Based on the Following Adjusted Trial Balance, Prepare the Closing $\quad$

question 31

Essay

Based on the following adjusted trial balance, prepare the closing entries for Tudhope Plumbing on December 31, 2019. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {Tudhope Plumb ing}$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {Adjusted Trial Balance}$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text {December 31, 2019}$

$\begin{array} { l r r } & \text { Debit } & \text { Credit } \\ \text { Cash } & \$ 12,000 & \\ \text { Accounts receivable } & 20,500 & \\ \text { Office supplies } & 4,600 & \\ \text { Prepaid insurance } & 4,800 & \\ \text { Equipment } & 80,500 & \\ \text { Accum. amort.equipment } & & \$ 43,300 \\ \text { Accounts payable } & & 15,500 \\ \text { Unearned service revenue } & & 6,800 \\ \text { Salary payable } & & 3,300 \\ \text { Mike Tudhope, Capital } & & 80,200 \\ \text { Mike Tudhope, withdrawals } & 20,600 & \\ \text { Service revenue } & & 77,500 \\ \text { Salary expense } & 33,900 & \\ \text { Advertising expense } & 15,400 & \\ \text { Utilities expense } & 9,900 & \\ \text { Miscellaneous expense } & 1,700 & \\ \text { Supplies expense } & 4,900 & \\ \text { Insurance expense } & 5,400 & \\ \text { Amort. expense-equipment } & 12,400 &\underline{\quad\quad} \\ \text { Total } & \$ 226,600 & \$ 226,600 \end{array}$

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Definitions:

Special-Interest Effect

The impact upon policy or decision-making driven by a small, motivated group seeking to further their own interests.

Price Supports

Government interventions to maintain the market price of a commodity or product above its competitive equilibrium level by buying up surplus supply or subsidizing the production costs.

Agriculture

Agriculture pertains to the science, art, and practice of cultivating plants and livestock, providing the basis for food production and raw materials for various industries.

Agricultural Act of 2018

Also known as the 2018 Farm Bill, it is federal legislation that funds and governs various agricultural and food programs, including crop insurance, nutrition assistance, and rural development.