The adjusted trial balance for Poor Company at December 31 is as follows:
POOR COMPANY
Adjusted Trial Balance
December 31
Cash $4,000
Accounts Receivable $21,000
Supplies $4,600
Prepaid Rent $2,200
Equipment $146,700
Accumulated Depreciation-Equipment $17,000
Accounts Payable $9,800
Salaries Payable $6,400
Unearned Revenue $6,000
T. Poor, Capital $99,000
T. Poor, Drawings $19,500
Service Revenue $102,000
Depreciation Expense $27,200
Rent Expense $15,000
Totals $240,200
$240,200
Prepare the closing entries for POOR COMPANY.
What is the debit(s) in the first closing entry?
What is the credit(s) in the first closing entry?
What is the debit(s) in the second closing entry?
What is the credit(s) in the second closing entry?
What is the debit(s) in the third closing entry?
What is the credit(s) in the third closing entry?
What is the debit(s) in the fourth closing entry?
What is the credit(s) in the fourth closing entry?