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Question - Accounts from the adjusted trial balance at December 31, 2021, are listed in alphabetical order below for AliBaba:
Accounts payable
4,800
Insurance expense
1,600
Accounts receivable
19,750
Interest expense
700
Accumulated depreciation - equipment
39,600
Interest payable
Bank loan payable
10,000
Patent
10,850
Cash
11,000
Prepaid insurance
800
Common Shares
20,000
Rent expense
7,200
Deferred revenue
6,200
Retained earnings
10,400
Depreciation expense
13,200
Salaries expense
13,625
Dividends declared
2,000
Salaries payable
1,625
Equipment
66,000
Service revenue
60,600
Income tax expense
4,000
Supplies
1,265
Income tax payable
Supplies expense
5,935
Required -
a. Prepare the closing journal entries.
b. Prepare the Statement of Retained Earnings for the year ended December 31, 2021.
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