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The adjusted trial balance for Sheridan Company is given below. SHERIDAN COMPANY Trial Balance August 31, 2022 Before After Adjustment Adjustment Dr. Cr. Dr. Cr. Cash $11,320 $11,320 Accounts Receivable 8,930 9,580 Supplies 2,630 1,330 Prepaid Insurance 4,000 2,640 Equipment 16,000 16,000 Accumulated Depreciation-Equipment $3,600 $4,800 Accounts Payable 5,800 5,800 Salaries and Wages Payable 1,500 Unearned Rent Revenue 2,070 1,140 Common Stock 12,390 12,390 Retained Earnings 5,340 5,340 Dividends 2,750 2,750 Service Revenue 32,590 33,240 Rent Revenue 13,320 14,250 Salaries and Wages Expense 16,870 18,370 Supplies Expense 1,300 Rent Expense 12,610 12,610 Insurance Expense 1,360 Depreciation Expense 1.200 $75,110 $75,110 $78.460 $78,460 Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

The adjusted trial balance for Sheridan Company is given below. SHERIDAN COMPANY Trial Balance August 31, 2022 Before After Adjustment Adjustment Dr. Cr. Dr. Cr. Cash $11,320 $11,320 Accounts Receivable 8,930 9,580 Supplies 2,630 1,330 Prepaid Insurance 4,000 2,640 Equipment 16,000 16,000 Accumulated Depreciation-Equipment $3,600 $4,800 Accounts Payable 5,800 5,800 Salaries and Wages Payable 1,500 Unearned Rent Revenue 2,070 1,140 Common Stock 12,390 12,390 Retained Earnings 5,340 5,340 Dividends 2,750 2,750 Service Revenue 32,590 33,240 Rent Revenue 13,320 14,250 Salaries and Wages Expense 16,870 18,370 Supplies Expense 1,300 Rent Expense 12,610 12,610 Insurance Expense 1,360 Depreciation Expense 1.200 $75,110 $75,110 $78.460 $78,460 Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 11EA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...
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The adjusted trial balance for Sheridan Company is given below. SHERIDAN COMPANY Trial Balance August 31, 2022 Before After Adjustment Adjustment Dr. Cr. Dr. Cr. Cash $11,320 $11,320 Accounts Receivable 8,930 9,580 Supplies 2,630 1,330 Prepaid Insurance 4,000 2,640 Equipment 16,000 16,000 Accumulated Depreciation-Equipment $3,600 $4,800 Accounts Payable 5,800 5,800 Salaries and Wages Payable 1,500 Unearned Rent Revenue 2,070 1,140 Common Stock 12,390 12,390 Retained Earnings 5,340 5,340 Dividends 2,750 2,750 Service Revenue 32,590 33,240 Rent Revenue 13,320 14,250 Salaries and Wages Expense 16,870 18,370 Supplies Expense 1,300 Rent Expense 12,610 12,610 Insurance Expense 1,360 Depreciation Expense 1.200 $75,110 $75,110 $78.460 $78,460 Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Transcribed Image Text:The adjusted trial balance for Sheridan Company is given below. SHERIDAN COMPANY Trial Balance August 31, 2022 Before After Adjustment Adjustment Dr. Cr. Dr. Cr. Cash $11,320 $11,320 Accounts Receivable 8,930 9,580 Supplies 2,630 1,330 Prepaid Insurance 4,000 2,640 Equipment 16,000 16,000 Accumulated Depreciation-Equipment $3,600 $4,800 Accounts Payable 5,800 5,800 Salaries and Wages Payable 1,500 Unearned Rent Revenue 2,070 1,140 Common Stock 12,390 12,390 Retained Earnings 5,340 5,340 Dividends 2,750 2,750 Service Revenue 32,590 33,240 Rent Revenue 13,320 14,250 Salaries and Wages Expense 16,870 18,370 Supplies Expense 1,300 Rent Expense 12,610 12,610 Insurance Expense 1,360 Depreciation Expense 1.200 $75,110 $75,110 $78.460 $78,460 Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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