Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. cornerstone exercise 3-27 (algorithmic) preparing

Cornerstone Exercise 3-27 (Algorithmic) Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted...

60.1K

Verified Solution

Question

Accounting

image

Cornerstone Exercise 3-27 (Algorithmic) Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 5,650 Accounts Receivable Prepaid Insurance 4,480 42,000 Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock $24,000 2,800 4,450 3,875 8,000 2,255 Retained Earnings Dividends 10,500 99,500 Service Revenue Salaries Expense 49,400 Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 17,250 2,200 4,950 5,300 Totals $144,880 $144,880 Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave it blank. Dec. 31 (Close revenues) Dec. 31 (Close expenses) Dec. 31 (Close Income Summary) Dec. 31 Desti (Close Dividends)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students