The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:...
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Accounting
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:
Debit
Credit
Cash
10,600
Accounts receivable
151,000
Prepaid rent
5,100
Inventory
26,000
Equipment
310,000
Accumulated depreciationequipment
126,000
Accounts payable
31,000
Notes payabledue in three months
31,000
Salaries payable
4,100
Interest payable
9,600
Common stock
205,000
Retained earnings
52,200
Dividends
8,500
Sales revenue
410,000
Costs of goods sold
185,000
Salaries expense
121,000
Rent expense
16,000
Depreciation expense
31,000
Interest expense
2,100
Advertising expense
2,600
Totals
868,900
868,900
1-A. Prepare the closing entries for China Tea Company for year ended December 31, 2021. (If no entry is required for a transaction/even, select No journal entry required in the first account field.)
1-B. Prepare a classified balance sheet for China Tea Company as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)
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