Cornerstone Exercise 3-27 Preparing and Analyzing Closing Entries Sparrow Compan

Question

Cornerstone Exercise 3-27 Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash Accounts Receivable Prepaid Insurance 3,150 5,650 4,480 42,000 $24,000 2,800 4,450 3,875 8,000 2,255 Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense 10,500 99,600 49,400 17,250 2,200 4,950

Explanation / Answer

31-Dec Service revenue 99,600 income summary 99,600 31-Dec income summary 79,200 Salaries expense 49,400 Rent expense 17,250 Depreciation expense 4,950 insurance expense 2,200 income taxes expense 5,400 79,200 31-Dec income summary 20,400 retained earnings 20,400 (99600-79200) 31-Dec retained earnings 10,500 dividends 10,500

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