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Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial...

Question:

Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance Decembe
Homework Chapter 3 ACCT 200 07 Financial Accounting 2,255 Retained Earnings 10,500 Dividends 99,600 Service Revenue 49,400 Sa

Site Homework - Chapter 3 ACCT 200-UF Prepare we dosing ancies Tor sparrow December 1, ZUTY. IFTIUNI JUX does not require a e
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Check My Work 3 more Check My Work uses remaining
Homework Chapter 3 ACCT 200 07 Financial Accounting 2,255 Retained Earnings 10,500 Dividends 99,600 Service Revenue 49,400 Salaries Expense Rent Expense 17,250 2,200 Insurance Expense Depreciation Expense 4,950 Income Taxes Expense 5,400 Totals $144,980 $144,980 Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave it blank. Dec. 31 (Close revenues) Dec. 31 Previous Check My Work 3 more Check My Work uses remaining, Submit Assign
Site Homework - Chapter 3 ACCT 200-UF Prepare we dosing ancies Tor sparrow December 1, ZUTY. IFTIUNI JUX does not require a entry leave TOK Dec. 31 (Close revenues) Dec. 31 < ID0081 01 011010 (Close expenses) Dec. 31 (Close Income Summary) Dec. 31 (Close Dividends) Check My Work 3 more Check My Work uses remaining.

Answers

Preparation of closing entries for sparrow at Dec 31, 2019:

Date General Journal Debit Credit
Dec 31 Revenues $99600
Income summary $99600
(To record closing of revenues)
Dec 31 Income summary $79200
Salaries expense $49400
Rent expense $17250
Insurance expense $2200
Depreciation expense $4950
Income tax expense $5400
(To record closing of expenses)
Dec 31 Income summary ($99600-$79200) $20400
Retained Earnings $20400
(To record closing of income summary)
Dec 31 Retained Earnings $10500
Dividends $10500
(To record closing of dividends)

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