The unadjusted trial balance and income statement amounts from the December 31 adjusted trial…
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(Learning Objective 3, 5: Identifying and recording adjusting and closing entries) The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Kopec Production Company follow.
Required
Journalize the adjusting and closing entries of Kopec Production Company at December 31. There was only one adjustment to Service Revenue.
Kopec Production Company
Account Title
Unadjusted Trial Balance
Form the Adjusted Trial Balance
Cash
10,200
Prepaid rent
1,100
Equipment
32,100
Accumulated depreciation
3,800
Accounts payable
4,600
Salary payable
Unearned service revenue
8,400
Income tax payable
Note payable, long-term
10,000
Common stock
8,700
Retained earnings
1,300
Dividends
1,000
Service revenue
12,800
19,500
Salary expense
4,000
4,900
Rent expense
1,200
1,400
Depreciation expense
300
Income tax expense
1,600
Net income
49,600
49,600
8,200
19,500