Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $660 were declared at the end of the year, and 500 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $3,240 in cash (for a total at the end of the year of 920 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $1,560 Accounts receivable 2,320 Interest receivable 124 Prepaid insurance 1,720 Long-term notes receivable 3,400 Equipment 16,490 Accumulated depreciation $3,240 Accounts payable 2,640 Dividends payable 660 Accrued expenses payable 4,040 Income taxes payable 1,824 Unearned rent revenue 560 Common Stock (920 shares) 92 Additional paid-in capital 3,740 Retained earnings 1,640 Sales revenue 41,260 Rent revenue 860 Interest revenue 124 Wages expense 20,700 Depreciation expense 2,040 Utilities expense 428 Insurance expense 858 Rent expense 9,240 Income tax expense 1,800 Total $60,680 $60,680
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $660 were declared at the end of the year, and 500 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $3,240 in cash (for a total at the end of the year of 920 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $1,560 Accounts receivable 2,320 Interest receivable 124 Prepaid insurance 1,720 Long-term notes receivable 3,400 Equipment 16,490 Accumulated depreciation $3,240 Accounts payable 2,640 Dividends payable 660 Accrued expenses payable 4,040 Income taxes payable 1,824 Unearned rent revenue 560 Common Stock (920 shares) 92 Additional paid-in capital 3,740 Retained earnings 1,640 Sales revenue 41,260 Rent revenue 860 Interest revenue 124 Wages expense 20,700 Depreciation expense 2,040 Utilities expense 428 Insurance expense 858 Rent expense 9,240 Income tax expense 1,800 Total $60,680 $60,680
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter22: End-of-fiscal-period Work For A Corporation
Section: Chapter Questions
Problem 4AP
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Question
Catena's Marketing Company has the following adjusted
Catena’s Marketing Company | ||
Adjusted Trial Balance | ||
End of the Current Year | ||
Debit | Credit | |
---|---|---|
Cash | $1,560 | |
2,320 | ||
Interest receivable | 124 | |
Prepaid insurance | 1,720 | |
Long-term notes receivable | 3,400 | |
Equipment | 16,490 | |
$3,240 | ||
Accounts payable | 2,640 | |
Dividends payable | 660 | |
Accrued expenses payable | 4,040 | |
Income taxes payable | 1,824 | |
Unearned rent revenue | 560 | |
Common Stock (920 shares) | 92 | |
Additional paid-in capital | 3,740 | |
1,640 | ||
Sales revenue | 41,260 | |
Rent revenue | 860 | |
Interest revenue | 124 | |
Wages expense | 20,700 | |
Depreciation expense | 2,040 | |
Utilities expense | 428 | |
Insurance expense | 858 | |
Rent expense | 9,240 | |
Income tax expense | 1,800 | |
Total | $60,680 | $60,680 |
Prepare the closing entry at the end of the current year.
Note: If no entry is required for a transaction/event, select "No
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