Seminoles corporation’s fiscal year-end is december 31, 2021. the following is a partial adjusted trial balance as of december 31. accounts debit credit retained earnings $ 10,000 dividends $ 1,000 service revenue 30,000 interest revenue 4,000 salaries expense 13,000 rent expense 4,000 advertising expense 1,000 depreciation expense 9,000 interest expense 3,000 required: 1. prepare the necessary closing entries.

Explanation:

The closing entries for the following accounts are shown below:

1. Service Revenue A/c Dr $30,00

   Interest Revenue A/c Dr $4,000

                To Income Summary $34,000

(Being revenue account closed)

2. Income summary A/c Dr $30,000

           To Advertising Expense $1,000

           To Salaries Expense $13,000

           To Depreciation Expense $9,000

           To Rent Expense $4,000

           To Interest Expense $3,000

(Being expenses accounts are closed)  

3. Retained earnings A/c Dr $1,000

                To Dividend A/c $1,000

(Being dividend account is closed)

Since there is no loss or profit as both debit side and the credit side is equal so no entry is passed

d. low interest rates

answer; (b) insider trading;