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Likurg_2 [28]
3 years ago
5

The Sky Blue Corporation has the following adjusted trial balance at December 31.

Business
1 answer:
Sauron [17]3 years ago
5 0

Answer:

                       Sky Blue Corporation Closing Entries

ACCOUNTS & EXPLANATION                DEBIT        CREDIT

                                                                        $                  $

Sales revenue                                            47,330  

Rent revenue                                              400

Income summary a/c                                                       47,730

(To record close of revenue account)

Income summary account                         42,420  

Salaries and wages expenses                                         22,600

Depreciation expenses                                                     1,800

Utilities expenses                                                              5,220

Insurance expenses                                                          1,900

Rent expenses                                                                   7,000

Income tax expenses                                                         3,900

(To record close of expenses account)

 

Income summary account                                   5310  

Retained earnings account                                                  5310

(To record close of income summary account)

 

Retained earnings account                                  400  

Income summary account                                                     400

(To record close of dividend a/c)

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Year  Deposit amount ($)  At 9% for 3 years Future value of deposits ($)

1            $1,500                            (1.09)^3 = 1.295029        $1,942.54

2             $3,000                    (1.09)^2 = 1.1881                 $3,564.3

3            $2,200                            (1.09)^1 = 1.09                 $2,398

4             $3,000                               1                                 $3,000

Total                                                                                   $10,904.84

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