The Adjusted Trial Balance of the Thomas Company Follows Prepare the Closing Entries for Thomas Company

question 142

Essay

The adjusted trial balance of the Thomas Company follows:
$\begin{array}{c} \text {Thomas Company }\\ \text {Adjusted Trial Balance}\\ \text { December 31}\\\begin{array}{|l|r|r|}\hline &\text { Debit } & \text { Credit } \\\hline \text { Cash } & 8,000 \\\hline \text { Prepaid insurance } & 2,400 \\\hline \text { Equipment } & 18,000 \\\hline \text { Accumulated depreciation - Equipment } &&3,600 \\\hline \text { Salaries payable } &&2,000 \\\hline \text { Unearned repair fees } &&1,200 \\\hline \text { Common stock } &&4,000\\\hline\text { Retained earnings } &&7,400 \\\hline \text { Dividends } & 4,000 \\\hline \text { Repair fees earned } &&27,500 \\\hline \text { Salaries expense } & 10,000 \\\hline \text { Depreciation expense } & 1,800 \\\hline \text { Insurance expense } & \underline{1,500} \\\hline \text { Totals } & 45,700& 45,700\\\hline\end{array}\end{array}$

Prepare the closing entries for Thomas Company.

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Definitions:

Seventh Stage

Refers to a phase in a developmental theory; for example, in Erikson's theory, it is the "Generativity vs. Stagnation" stage, focusing on the need to create or nurture things that will outlast the individual.

Crisis Resolution

A process or strategy aimed at resolving a critical situation or turning point in an individual's life, often involving problem-solving and coping mechanisms.

First Stage

In various theories, this term can refer to the initial phase of psychological, developmental, or process-oriented models.

Crisis Experience

An event or period in life that significantly disrupts an individual's psychological equilibrium, often leading to a potential for growth or decline in mental health.