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Prepare the closing entries for the revenues of the company

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Q1. Journalize the business transaction for the Company's journal on 31st of December. Take into consideration that the Company prepares the adjusting journal entries on monthly bases. The Company pays the salaries expense of the previous week every upcoming Monday. The Company has 5 employees being paid $150 per day and 2 employees being paid $100 per day and all of them work from Monday to Friday. The last payment made from the Company was 28th of December 2020 for the week December 21st -December 27th. The next payment will be on January 4th, 2021. The journal entry on 31st of December is?

Q2. Journalize the business transaction for the Company's journal on 31st of December. Take into consideration that the Company prepares the adjusting journal entries on monthly bases.

Company took a note payable on 1st of January from A Bank for the value of $120.000 and an annual interest rate of 5%. The notes payable together with the interest expense are paid on 31st of December.

Q3. Journalize the business transactions for the Company's journal on 31st of December. Take into consideration that the company prepares the adjusting journal entries on monthly bases. On December 31st company has generated a Net Income of $5.000 and a total of Expenses $25.000. Prepare the closing entries for the revenues of the company.

Reference no: EM133160121

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