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The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:...

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Accounting

The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:

Debit Credit
Cash 10,600
Accounts receivable 151,000
Prepaid rent 5,100
Inventory 26,000
Equipment 310,000
Accumulated depreciationequipment 126,000
Accounts payable 31,000
Notes payabledue in three months 31,000
Salaries payable 4,100
Interest payable 9,600
Common stock 205,000
Retained earnings 52,200
Dividends 8,500
Sales revenue 410,000
Costs of goods sold 185,000
Salaries expense 121,000
Rent expense 16,000
Depreciation expense 31,000
Interest expense 2,100
Advertising expense 2,600
Totals 868,900 868,900

1-A. Prepare the closing entries for China Tea Company for year ended December 31, 2021. (If no entry is required for a transaction/even, select No journal entry required in the first account field.)

1-B. Prepare a classified balance sheet for China Tea Company as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)

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