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Annaborden02
Annaborden02
16.10.2020 • 
Business

Preparing and Analyzing Closing Entries 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
Service Revenue 99,800
Salaries Expense 49,400
Rent Expense 17,250
Insurance Expense 2,200
Depreciation Expense 4,950
Income Taxes Expense 5,600
Totals $145,180 $145,180

Required:
Prepare the closing entries for Sparrow at December 31, 2019.

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