The Following Is the Adjusted Trial Balance as of December

question 185

Essay

The following is the adjusted trial balance as of December 31,2019 of Hawkins Dental Lab Company:
$\begin{array}{|l|r|r|}\hline \text { Cash } & \$ 14,000 \\\hline \text { Accounts Receivable } & 10,000 \\\hline \text { Prepaid Insurance } & 9,000 \\\hline \text { Office Supplies } & 6,200 \\\hline \text { Land } & 25,000 \\\hline \text { Building } & 100,000 \\\hline \text { Accumulated Depreciation-Building } & & \$ 42,000 \\\hline \text { Equipment } & 120,000 & \\\hline \text { Accumulated Depreciation-Equipment } & & 75,000 \\\hline \text { Accounts Payable } & & 40,000 \\\hline \text { Salaries Payable } & & 4,000 \\\hline \text { Unearned Revenue } & & 5,000 \\\hline \text { Mortgage Payable } & & 70,000 \\\hline \text { Hawkins, Capital } & & 20,000 \\\hline \text { Hawkins, Withdrawals } & 17,500 &\\\hline \text { Service Revenue } & & 235,000 \\\hline \text { Salaries Expense } & 96,000 & \\ \hline \text { Depreciation Expense-Building and } & & \\\text { Equipment } & 16,300 & \\\hline \text { Supplies Expense } & 43,000 & \\\hline \text { Insurance Expense } & 18,500 & \\\hline \text { Utilities Expense } & 16,000 & \\\hline \text { Total } & \$ 491,500 & \$ 491,50 \\ \hline\end{array}$
Prepare the closing entries.Omit explanation.

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Definitions:

Compounded Monthly

The process of calculating interest on an investment monthly and adding it to the principal, resulting in interest earned on the previous interest.

Ordinary Annuity

An annuity in which the payments are made at the end of each payment interval.

Monthly Payments

Regular payments made every month, often in the context of loans or leases, to repay borrowed money plus interest.

Compounded Annually

The process of calculating interest on both the initial principal and the accumulated interest from previous periods on an annual basis.