Prepare closing entries for December 31, 2011 Presented below is an adjusted trial balance for Cowell Company, at December 31, 2011. Cash â‚¬12,700 Accounts payable â‚¬10,000 Accounts receivable 20,000 Notes payable 9,000 Prepaid insurance 15,000 Accumulated Depreciationâ€” Equipment 35,000 Equipment 14,000 Depreciation expense 7,000 Service revenue 25,000 Dividends 1,500 Retained earnings 12,000 Advertising expense 1,400 Unearned revenue 16,000 Rent expense 800 Share capital-ordinary 12,000 Salary expense 3,000 Insurance expense 1,600 â‚¬98,000 â‚¬98,000 Instructions (a) Prepare closing entries for December 31, 2011. (b) Determine the balance in the retained earnings account after the entries have been posted. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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