Prepare the closing entries.
David's, Inc.
Trial Balance
December 31
$\begin{array}{|l|l|l|}
\hline & \text { Debit } & \text { Credit } \
\hline \text { Cash } & \$ 21 & \
\hline \text { Accounts Receivable } & 39 & \
\hline \text { Equipment } & 175 & \\hline \text { Accounts Payable } & & \$ 27 \
\hline \text { Capital Stock } & & 117 \
\hline \text { Retained Earnings } & & 39 \
\hline \text { Dividends } & 13 & \\hline \text { Service Revenue } & & 203 \
\hline \text { Salaries Expense } & 95 & \
\hline \text { Depreciation } & 27 & \
\hline \text { Advertising Expense } & \underline{16} & \
\hline&\$386&\$386\
\hline
\end{array}$

Question

Prepare the closing entries.
 David's, Inc.
Trial Balance
December 31
$\begin{array}{|l|l|l|}
\hline & \text { Debit } & \text { Credit } \
\hline \text { Cash } & \$ 21 & \
\hline \text { Accounts Receivable } & 39 & \
\hline \text { Equipment } & 175 & \\hline \text { Accounts Payable } & & \$ 27 \
\hline \text { Capital Stock } & & 117 \
\hline \text { Retained Earnings } & & 39 \
\hline \text { Dividends } & 13 & \\hline \text { Service Revenue } & & 203 \
\hline \text { Salaries Expense } & 95 & \
\hline \text { Depreciation } & 27 & \
\hline \text { Advertising Expense } & \underline{16} & \
\hline&\$386&\$386\
\hline
\end{array}$

Quizplus · Accepted Answer

The Answer of Prepare the closing entries.
 David's, Inc.
Trial Balance
December 31
$\begin{array}{|l|l|l|}
\hline & \text { Debit } & \text { Credit } \
\hline \text { Cash } & \$ 21 & \
\hline \text { Accounts Receivable } & 39 & \
\hline \text { Equipment } & 175 & \\hline \text { Accounts Payable } & & \$ 27 \
\hline \text { Capital Stock } & & 117 \
\hline \text { Retained Earnings } & & 39 \
\hline \text { Dividends } & 13 & \\hline \text { Service Revenue } & & 203 \
\hline \text { Salaries Expense } & 95 & \
\hline \text { Depreciation } & 27 & \
\hline \text { Advertising Expense } & \underline{16} & \
\hline&\$386&\$386\
\hline
\end{array}$

Prepare the Closing Entries