Preparing Adjusting Entries, Trial Balances, Financial Statements, and Closing Entries
The unadjusted trial balance for Brown Inc. follows.
Additional information for accounting adjustments
A yearend count revealed $ of supplies still available.
Annual depreciation expense on the equipment is $
Unpaid and unrecorded salaries is $ at yearend.
The note payable calls for annual interest of payable each September The principal amount of the note is not due for several years.
tableAdjusting Journal Entries Adjusted Trial Balance Financial Statements,Closing Journal Entries
d Prepare the closing entries, using the Income Summary account to close out revenues and expenses.
