The unadjusted trial balance and income statement amounts from the December 31 adjusted trial…

(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

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