3. On the attached journal paper, use the trial balance to prepare Closing entri
ID: 2504838 • Letter: 3
Question
3. On the attached journal paper, use the trial balance to prepare Closing entries.(20 points)
Reyna Company
Adjusted Trial Balance
December 31, 2007
Cash $ 6,400
Accounts receivable 10,200
Merchandise inventory 46,500
Office supplies 2,400
Stores supplies 1,200
Prepaid Advertising 800
Equipment 18,000
Accumulated depreciation, equipment $ 3,000
Building 90,000
Accumulated depreciation, building 9,000
Land 28,500
Accounts payable 4,650
Salaries payable 2,750
Rent payable 850
Long-term notes payable 24,000
Paul Reyna, capital 156,400
Paul Reyna, withdrawals 24,000
Consulting fees earned 169,200
Salaries expense 47,250
Rent expense 18,900
Advertising expense 27,000
Office supplies expense 41,200
Depreciation expense, building 7,500
Totals $369,850 $369,850
Explanation / Answer
DR Consulting fees earned 169,200
CR Salaries expense 47,250
CR Rent expense 18,900
CR Advertising expense 27,000
CR Office supplies expense 41,200
CR Depreciation expense 7,500
CR PR Withdrawals 24,000
CR PR Capital 3,350
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