A listing of account balances taken from the adjusted ledger account balances of Farmers Co Op shows the following:
|
Cash |
$22,580 |
|
Accounts Receivable |
56,480 |
|
Inventory |
78,360 |
|
Prepaid Insurance |
6,520 |
|
Land |
136,000 |
|
Accounts Payable |
28,640 |
|
Notes Payable |
40,000 |
|
Salaries Payable . |
9,000 |
|
Taxes Payable |
24,400 |
|
Unearned Rent |
15,200 |
|
Mortgage Payable |
90,000 |
|
Capital Stock |
44,000 |
|
Dividends |
20,000 |
|
Retained Earnings |
68,700 |
All revenue and expense accounts have been closed to Retained Earnings. Dividends has not yet been closed.
Prepare (1) the closing entry for Dividends and (2) a post closing trial balance for December 31, 2003.