Air Cargo Company recorded the following adjusting entries at the end of the accounting year, December 31, 20X2:

\begin{array} { | c | r | r | } \hline & \text { Debits } & \text { Credits } \\\hline \text { Wages expense } & 2,000 & \\\hline \text { Wages payable } & &2,000 \\\hline \text { Interest receivable } & 1,000 & \\\hline \text { Interest revenue } & & 1,000 \\\hline\end{array}

Before these adjusting entries were recorded, a partial unadjusted trial balance reflected the following:

\begin{array} { | l | r | r | } \hline &{ \text { Partlal Unadjusted Trlal Balance } } \\\hline \text { Accounts } & \text { Debits } & \text { Credits } \\\hline \text { Dividends declared } & 1,000 & 80,000 \\\hline \text { Service revenue } & & \\\hline \text { Operating expenses } & 52,000 & \\\hline \text { Wage expense } & 28,000 & \\\hline \text { Wages payable } & - 0 & \\\hline \text { Interest receivable } & - 0 & \\\hline \text { Interest revenue } & &9,000 \\ \hline\end{array}

Give the closing entries for Air Cargo Company at December 31, 20X2. (You need not use the Income Summary account).

On January 1, 20X2, the Ledger of Global Corporation Correctly

Multiple Choice