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Construct the closing entries for China Tea Company

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Reference no: EM132859257

Question - The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:

 

Debit

Credit

Cash

11,900

 

Accounts receivable

164,000

 

Prepaid rent

6,400

 

Inventory

39,000

 

Equipment

440,000

 

Accumulated depreciation-equipment

 

139,000

Accounts payable

 

44,000

Notes payable-due in three months

 

44,000

Salaries payable

 

5,400

Interest payable

 

17,400

Common stock

 

270,000

Retained earnings

 

80,800

Dividends

15,000

 

Sales revenue

 

540,000

Costs of goods sold

250,000

 

Salaries expense

134,000

 

Rent expense

29,000

 

Depreciation expense

44,000

 

Interest expense

3,400

 

Advertising expense

3,900

 

Totals

1,140,600

1,140,600

Required - Construct the closing entries for China Tea Company for the year ended December 31, 2021?

Reference no: EM132859257

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