Solution-Prepare the closing entries at December

Prepare the closing entries at December

Reference no: EM133031239

Problem - Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020:

Accounts Payable	$25,660
Accounts Receivable	39,100
Accumulated depreciation, Equipment	10,590
Accumulated depreciation, Warehouse	21,180
Cash	8,300
Cash Dividends	19,500
Common Shares	111,000
Equipment	78,300
Income Tax Expense	40,500
Land	116,600
Notes Payable, due in 2023	33,500
Operating Expenses	109,100
Preferred Shares	39,100
Retained Earnings	27,620
Revenue	270,550
Warehouse	127,800

The company uses an income summary account in the closing process.

Required - Assuming normal balances, prepare the closing entries at December 31. 2020, the company's year-end.

Reference no: EM133031239

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Prepare the closing entries at December

Reference no: EM133031239

Reference no: EM133031239

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