The adjusted trial balance for yondel company at december 31, 2018 is presented below: accounts debit credit cash $ 8,000 prepaid

The adjusted trial balance for yondel company at december 31, 2018 is presented below: accounts debit credit cash $ 8,000 prepaid rent 23,000 land 445,000 accounts payable $ 12,000 salaries payable 20,000 common stock 230,000 retained earnings 109,000 dividends 14,000 service revenue 340,000 salaries expense 160,000 rent expense 29,000 utilities expense 32,000 totals $ 711,000 $ 711,000 prepare the closing entries for yondel company for the year ended december 31, 2018.

Answer

Explanation: Cash                        =8000 Prepaid rent           = 23,000 Land                       = 445000 Accounts payable                              = 12,000 Salaries payable                                  = 20,000 Retained earnings                              = 109,000 Dividends                    = 14,000 Service revenue                                   = 340,000 Salaries expenses      = 160,0000 Rent expenses             = 29,000 Utilities expenses         = 32,000 Net income = Service revenue – Salaries-Rent-Utilities- =340,000-160,000-29,000-32,000 = 119,000 Journal 1.     Debit  Service revenue   – 340,000 Credit income summary –                  340,000 2,    Debit Income summary –    221,000 Credit Salaries expenses                              160,000 Credit Rent expenses                                     29,000 Credit Utilities expenses                                 32,000 3     Debit Income summary          119,000 Credit retained earnings                                  119,000 4     Debit retained earnings          14,000 Credit retained earnings                                   14,000

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