Given the Following Adjusted Account Balances in Random Order, Prepare

question 50

Essay

Given the following adjusted account balances in random order, prepare the closing entries for Sheer Fabrics on December 31, 2019. $$\begin{array} { l r } \text { Cash } & 35,000 \\\text { Suzie Sheer, Capital } & 85,000 \\\text { Accounts payable } & 33,000 \\\text { Service revenue } & 84,000 \\\text { Amortization expense-building } & 12,000 \\\text { Salary expense } & 29,000 \\\text { Unearned service revenue } & 24,000 \\\text { Prepaid rent } & 9,000 \\\text { Supplies expense } & 6,000 \\\text { Note payable } & 71,000 \\\text { Land } & 65,000 \\\text { Accounts receivable } & 32,000 \\\text { Accum. amortization-building } & 12,000 \\\text { Interest revenue } & 14,000 \\\text { Interest payable } & 3,000 \\\text { Suzie Sheer, Withdrawals } & 20,000 \\\text { Rent expense } & 15,000 \\\text { Building } & 95,000 \\\text { Supplies } & 4,000 \\\text { Interest expense } & 4,000\end{array}$$

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Definitions:

Participative Corporate Culture

A corporate environment where employees at all levels are encouraged to share their ideas and participate in decision making processes.