Required information

Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7)

[The following information applies to the questions displayed below.]

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.

Accounts Debit Credit
Cash $ 10,400
Accounts Receivable 134,000
Prepaid Rent 4,400
Supplies 22,000
Equipment 240,000
Accumulated Depreciation $ 119,000
Accounts Payable 10,400
Salaries Payable 9,400
Interest Payable 3,400
Notes Payable (due in two years) 24,000
Common Stock 140,000
Retained Earnings 44,000
Service Revenue 340,000
Salaries Expense 240,000
Rent Expense 12,000
Depreciation Expense 24,000
Interest Expense 3,400
Totals $ 690,200 $ 690,200
Exercise 3-19A Part 1

Required:

1. Record the necessary closing entries at December 31, 2021.

A) record the entry to close revenue accounts

B) record the entry to close the expense accounts

(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Note, the journal account entries are as follows:

no journal entry required

accounts payable

accounts receivable

accumulated depreciation

cash

common stock

depreciation expense

equipment

interest expense

interest payable

notes payable

prepaid rent

rent expense

retained earnings

salaries expense

salaries payable

service revenue

supplies