Homework Answers
Closing entries
| Date | account and explanation | Debit | Credit |
| Dec 31 | Service revenue | 99600 | |
| Income summary | 99600 | ||
| (close revenue) | |||
| Dec 31 | Income summary | 79200 | |
| Salaries expense | 49400 | ||
| Rent expense | 17250 | ||
| Depreciation expense | 4950 | ||
| Insurance expense | 2200 | ||
| Income tax expense | 5400 | ||
| (Close expense) | |||
| Dec 31 | Income summary | 20400 | |
| Retained earnings | 20400 | ||
| (Close income summary) | |||
| Dec 31 | Retained earnings | 10500 | |
| Dividend | 10500 | ||
| (Close dividend) | |||
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December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock $24,000 2,800 4,450 3,875 8,000 2,255 Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 2,800 Accounts Payable Salaries Payable 4,450 Unearned Service Revenue 3,875 8,000 Common Stock Retained Earnings 2,255 Dividends 10,500 Service Revenue 100,000 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Taxes Expense 5,800 Totals $145,380 $145,380 Salaries Expense 49,400 Rent Expense 17,250 2,200 Insurance Expense Depreciation Expense Income Taxes Expense 4,950 5,800...
Debit Credit Cash Accounts Receivable Prepaid Insurance $3,850 5,650 4,480 42,000 $24,000 3,500 4,450 Equipment Accumulated...
Debit Credit Cash Accounts Receivable Prepaid Insurance $3,850 5,650 4,480 42,000 $24,000 3,500 4,450 Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends 3,875 8,000 2,255 10,500 99,600 49,400 17,250 2,200 Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense Totals Required: 4,950 5,400 $145,680 $145,680 Prepare a classified balance sheet for Sparrow at December 31, 2019 Sparrow Company Balance Sheet December 31, 2019 Assets Current assets: Total current...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 42,000 $24,000 Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock 2,800 4,450 3,875 8,000 Retained Earnings 2,255 Dividends 10,500 99,800 49,400 Service Revenue Salaries Expense Rent Expense Insurance Expense 17,250 2,200 Depreciation Expense 4,950 Income Taxes Expense 5,600 Totals $145,180 $145,180 Income Taxes Expense 5,600 Totals $145,180 $145,180 Required: Prepare a single-step 9 S Sparrow for 2019....
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 Accounts Receivable Prepaid...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 Accounts Receivable Prepaid Insurance Equipment 4,480 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable $24,000 2,700 4,450 3,875 Unearned Service Revenue Common Stock 8,000 Retained Earnings 2,255 10,500 99,600 Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 49,400 17,250 2,200 4,950 5,400 Totals $144,880 $144,880 Required: TO Required: Prepare a classified balance sheet for Sparrow at December 31, 2019. Sparrow Company...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 Cash Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 10,500 Dividends Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 Totals 144,980 144,980 Required: Prepare a single-step...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Check My Work 3 more Check My Work uses remaining Homework Chapter 3 ACCT 200 07 Financial Accounting 2,255 Retained Earnings 10,500 Dividends 99,600 Service Revenue...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 5,650 4,480 42,000 $24,000 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings 2,800 4,450 3,875 8,000 2,255 Dividends 10,500 99,600 Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare a single-step...
Cornerstone Exercise 3-25 Preparing a Retained Earnings Statement Sparrow Company had the following adjusted trial balance...
Cornerstone Exercise 3-25 Preparing a Retained Earnings Statement Sparrow Company had the following adjusted trial balance at December 31, 2019 Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receiva ble 5,650 Prepaid Insurance 4,480 42,000 Equipment Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax...
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019....
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,350 5,650 4,480 42,000 $24,000 3,000 4,450 3,875 8,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 2,255 10,500 99,600 49,400 17,250 2,200 4,950 5,400 Totals $145,180 $145,180...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock $24,000 2,800 4,450 3,875 8,000 2,255 Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 2,800 Accounts Payable Salaries Payable 4,450 Unearned Service Revenue 3,875 8,000 Common Stock Retained Earnings 2,255 Dividends 10,500 Service Revenue 100,000 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Taxes Expense 5,800 Totals $145,380 $145,380 Salaries Expense 49,400 Rent Expense 17,250 2,200 Insurance Expense Depreciation Expense Income Taxes Expense 4,950 5,800...
Debit Credit Cash Accounts Receivable Prepaid Insurance $3,850 5,650 4,480 42,000 $24,000 3,500 4,450 Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends 3,875 8,000 2,255 10,500 99,600 49,400 17,250 2,200 Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense Totals Required: 4,950 5,400 $145,680 $145,680 Prepare a classified balance sheet for Sparrow at December 31, 2019 Sparrow Company Balance Sheet December 31, 2019 Assets Current assets: Total current...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 42,000 $24,000 Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock 2,800 4,450 3,875 8,000 Retained Earnings 2,255 Dividends 10,500 99,800 49,400 Service Revenue Salaries Expense Rent Expense Insurance Expense 17,250 2,200 Depreciation Expense 4,950 Income Taxes Expense 5,600 Totals $145,180 $145,180 Income Taxes Expense 5,600 Totals $145,180 $145,180 Required: Prepare a single-step 9 S Sparrow for 2019....
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 Accounts Receivable Prepaid Insurance Equipment 4,480 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable $24,000 2,700 4,450 3,875 Unearned Service Revenue Common Stock 8,000 Retained Earnings 2,255 10,500 99,600 Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 49,400 17,250 2,200 4,950 5,400 Totals $144,880 $144,880 Required: TO Required: Prepare a classified balance sheet for Sparrow at December 31, 2019. Sparrow Company...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 Cash Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 10,500 Dividends Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 Totals 144,980 144,980 Required: Prepare a single-step...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Check My Work 3 more Check My Work uses remaining Homework Chapter 3 ACCT 200 07 Financial Accounting 2,255 Retained Earnings 10,500 Dividends 99,600 Service Revenue...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 5,650 4,480 42,000 $24,000 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings 2,800 4,450 3,875 8,000 2,255 Dividends 10,500 99,600 Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare a single-step...
Cornerstone Exercise 3-25 Preparing a Retained Earnings Statement Sparrow Company had the following adjusted trial balance at December 31, 2019 Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receiva ble 5,650 Prepaid Insurance 4,480 42,000 Equipment Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax...
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,350 5,650 4,480 42,000 $24,000 3,000 4,450 3,875 8,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 2,255 10,500 99,600 49,400 17,250 2,200 4,950 5,400 Totals $145,180 $145,180...
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