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problem: The adjusted trial balance for China Tea Company at December 31, 2009 is presented below: 

 

Debit

Credit

Cash

110,500

 

Accounts receivable

40,000

 

Supplies

5,000

 

Inventory

25,000

 

Equipment

300,000

 

Accumulated depreciation - equipment

 

125,000

Accounts payable

 

25,000

Notes payable

 

30,000

Unearned revenue

 

4,000

Interest payable

 

1,000

Capital stock

 

200,000

Retained Earnings

 

50,000

Dividends

5,000

 

Service revenue

 

400,000

Cost of Goods Sold

180,000

 

Wage expense

120,000

 

Depreciation expense

30,000

 

Rent expense

15,000

 

Supplies Expense

2,500

 

Interest expense

2,000

_______

Totals

835,000

835,000

[A] Make the closing entries for China Tea Company for the year ended December 31, 2009 in proper format [omit explanations].

[B] Make Statement of Retained Earnings for the year ended December 31, 2009 in proper format.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922239

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