Reference no: EM132911502
Problem 1: Given the following adjusted account balances in random order, prepare the CLOSING entries on December 31, XX. Use the back of the paper if you need more room, or submit your answer on a separate page or document.
Cash 35,000
Tom Smith, Capital 85,000
Accounts Payable 33,000
Revenue 84,000
Deprec. Expense building 12,000
Salary Expense 29,000
Interest Revenue 24,000
Prepaid Rent 9,000
Supplies Expense 6,000
Note Payable 71,000
Land 65,000
Accounts Receivable 32,000
Accum. Deprec. Building 12,000
Unearned Revenue 3,000
Tom Smith, Withdrawals 20,000
Rent Expense 15,000
Building 95,000
Supplies 4,000
Interest expense 4,000
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