D. Prepare closing journal entries. If an amount box does not require an entry field, leave it blank.1.Service Revenue xInsurance Expense x2.3.4. Adjusted Trial BalanceDebitCreditCash$25,000Accounts Receivable13,900Prepaid Insurance5,200Land13,500Accounts Payable$12,400Salaries Payable1,500Common Stock35,000Retained Earnings10,200Dividends5,000Service Revenue54,900Insurance Expense7,600Salaries Expense39,000Miscellaneous Expense4,800$114,000$114,000

Total expenses = $7,600 + $39,000 + $4,800 Total expenses = $51,400 Net income = $54,900 - $51,400…

Answered: D. Prepare closing journal entries. If…

D. Prepare closing journal entries. If an amount box does not require an entry field, leave it blank. 1. Service Revenue x 2. Insurance Expense x 3. 4.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 18E: Errors During the course of your examination of the financial statements of Burnett Co., a new...

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