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Question
The adjusted trial balance of the Thomas Company follows:
| THOMAS COMPANY Adjusted Trial Balance December 31 | ||
| Debit | Credit | |
| Cash | 8,000 | |
| Prepaid insurance | 2,400 | |
| Equipment | 18,000 | |
| Accumulated depreciation Equipment | 3,600 | |
| Salaries payable | 2,000 | |
| Unearned repair fees | 1,200 | |
| Common stock | 4,000 | |
| Retained earnings | 7,400 | |
| Dividends | 4,000 | |
| Repair fees earned | 27,500 | |
| Salaries expense | 10,000 | |
| Depreciation expense | 1,800 | |
| Insurance expense | 1,500 | |
| Totals | 45,700 | 45,700 |
Prepare the closing entries for Thomas Company.
Answer
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Related questions
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