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Home / Questions / The adjusted trial balance for China Tea Company at December 31 2015 is presented

The adjusted trial balance for China Tea Company at December 31 2015 is presented

The adjusted trial balance for China Tea Company at December 31, 2015 is presented below:

 

 

Debit

Credit

Cash

$  11,000

 

Accounts Receivable

150,000

 

Prepaid Rent

5,000

 

Supplies

25,000

 

Equipment

300,000

 

Accumulated Depreciation

 

$135,000

Accounts Payable

 

20,000

Salaries Payable

 

4,000

Interest Payable

 

1,000

Notes Payable – due in two years

 

30,000

Common Stock

 

200,000

Retained Earnings

 

50,000

Dividends

20,000

 

Service Revenue

 

400,000

Salaries Expense

180,000

 

Advertising Expense

70,000

 

Rent Expense

15,000

 

Depreciation Expense

30,000

 

Interest Expense

2,000

 

Utilities Expense

    32,000

_______

Totals

$840,000

$840,000

 

 

 


Prepare the closing entries for China Tea Company for the year ended December 31, 2015.

 

 

176. The year-end adjusted trial balance included the following account balances: Cash, $5,000; Equipment, $25,000; Accounts payable, $7,000; Common stock, $15,000; Retained earnings, $6,000; Dividends, $1,000; Service revenue, $18,000; Salaries expense, $9,000; and Utilities expense, $6,000. Prepare the post-closing trial balance.

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