The Following Is the Adjusted Trial Balance as of December

question 109

Essay

The following is the adjusted trial balance as of December 31, 2015 of Martin Watch Company: Provide the closing entry for expenses.

---

Definitions:

Contract Law

The area of law that governs the making, enforcement, and interpretation of agreements between parties.

Promissory Note

A financial instrument involving a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.

Credit Instrument

A document that represents a legal agreement involving any kind of financial credit or loan arrangement, including promissory notes, bonds, and letters of credit.

Payee

A person to whom a payment is made or is made payable.