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Record the closing entry for the year ended December 31. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit

Record the closing entry for the year ended December 31. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Totals Debit Credit $ 47 9 4 98 0 19 35 $212 Other data not yet recorded at December 31: a. Insurance expired during the year, $2. b. Depreciation expense for the year, $1. c. Salaries and wages payable, $4. d. Income tax expense, $6. $ 0 C946 a 5616 94 10 99 $212
Transcribed Image Text:Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Totals Debit Credit $ 47 9 4 98 0 19 35 $212 Other data not yet recorded at December 31: a. Insurance expired during the year, $2. b. Depreciation expense for the year, $1. c. Salaries and wages payable, $4. d. Income tax expense, $6. $ 0 C946 a 5616 94 10 99 $212
Record the closing entry for the year ended December 31. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit
Transcribed Image Text:Record the closing entry for the year ended December 31. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit
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