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Common stock400Additional paid-in capital19,000Retained earnings22,720Total stockholders' equity42,120Total assets$68,300$68,300Required:3TransactionGeneral JournalDebitCredit1Service revenue61,360Retained earnings16,720Supplies expense600Insurance expense800Depreciation expense3,700Wages expense640Remaining expenses (not detailed)33,360Income taxes expense5,540Total liabilities andstockholders' equityRecord the 2014 closing entry.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
CP4-2Finding Financial InformationLO4-2, 4-3, 4-4Refer to the financial statements of Urban Outfitters in Appendix C at the end of this book.Required:1. How much is in the Prepaid Expenses and Other Current Assets account at the end of the most recent year (forthe year ended January 31, 2012)?$69,876 (in thousands)Where did you find this information?Balance Sheet2. What did the company report for Deferred Rent and Other Liabilities at the end of the most recent year (forthe year ended January 31, 2012)?$183,974 (in thousands)Where did you find this information?Balance Sheet