Below are the adjusted accounts of Sterling Company for the month ended May 31,

Question

Below are the adjusted accounts of Sterling Company for the month ended May 31, 20x5. Prepare Sterling’s closing entries (omit explanations). (There is not a specific account given)

. Accounts Payable $ 6,000 Office Equipment $75,000 Accounts Receivable 24,000 Prepaid Rent 11,000 Accumulated Depreciation- Salaries Expense 18,000 Office Equipment 30,000 Retained Earnings 60,000 Cash 12,000 Dividends 7,500 Commissions Revenue 54,000 Utilities Expense 1,000 Depreciation Expense- Office Equipment 1,500

Explanation / Answer

1. Depreciation (Office equipment) A/c Dr 1500
   To Office Equipment 1500

2. Accounts Payable A/c Dr 6000
   To Accounts Receivable 6000

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