Question

The following trial balance was taken from the books of Venus Corporation at December 31, 2020:...

The following trial balance was taken from the books of Venus Corporation at December 31, 2020:

Account

Debit:

Cash $ 40,000 Accounts Receivable 106,000 Prepaid Rent 12,800 Note Receivable 8,000 Merchandise Inventory 54,000 Unexpired Insurance 4,800 Furniture and Equipment 138,000 Cost of Goods Sold 128,000 Salaries Expense 53,000

Total: $546,600

Credit:

Accumulated Depreciation 15,000 Accounts Payable 12,600 Common Shares 44,000 Retained Earnings 65,000 Sales 410,000 Total $ 546,600

At year end, the following items have not yet been recorded.

1. Insurance expired during the year, $ 3,000.

2. Depreciation on furniture and equipment, 10% per year.

3. Interest at 9% is receivable on the note for one full year.

4. Prepaid rent used up during the year, $6,000.

5. Accrued salaries at December 31, $ 6,200.

a) Prepare in good form the necessary adjusting entries, adding any new accounts which you may need. Narratives (explanations) are not required for journal entries.

b) Prepare the necessary closing entries.

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