FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Selected year-end account balances from the adjusted trial balance as of December 31, 2025, for Grouper Corporation is provided
below.
Accounts Receivable
Dividends
Depreciation Expense
Equipment
Salaries and Wages Expense
Accounts Payable
Accumulated Depreciation-Equipment
Unearned Rent Revenue
Service Revenue
Rent Revenue
Rent Expense
Retained Earnings
Supplies Expense
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Debit
(To close revenue accounts)
$84,220
(To close expense accounts)
30,510
Date Account Titles and Explanation
15,310
246,850
105,680
4,180
1,620
Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)
Credit
(To close net income to retained earnings)
$61,480
133,170
26,560
213,210
7,190
71 90
Debit
Credit
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Transcribed Image Text:Selected year-end account balances from the adjusted trial balance as of December 31, 2025, for Grouper Corporation is provided below. Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense Dec. 31 Dec. 31 Dec. 31 Dec. 31 Debit (To close revenue accounts) $84,220 (To close expense accounts) 30,510 Date Account Titles and Explanation 15,310 246,850 105,680 4,180 1,620 Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Credit (To close net income to retained earnings) $61,480 133,170 26,560 213,210 7,190 71 90 Debit Credit
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