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GobiCorp has the following adjusted trial balance on December 31 of the current year. Debit Credit...

Question:

GobiCorp has the following adjusted trial balance on December 31 of the current year. Debit Credit Cash 180.000 Accounts Rece

GobiCorp has the following adjusted trial balance on December 31 of the current year. Debit Credit Cash 180.000 Accounts Receivable 39,000 Supplies 47,000 Equipment 143,000 Accounts Payable 20,000 Notes Payable 60,000 Common Stock 200,000 Retained Earnings 100,000 Dividends 25.000 Internet Service Revenue 65,000 Printing Service Revenue 24,000 Salary Expense 20.000 Rent Expense 5,000 Supplies Expense 3,000 Tax Expense 7.000 Prepare the necessary closing entries for GobiCorp on December 31.

Answers

Closing Entries = Date Particulares Debit Credit 31-Dec Interest Service Revenue Printing Service Revenue Income Summary 65,0

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