Malibu Corporation's fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance as of December 31.
Accounts
Debit
Credit
Retained Earnings
$23,000
Dividends
$2,300
Service Revenue
43,000
Interest Revenue
5,300
Salaries Expense
14,300
Rent Expense
5,300
Advertising Expense
2,300
Insurance Expense
10,300
Interest Expense
4,300
Required:
1. Prepare the necessary closing entries.
2. Calculate the ending balance of Retained Earnings.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the
first account field.)
View transaction list
Journal entry worksheet
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1
2
3
Record the entry to close the revenue accounts.
Note: Enter debits before credits.
Date
December 31, 2024
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
<Required 1
Required 2 >
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