3. Record the closing entry. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. × Answer is complete but not entirely correct. No Transaction 1 1 Service revenue Supplies expense Depreciation expense Insurance expense General Journal Wages expense Interest expense Income tax expense Remaining expenses (not detailed) Retained earnings Debit Credit 89,360 10,900 × 3,500 700 16,820 275 5,380 33,270 10,690 x [The following information applies to the questions displayed below.] Tunstall, Incorporated, a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Tunstall, Incorporated Unadjusted Trial Balance At December 31 Debit Credit 47,900 10,900 600 700 17,600 7,800 9,260 2,210 Accounts payable Wages payable Income taxes payable Notes payable (3 years; 10% interest due each September 30) Common stock (5,700 shares outstanding) 11,000 2,046 Additional paid-in capital 18,414 Retained earnings 5,600 Service revenue 89,360 Wages expense 16,200 Remaining expenses (not detailed; excludes income tax) 33,270 Income tax expense Totals 136,430 136,430 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $210 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $700. c. Depreciation expense for the current year, $3,500. d. Wages earned by employees not yet paid on December 31, $620. e. Three months of interest expense (for the note payable borrowed on October 1 of the current year) was incurred in the current year. f. Income tax expense, $5,380.

Malbright is a limited liability company. The following trial balance for the year ended 31 October 20X7 is presented below: Buildings at cost Buildings accumulated depreciation as at 1 November 20X6 Plant at cost Plant accumulated depreciation as at 1 November 20X6 Overdraft at bank Revenue Purchases Inventory as at 1 November 20X6 Cash Payables Receivables Allowance for receivables as at 1 November 20X6 Administrative expenses Retained earnings as at 1 November 20X6 Share capital Share premium account The following additional information is also available: (i) Dr $000 740 220 1,140 160 20 320 325 2,925 The allowance for receivables is to be increased to 5% of the receivables balance. Cr $000 60 110 70 1,800 250 10 130 415 80 2,925

Aa.55.

Lee Manufacturing Corporation was incorporated on January 3, 2021. The corporation's financial statement for its first-year operations were not examined by a CPA. You have been engaged to examine the financial statements for the year ended December 31, 2022 and your examination is substantially completed. The corporation's trial balance at December 31, 2022 appears as follows: Account Name Debit Credit Cash 61,000 92,500 Accounts receivable Allowance for doubtful accounts Inventories Machinery Equipment Accumulated depreciation 500 38,500 75,000 29,000 10,000 Patents 85,000 Leasehold improvements Prepaid expenses Organization costs Goodwill Licensing Agreement No. 1 Licensing Agreement No. 2 Accounts payable Unearned revenue Share capital Retained earnings, January 1, 2022 Sales 26,000 10,500 29,000 24,000 50,000 49,000 147,500 12,500 300,000 27,000 768,500 Cost of goods sold Selling and marketing expenses General and administrative expenses Interest expense Extraordinary losses Total…