Prepare all necessary closing journal entries for December

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Reference no: EM132798223

Question - Fireplaces R US Inc. is in the process of preparing their financial statements as at December 31, 2020. They have provided you with the simplified trial balance after all adjusting entries have been made and have requested that you prepare the closing year end entries for the year end.

Cash 150,000

Accounts payable 30,000

Accounts receivable 75,000

Accumulated Depreciation - Building 90,000

Utilities expense 30,000

Building 380,000

Common Shares 5,000

Depreciation Expense 33,000

Income Tax Expense 9,000

Land 220,000

Short term debt 300,000

Salaries expense 80,000

Consulting Revenue 327,000

Supplies 7,000

Retained Earnings, opening 125,000

Dividends 33,000

Unearned Revenue 60,000

Required - Prepare all necessary closing journal entries for the December 31 fiscal year end.

Reference no: EM132798223

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