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Question
The end-of-period account balances after adjustments of Hernandez Shoe Repair are as follows:
Adjusted Trial Balance
Debit Credit
Cash $ 36,000
Supplies 2,700
Prepaid Rent 9,600
Equipment 94,000
Accumulated Depreciation-Equipment $ 22,000
Accounts Payable 14,500
Tax Payable 26,600
Capital Stock 54,600
Retained Earnings 0
Dividend 7,500
Service Revenues 41,000
Supplies Expense 2,000
Depreciation Expense 3,000
Rent Expense 900
Salaries and Wages Expense 1,200
Utilities Expense 1,800
Total Balance $158,700 $158,700
Instructions:
Prepare the end of the period closing entries for Hernandez Shoe Repair. You may omit journal entry explanations.
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