The company's adjusted trial balance as follows includes the following accounts balances:
Cash, $15,000;
Equipment, $85,000;
Accumulated Depreciation, $25,000;
Accounts Payable, $10,000;
Retained earnings, $63,500;
Dividends, $2,000;
Sales, $56,000;
Sales Returns and Allowances, $3,000;
Sales Discounts, $1,500;
Depreciation Expense, $25,000; and Salaries Expense, $23,000.
All accounts have normal balances.
Required:
a. Prepare closing entry #1.

Expense & revenue summary a/c (credit balance) = $3500

Explanation:

  1. Dr  Expense & revenue summary 52500

                          Cr Sales discount                     1500

                          Cr Sales return & allowance   3000

                          Cr   Depreciation expense      25000

                          Cr   Salaries expense               23000

         (Close expenses to expense & revenue summary a/c)

2. Dr Sales    56000

                           Cr  Expense & revenue summary  56000

       (Close sales to expense & revenue summary a/c)

3.  Dr Expense & revenue summary a/c 3500

                         Cr  Retained earning a/c           3500

      (To close expense & revenue summary a/c)

4. Dr Retained earning  2000

                          Cr Expense & revenue summary  2000

       (Close dividend to expense & revenue summary a/c)d

forbearance of student loan payments. under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue during the period of forbearance. if you don't pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.

the amount of money you earn by working is your income.

the percentage of people actively looking for a job is called unemployment.