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1 Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. Date Accounts and Explanation Debit Credit SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Balance Debit Credit Account Title Cash 32,100 Accounts Receivable 14,800 Office Supplies 600 Date Accounts and Explanation Debit Credit Prepaid Rent 17,200 Inventory 9,800 Furniture 27,100 Accumulated Depreciation-- Furniture 9,800 Accounts Payable 1,200 Salaries Payable 700 Interest Payable 400 Unearned Revenue 7,400 Notes Payable 12,300 Common Stock 14,800 Additional Paid in Capital 2,400 Interest Payable 400 Unearned Revenue 7,400 Notes Payable 12,300 Common Stock 14,800 Additional Paid in Capital 2,400 Retained Earnings 19,700 Dividends 40,500 Sales Revenue 173,500 Date Accounts and Explanation Debit Gain on Disposal of Plant Asset Credit 4,900 Cost of Goods Sold 29,600 Selling Expenses 2,400 Advertising Expense 1,800 Salaries Expense 24,700 Date Accounts and Explanation Debit Credit Depreciation Expense- Furniture 2,400 Interest Expense 900 Income Tax Expense 19,700 v Loss from Disposal of Discontinued Segment, Net of Tax of $2,000 9,800 Rent Expense 4,900 Insurance Expense 7,400 Supplies Expense 1,400 Total 247,100 247,100

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