Homework Answers
Closing entry for Sales
Income Summary (330) is Credited and Sales (410) is debited
Closing entry for expense accounts
Income Summary (330) is debited and Expense accounts (510, 520,
550) will be credited
Closing entry for Income Summary with a net income
Income Summary (330) is debited and K. Schenk, Capital (310) will
be credited
Closing entry for Income Summary with a net loss
Income Summary (330) is credited and K. Schenk, Capital (310) will
be debited
Closing entry for owner's drawing account
K. Schenk, Capital (310) will be debited and K. Schenk, Drawings
(320) will be credited
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Use the partial chart of accounts given here. For each closing entry described, decide which accounts...
8-3 APPLICATION PROBLEM Preparing a post-closing trial balance Use the general ledger accounts for Len's Laundry...
8-3 APPLICATION PROBLEM Preparing a post-closing trial balance Use the general ledger accounts for Len's Laundry below. A form to complete a post-closing trial balance is given below Prepare a post-closing trial balance for Len's Laundry on April 30 of the current year. NOCOUNT Cash OCOUNT NO 110 c Accounts Receivable Natasha Goodlad Apr 30 Balance Apr 30 Balance c Accounts Receivable-R. Henry MOCOUNT NO 140 ies GCOUNT NO 150 EALANG ApT.30 Balance Apr 30 Balance G12 45 010에 1431|...
Prepare the closing entry required at September 30, 2018. (If no entry is required for a...
Prepare the closing entry required at September 30,
2018. (If no entry is required for a
transaction/event, select "No Journal Entry Required"
in the first account field.)
Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018. $ 610 310 Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Deferred...
Payroll entries Instructions Chart of Accounts Journal Instructions The payroll register for Gamble Company for the...
Payroll entries Instructions Chart of Accounts Journal Instructions The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries $1,560,000 Social security tax withheld 93,600 Medicare tax withheld 23,400 312,000 Federal income tax withheld In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $254,000 of salaries. Required: A. Journalize the entry to record the payroll for the week of April 29.* B. Journalize the entry to...
Record the closing entry for revenue. Record the closing entry for expenses. Record the closing entry...
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
summary.
Record the closing entry for the drawing account.
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401...
Entries for discounted note payable Instructions | Chart of Accounts Journal Instructions A business issued a...
Entries for discounted note payable Instructions | Chart of Accounts Journal Instructions A business issued a 45-day note for $96.000 to a creditor on account. The note was discounted at 9%. Journalize the entnes to record (a) the issuance of the note on March 1 and (b) the payment of the note at maturity Assume a 360-day veer Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar CHART OF ACCOUNTS...
Instructions Chart of Accounts Journal Instructions The payroll register for Gamble Company for the week ended...
Instructions Chart of Accounts Journal Instructions The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries Social security tax withheld $1,440,000 86,400 21.600 Medicare tax withheld Federal income tax withheld 288,000 In addition, state and federal unemployment taxes were calculated at the rate of 5,4% and 0.8%, respectively, on $24,000 of salaries Required: A. Journalize the entry to record the payroll for the week of April 29 B. Journalize the entry to record the...
Can anyone please help me with this whole question? I’ve only gotten partial answers that don’t...
Can
anyone please help me with this whole question? I’ve only gotten
partial answers that don’t match
the ledger balances and additional data given, do the following for ew Lumber for the year ended December 31, 201x. 1. Prepare the worksheet nent of owner's equity, and balance Check F Net inc sheet. lournalize and post adjusting and closing entries. (Be sure to put begin ning balances in the ledger first.) 4. Prepare a post-closing trial balance. 5. Journalize the reversing...
Entries for notes payable Instructions Chart of Accounts Journal Instructions A business issued a 45-day, 4%...
Entries for notes payable Instructions Chart of Accounts Journal Instructions A business issued a 45-day, 4% note for $275,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note on January 1 and (b) the payment of the note at maturity, including interest. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Journal a. Journalize the entries to record the issuance of the note on January 1....
please make neat & clear. Use chart account for correct description and label amounts debit or...
please make neat & clear. Use chart account for correct
description and label amounts debit or credit. There are only 10
journal entries
all
information is on the photos read instructions 1st photo
Instructions Urban Window Company had gross wors of $320,000 during the weekended July 15. The amount of wages subject to social securty tax was $320.000, while the amount of wages subject to federal unemployment taxes was $40,000. Tax rates are as follows. gate Social security State remoloyment...
Prepare journal entries for each of the following (refer to the Chart of Accounts for exact...
Prepare journal entries for each of the following (refer to the Chart of Accounts for exact wording of account titles): Instructions A. On March 1, issued a check to establish a petty cash fund of $745. B. On April 1, the amount of cash in the petty cash fund is $102. Issued a check to replenish the fund, based on the following summary of petty cash receipts: repair expense, $506, and miscellaneous selling expense, $86. Record any missing funds in...
8-3 APPLICATION PROBLEM Preparing a post-closing trial balance Use the general ledger accounts for Len's Laundry below. A form to complete a post-closing trial balance is given below Prepare a post-closing trial balance for Len's Laundry on April 30 of the current year. NOCOUNT Cash OCOUNT NO 110 c Accounts Receivable Natasha Goodlad Apr 30 Balance Apr 30 Balance c Accounts Receivable-R. Henry MOCOUNT NO 140 ies GCOUNT NO 150 EALANG ApT.30 Balance Apr 30 Balance G12 45 010에 1431|...
Prepare the closing entry required at September 30,
2018. (If no entry is required for a
transaction/event, select "No Journal Entry Required"
in the first account field.)
Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018. $ 610 310 Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Deferred...
Payroll entries Instructions Chart of Accounts Journal Instructions The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries $1,560,000 Social security tax withheld 93,600 Medicare tax withheld 23,400 312,000 Federal income tax withheld In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.6%, respectively, on $254,000 of salaries. Required: A. Journalize the entry to record the payroll for the week of April 29.* B. Journalize the entry to...
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
summary.
Record the closing entry for the drawing account.
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401...
Entries for discounted note payable Instructions | Chart of Accounts Journal Instructions A business issued a 45-day note for $96.000 to a creditor on account. The note was discounted at 9%. Journalize the entnes to record (a) the issuance of the note on March 1 and (b) the payment of the note at maturity Assume a 360-day veer Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar CHART OF ACCOUNTS...
Instructions Chart of Accounts Journal Instructions The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries Social security tax withheld $1,440,000 86,400 21.600 Medicare tax withheld Federal income tax withheld 288,000 In addition, state and federal unemployment taxes were calculated at the rate of 5,4% and 0.8%, respectively, on $24,000 of salaries Required: A. Journalize the entry to record the payroll for the week of April 29 B. Journalize the entry to record the...
Can
anyone please help me with this whole question? I’ve only gotten
partial answers that don’t match
the ledger balances and additional data given, do the following for ew Lumber for the year ended December 31, 201x. 1. Prepare the worksheet nent of owner's equity, and balance Check F Net inc sheet. lournalize and post adjusting and closing entries. (Be sure to put begin ning balances in the ledger first.) 4. Prepare a post-closing trial balance. 5. Journalize the reversing...
Entries for notes payable Instructions Chart of Accounts Journal Instructions A business issued a 45-day, 4% note for $275,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note on January 1 and (b) the payment of the note at maturity, including interest. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Journal a. Journalize the entries to record the issuance of the note on January 1....
please make neat & clear. Use chart account for correct
description and label amounts debit or credit. There are only 10
journal entries
all
information is on the photos read instructions 1st photo
Instructions Urban Window Company had gross wors of $320,000 during the weekended July 15. The amount of wages subject to social securty tax was $320.000, while the amount of wages subject to federal unemployment taxes was $40,000. Tax rates are as follows. gate Social security State remoloyment...
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