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
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Chapter22: End-of-fiscal-period Work For A Corporation
Section: Chapter Questions
Problem 4AP
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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

Prepare the closing entry at the end of the current year.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

 

Journal entry worksheet
1
Record the closing entry at the end of the current year.
Note: Enter debits before credits.
Transaction
1
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
Transcribed Image Text:Journal entry worksheet 1 Record the closing entry at the end of the current year. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
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