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Problem 3: Accounting cycle - closing entries The December 31, 2018, adjusted trial balance for...

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Accounting

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Problem 3: Accounting cycle - closing entries The December 31, 2018, adjusted trial balance for ABC Corporation is presented below: Debits 21,000 200,000 10,000 50,000 600,000 Account title Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation-Office equipment Common stock Retained earnings Sales revenue Dividends Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Totals 250,000 530,000 100,000 800,000 100,000 480,000 120,000 30,000 60,000 9,000 1,680,000 1680,000 Required: Prepare necessary closing entries

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