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In: Accounting

The amounts below appeared in the Income Statement and Balance Sheet columns of a company's December...

The amounts below appeared in the Income Statement and Balance Sheet columns of a company's December 31 work sheet. In the space provided give without explanation the closing entries on December 31.

           

                                                                                Trial Balance

                                                                           Debit           Credit                                    

            Assets other than merchandise                 7500                                        

            Accounts receivable                                  4500                                        

            Liabilities                                                                       3000                                      

            Common Stock                                                              7500                  

            Dividends                                                 1500                    

            Sales                                                                           19,500

            Salaries expense                                    11,250

            Other operating expenses                        5,250           _____                                      

                        Total                                           30000          30,000                  

  

Solutions

Expert Solution

Journal Entries
Particulars Dr Amt Cr Amt
Sales Dr              19,500.00
To Income Summary              19,500.00
Income Summary Dr              16,500.00
To salaries Expense              11,250.00
To other operating expense                5,250.00
Income summary DR                3,000.00
To retained earnings                3,000.00
Retained earnings DR                1,500.00
To Dividend                1,500.00

ekkarill92 answered 1 year ago
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