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Question 4 (20 marks) The following is the adjusted trial balance as of December 31,...

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Question

Accounting

Question 4 (20 marks)

The following is the adjusted trial balance as of December 31, 2019 of HALA Photography:

HALA Photography

Adjusted Trial Balance

December 31, 2019

Account

Debit

Credit

Cash

$3,400

Accounts Receivable

17,000

Supplies

200

Equipment

15,000

Accumulated DepreciationEquipment

$4,000

Accounts Payable

2,400

Salaries Payable

1,600

Unearned Revenue

1,200

Common Stock

6,800

Dividends

4,600

Service Revenue

80,000

Salaries Expense

48,000

Supplies Expense

4,600

Depreciation ExpenseEquipment

3,200

______

Total

$96,000

$96,000

Requirements:

A. Journalize the closing entries for HALA Photography (10Marks).
B. Compute the ending balance of Retained Earnings (after closing the entries) (4 mark).
C. Prepare post closing trial balance at December 31, 2019 (6 Marks).

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