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The CFO of Heads to Roll Limited is looking for someone...

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Accounting

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The CFO of Heads to Roll Limited is looking for someone to fire as the company needs to save money. The CFO has decided to make it fair by testing all the junior accounting staff with a simple test on closing entries. The CFO has presented each junior executive with the following list of accounts and account balances. Account Name Debit Credit Long-Term Receivables $600,000 Interest Revenue $450,000 $3,580,000 Interest Expense Worker Salary Expense $1,230,000 Accounts Receivable $625,000 Sales Revenue $37,500,000 Loss on Sale of Building $12,950,000 Administration Expense $6,396,000 Commission Revenue $900,000 Long-Term Loans $4,000,000 Cost of Goods Sold $14,500,000 General Expenses $8,350,000 Gain on Sale of Land $1,670,000 Inventory $1,300,000 Accounts Payable $490,000 Required: Record all necessary closing entries. All entries are dated December 31, 2020

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