expense		2,500
	Rent Expense		1,960
	Utilities Expense		775
	Depreciation Expense		250
	Miscellaneous Expense		85
	[To close expenses accounts]

Dec 31	Income Summary [8,750 - 5,570]	3,180
	Retained earnings		3,180
	[To close income summary account]

Dec 31	Retained earnings	790
	Dividends		790
	[To close dividends account]

ekkarill92 answered 1 year ago

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