Below is a listing of account balances taken from the adjusted ledger account balances of Goldsmith Corporation.
|
Cash |
$25,500 |
|
Accounts Receivable |
24,000 |
|
Inventory |
60,000 |
|
Prepaid Advertising. |
5,500 |
|
Building . |
95,000 |
|
Land |
35,000 |
|
Accounts Payable |
20,000 |
|
Wages Payable |
5,000 |
|
Income Taxes Payable. |
4,000 |
|
Mortgage Payable |
55,000 |
|
Notes Payable. |
27,500 |
|
Unearned Rent |
2,500 |
|
Capital Stock. . |
95,500 |
|
Dividends |
15,500 |
|
Retained Earnings |
51,000 |
All revenues 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.