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:

Customer Transactions

All financial transactions between a business and its customers, including sales, returns, and payments.

QBO

QuickBooks Online, a cloud-based accounting software solution for small to medium-sized businesses.

Internal Controls

Processes and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Non-Inventory Items

Goods or services that a company buys or sells but does not track quantities of, such as supplies or consulting services.