The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,230 Accounts Receivable 2,000 Prepaid Insurance 2,300 Notes Receivable (long-term) 3,000 Equipment 12,000 Accumulated Depreciation $ 2,600 Accounts Payable 5,420 Salaries and Wages Payable 1,000 Income Taxes Payable 2,900 Deferred Revenue 600 Common Stock 2,400 Retained Earnings 1,000 Dividends 300 Sales Revenue 42,030 Rent Revenue 300 Salaries and Wages Expense 21,600 Depreciation Expense 1,300 Utilities Expense 4,220 Insurance Expense 1,400 Rent Expense 6,000 Income Tax Expense 2,900 Total $ 58,250 $ 58,250 Required: Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Please don't provide answer in image format thank you
The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,230 Accounts Receivable 2,000 Prepaid Insurance 2,300 Notes Receivable (long-term) 3,000 Equipment 12,000 Accumulated Depreciation $ 2,600 Accounts Payable 5,420 Salaries and Wages Payable 1,000 Income Taxes Payable 2,900 Deferred Revenue 600 Common Stock 2,400 Retained Earnings 1,000 Dividends 300 Sales Revenue 42,030 Rent Revenue 300 Salaries and Wages Expense 21,600 Depreciation Expense 1,300 Utilities Expense 4,220 Insurance Expense 1,400 Rent Expense 6,000 Income Tax Expense 2,900 Total $ 58,250 $ 58,250 Required: Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Please don't provide answer in image format thank you
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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Question
The Sky Blue Corporation has the following adjusted
Debit | Credit | |
---|---|---|
Cash | $ 1,230 | |
Accounts Receivable | 2,000 | |
Prepaid Insurance | 2,300 | |
Notes Receivable (long-term) | 3,000 | |
Equipment | 12,000 | |
$ 2,600 | ||
Accounts Payable | 5,420 | |
Salaries and Wages Payable | 1,000 | |
Income Taxes Payable | 2,900 | |
Deferred Revenue | 600 | |
Common Stock | 2,400 | |
Retained Earnings | 1,000 | |
Dividends | 300 | |
Sales Revenue | 42,030 | |
Rent Revenue | 300 | |
Salaries and Wages Expense | 21,600 | |
Depreciation Expense | 1,300 | |
Utilities Expense | 4,220 | |
Insurance Expense | 1,400 | |
Rent Expense | 6,000 | |
Income Tax Expense | 2,900 | |
Total | $ 58,250 | $ 58,250 |
Required:
Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No
Please don't provide answer in image format thank you
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