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12 May, 00:05

The adjusted trial balance for Yondel Company at December 31, 2018 is presented below: Accounts Debit Credit Cash $ 8,000 Prepaid rent 23,000 Land 445,000 Accounts payable $ 12,000 Salaries payable 20,000 Common stock 230,000 Retained earnings 109,000 Dividends 14,000 Service revenue 340,000 Salaries expense 160,000 Rent expense 29,000 Utilities expense 32,000 Totals $ 711,000 $ 711,000 Prepare the closing entries for Yondel Company for the year ended December 31, 2018.

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  1. 12 May, 00:22
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    Cash = 8000

    Prepaid rent = 23,000

    Land = 445000

    Accounts payable = 12,000

    Salaries payable = 20,000

    Retained earnings = 109,000

    Dividends = 14,000

    Service revenue = 340,000

    Salaries expenses = 160,0000

    Rent expenses = 29,000

    Utilities expenses = 32,000

    Net income = Service revenue - Salaries-Rent-Utilities-

    =340,000-160,000-29,000-32,000 = 119,000

    Journal

    1. Debit Service revenue - 340,000

    Credit income summary - 340,000

    2, Debit Income summary - 221,000

    Credit Salaries expenses 160,000

    Credit Rent expenses 29,000

    Credit Utilities expenses 32,000

    3 Debit Income summary 119,000

    Credit retained earnings 119,000

    4 Debit retained earnings 14,000

    Credit retained earnings 14,000
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