Question: Enter the closing entry based on the adjusted
trial balance provided. Remember only one closing entry is
required.
Required information
Arcadia Enterprises Adjusted Trial Balance As of December 31, 2019
Account Name Account Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Furniture Accumulated Depreciation - Equipment Accumulated Depreciation - Vehicles Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Cash Common Stock Cost of Goods Sold Depreciation Expense - Building Depreciation Expense - Furniture Depreciation Expense - Equipment Depreciation Expense - Vehicles Franchise Revenue Goodwill Interest Expense Interest Payable Interest Revenue Inventory Inventory - Parts Inventory Shrinkage Investment
Balance 64,052 2,271,961 1,319 5,124 58,003 53,377
21,670 48,680 21,873 4,382,437 1,281,045 6,200,258 1,319 5,124 000 53,377
183,616 515,739 68,797 4,566 3,850,252 229,905 37,577
1,833,602 256,209
Land (Held for Sale) Notes Payable - Short Term Notes Payable - Long Term Notes Receivable - Short Term Notes Receivable - Long Term Notes Receivable Discount Office Supplies Expense Patent Payroll Tax Expense Payroll Tax Payable Prepaid Advertising Prepaid Insurance Prepaid Rent Property - Building Property - Furniture Property - Equipment Property - Vehicles Purchase Discount Realized Gain on Investments Rent Expense Rent Revenue Salary and Wage Expense Sales - Parts Sales Discount Sales Service Revenue State Transaction Fees Trademark Unearned Revenue
85899 15,373 804,212 179,346 134,510 281,830 12,454 12,810 220,099 136,645 683,224 640,523 968 128,105 10,675 2,562 896,732 68,322 211,372 14,091,495 1,249,873 42,702 256,209 291,669
Additional information possibly needed include the following: - Arcadia Enterprises began operations on January 1, 2019 - Shares Outstanding - 700,000 - Effective Tax Rate - 13.0
