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Green Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end . The companyAc€?cs year-end adjusted trial balance dated December 31, 2015, was: GREEN LAWNS, INC....

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Green Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The companyAc€?cs year-end adjusted trial balance dated December 31, 2015, was:

  

GREEN LAWNS, INC.
Adjusted Trial Balance
December 31, 2015
  Cash $ 182,200
  Accounts receivable 9,000
  Supplies 600
  Equipment 24,000
  Accumulated depreciation: equipment $ 10,000
  Accounts payable 3,000
  Income taxes payable 7,000
  Capital stock 50,000
  Retained earnings 90,000
  Dividends 4,000
  Lawn care revenue earned 192,000
  Salary expense 104,000
  Supply expense 2,400
  Advertising expense 600
  Depreciation expense: equipment 2,000
  Income taxes expense 23,200
$ 352,000 $ 352,000
a.

Prepare all necessary closing entries at December 31, 2015.

b.

Prepare an after-closing trial balance dated December 31, 2015.

Answered Same Day Dec 25, 2021

Solution

Robert answered on Dec 25 2021
105 Votes
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