The adjusted trial balance of the Waterstone Company follows: Waterstone CompanyAdjusted Trial BalanceDecember 31?DebitCreditCash8,000?Prepaid insurance2,400?Equipment18,000?Accumulated depreciation-Equipment?3,600Salaries payable?2,000Unearned repair fees?1,200T. Waterstone, Capital?11,400T. Waterstone, Withdrawals4,000?Repair fees earned?27,500Salaries expense10,000?Depreciation expense 1,800?Insurance expense1,500?Totals45,70045,700Prepare the closing entries for Waterstone Company.
What will be an ideal response?
| Dec. 31 | Repair Fees Earned | 27,500 | ? |
| ? | Income Summary | ? | 27,500 |
| ? | ? | ? | ? |
| 31 | Income Summary | 13,300 | ? |
| ? | Salaries Expense | ? | 10,000 |
| ? | Depreciation Expense | ? | 1,800 |
| ? | Insurance Expense | ? | 1,500 |
| ? | ? | ? | ? |
| 31 | Income Summary | 14,200 | ? |
| ? | T. Waterstone, Capital | ? | 14,200 |
| ? | ? | ? | ? |
| 31 | T. Waterstone, Capital | 4,000 | ? |
| ? | T. Waterstone, Withdrawals | ? | 4,000 |
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