Since income summary is a temporary account, after closing entries balance of income summary has to be zero only.
and also for service revenue, since all revenues are transferred to income summary account.
There must be a technical error.
Try to leave the box of ending balance blank in income summary
im not sure how to do this problem. It says that 13,300 and 0 are wrong...
Project 1 RI For the past several years, Aaron Jones has operated a consulting business from his home on part-time basis. As of December 1, 20x1, Aaron decided to meve to rented quarters and incorpcrate his business as Progress Consulting Inc. Progress Consulting entered into the following transactions during December 12/1 Aaron Jones invested the following assets in the business: cash, $50,000; supplies, $8,000: and office equipment, S45,000 Mr·Jones received stock in an amount equal to his investment in the...
I'm having issues filling out the journal entries, and I am not
sure on how to calculate the balance, the second one is an example
you don't have to answer, but how would I go about filling it
out?
Vera Ernst is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 1 2 3 10 Invested $18,000 cash in her business. Hired a secretary-receptionist at a salary of...
Rhoades Tax Services began business on December 1, 2015. Its December transactions are as follows. Dec Rhoades invested $20,000 in the business in exchange for common stock. Paid $1,200 cash for December rent to Bomba Realty. 2 Purchased $1,080 of supplies on account. 2 Purchased $9,500 of office equipment; paying $4,700 cash with the balance due in 30 days. Paid $1,080 cash on account for supplies purchased December 2. 14 Paid $900 cash for assistant's wages for 2 weeks' work...
i need help in what to put on the last three pages
> Comprehensive Problem 1 for Chapters 1-4 Murphy Delivery Service completed the following transactions during December 2015 Dec. 1 Murphy Delivery Service began operations by receiving $13.000 cash and a truck with a fair value of $9.000 from Russ Murphy. The business issued Murphy shares of common stock in exchange for this contribution Paid 5600 cash for a six-month insurance policy. The policy begins December 1 Paid 5750...
At Pronghorn Corp., prepaid costs are debited to expense when cash is paid and unearned revenues are credited to revenue when the cash is received. During January of the current year, the following transactions occurred. Jan. 2 Received $10,100 for services to be performed in the future. Paid $3,672 for casualty insurance protection for the year. Paid $4,650 for supplies. 10 On January 31, it is determined that $3,460 of the service revenue has been earned and that there is...
Lena Fohn is a licensed accountant. During the first month of
operations of her business, Windsor, Inc., the following events and
transactions occurred.
Lena Fohn is a licensed accountant. During the first month of operations of her business, Windsor, Inc., the following events and transactions occurred. May 1 Shareholders invested €20,752 cash in exchange for ordinary shares. 2 Hired a secretary-receptionist at a salary of €2,024 per month. 3 Purchased €2,600 of supplies on account from Hartig Supply Company. 7...
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Click to come the Daten-ellek to s t recent fiscal year, Flounder Computer Consultants post-closing trial balance was as follows: Debit Credit Accounts receivable Supplies $4,390 1,010 500 Accounts payable Unearned service revenue $340 940 3.000 Common stock Retained earnings 1.700 $5.900 $5,000 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Flounder conducted the following transactions during...
5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click the icon to view the transactions.) Journalize the transactions of Harper Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,500. Date Accounts and Explanation Debit Credit Jan. 22 (1) Jan. 30: Received cash on account from customers, $8,000....
5. Harper Sales Consultants completed the following transactions during the latter part of January 2 (Click the icon to view the transactions.) Journalize the transactions of Harper Sales Consultants. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 22: Performed services for customers on account, $7,500. Date Accounts and Explanation Debit Credit Jan. 22 (1) Jan. 30: Received cash on account from customers, $8,000....
PART 10: Post and Close All Accounts Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Date Accounts Debit Credit Dec. 31 Service Revenue 22,700 Retained Earnings 22,700 Date Accounts Debit Credit Dec. 31 Retained Earnings 8,385 Salaries Expense 5,500 Depreciation Expense - Furniture 300 Insurance Expense 375 Utilities Expense 240 Rent Expense 1,900 Supplies Expense...