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Preparing Adjusting Entries, Trial Balances, Financial Statements, and Closing Entries The unadjusted trial balance for...

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Accounting

Preparing Adjusting Entries, Trial Balances, Financial Statements, and Closing Entries
The unadjusted trial balance for Brown Inc. follows.
Additional information for accounting adjustments
A year-end count revealed $2,000 of supplies still available.
Annual depreciation expense on the equipment is $1,000
Unpaid and unrecorded salaries is $2,000 at year-end.
The note payable calls for annual interest of 8%, payable each September 30. The principal amount of the note is not due for several years.
\table[[Adjusting Journal Entries , Adjusted Trial Balance , Financial Statements,Closing Journal Entries]]
d. Prepare the closing entries, using the Income Summary account to close out revenues and expenses.
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