Homework Answers
| Answer | |||
|
Journal |
|||
| No | Account Title | Debit | Credit |
| i) | Service revenue | $ 330,000 | |
| Income summary | $ 330,000 | ||
| (To Record service revenue) | |||
| ii) | Income summary | $ 262,000 | |
| Salaries expense | $ 200,000 | ||
| Rent expense | $ 28,000 | ||
| Utilities expense | $ 34,000 | ||
| (To Record expenses) | |||
| iii) | Income summary | $ 68,000 | |
| Retained earnings | $ 68,000 | ||
| (To Record net income) | |||
| iv) | Retained earnings | $ 15,000 | |
| Dividends | $ 15,000 | ||
| (To record dividends) | |||
| Net income = Service revenue - Salaries expense - Rent expense - Utilities expense | |||
| 330,000 - 200,000 - 28,000 - 34,000 | |||
| $68,000 | |||
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The adjusted trial balance for Yondel Company at December 31, 2021 is presented below! bebit Cr...
The adjusted trial balance for China Tea Company at December 31, 2021. is presented below: Credit...
The adjusted trial balance for China Tea Company at December 31, 2021. is presented below: Credit Debit 18,500 150,000 5,000 25,000 зеееее Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125,000 30.000 30,000 4,000 9.000 200,000 50,000 8.000 400,000 180,000 120,000 15,000 30.oe 2.ee 2,500...
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. ...
The December 31, 2021, adjusted trial balance for Fightin' Blue
Hens Corporation is presented below.
Accounts
Debit
Credit
Cash
$
10,800
Accounts
Receivable
138,000
Prepaid
Rent
4,800
Supplies
24,000
Equipment
280,000
Accumulated
Depreciation
$
123,000
Accounts
Payable
10,800
Salaries
Payable
9,800
Interest
Payable
3,800
Notes Payable
(due in two years)
28,000
Common
Stock
180,000
Retained
Earnings
48,000
Service
Revenue
380,000
Salaries
Expense
280,000
Rent
Expense
14,000
Depreciation
Expense
28,000
Interest
Expense
3,800
Totals
$
783,400
$
783,400
1. Record...
The adjusted trial balance for China Tea Company at December 31, 2021 is presented below: Credit...
The adjusted trial balance for China Tea Company at December 31, 2021 is presented below: Credit Debit $19,000 154,000 6,000 26,000 310,000 Accounts Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Interest payable Notes payable - due in two years Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense Rent expense Depreciation expense Interest expense Utilities expense Totals $ 128,000 17,000 3,700 1,900 27,000 180,000 97,100 26,000 440,000 186,000 79,000 15,000 32,000 2,700...
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. ...
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit Credit Cash $ 11,200 Accounts Receivable 142,000 Prepaid Rent 5,200 Supplies 26,000 Equipment 320,000 Accumulated Depreciation $ 127,000 Accounts Payable 11,200 Salaries Payable 10,200 Interest Payable 4,200 Notes Payable (due in two years) 32,000 Common Stock 220,000 Retained Earnings 52,000 Service Revenue 420,000 Salaries Expense 320,000 Rent Expense 16,000 Depreciation Expense 32,000 Interest Expense 4,200 Totals $ 876,600 $ 876,600 Required: 1....
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Accounts Debit Credit...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Accounts Debit Credit Cash $ 11,000 Accounts receivable 150,000 Prepaid rent 5,000 Supplies 25,000 Equipment 300,000 Accumulated depreciation $ 135,000 Accounts payable 20,000 Salaries payable 4,000 Interest payable 1,000 Notes payable (due in two years) 30,000 Common stock 200,000 Retained earnings 50,000 Dividends 20,000 Service revenue 400,000 Salaries expense 180,000 Advertising expense 70,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Utilities expense 32,000...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 11,000 34,000 25,000 $ Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 2,000 20,000 35,000 8,000 3,000 55,000 19,000 12,000 9,000 7,000 $120,000 $120,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
The adjusted trial balance for Campbell Pepsi Amazon (CPA) Company at December 31, 2021, is presented...
The adjusted trial balance for Campbell Pepsi Amazon (CPA) Company at December 31, 2021, is presented below: Credit Debit 11,000 155,000 5,500 30,000 350,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable due in three months salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 130,000 35,000 35,000 4,500 12,000 225,000 61,000 10,500 450,000 205,000 125,000 20,000...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 68,500 250,000 5,000 35,000 450,000 Account Title Cash Accounts receivable Prepaid rent Inventory office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense. Advertising expense Totals 190,000 40,000 15,000 6,000 500 400,000 70,000 600,eee 360,000 90,000 15,000 45,000 1,000...
The following information applies to the questions displayed below.) The December 31, 2021. adjusted trial balanc...
The following information applies to the questions displayed below.) The December 31, 2021. adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,200 132,000 4,200 21,800 220,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $117,000 10,200 9,200 3,200 22,800 120,000 42,000 320,000 220,000 11,000 22,000...
The adjusted trial balance for Campbell Pepsi Amazon (CPA) Company at December 31, 2021, is presented...
The adjusted trial balance for Campbell Pepsi Amazon (CPA) Company at December 31, 2021, is presented below: Credit Debit 11,700 162,000 6,200 37,000 420,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 137,000 42,000 42,000 5,200 16,200 260,000 76,400 14,000 520,000 240,000 132,000 27,000 42,000...
The adjusted trial balance for China Tea Company at December 31, 2021. is presented below: Credit Debit 18,500 150,000 5,000 25,000 зеееее Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125,000 30.000 30,000 4,000 9.000 200,000 50,000 8.000 400,000 180,000 120,000 15,000 30.oe 2.ee 2,500...
The December 31, 2021, adjusted trial balance for Fightin' Blue
Hens Corporation is presented below.
Accounts
Debit
Credit
Cash
$
10,800
Accounts
Receivable
138,000
Prepaid
Rent
4,800
Supplies
24,000
Equipment
280,000
Accumulated
Depreciation
$
123,000
Accounts
Payable
10,800
Salaries
Payable
9,800
Interest
Payable
3,800
Notes Payable
(due in two years)
28,000
Common
Stock
180,000
Retained
Earnings
48,000
Service
Revenue
380,000
Salaries
Expense
280,000
Rent
Expense
14,000
Depreciation
Expense
28,000
Interest
Expense
3,800
Totals
$
783,400
$
783,400
1. Record...
The adjusted trial balance for China Tea Company at December 31, 2021 is presented below: Credit Debit $19,000 154,000 6,000 26,000 310,000 Accounts Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Interest payable Notes payable - due in two years Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense Rent expense Depreciation expense Interest expense Utilities expense Totals $ 128,000 17,000 3,700 1,900 27,000 180,000 97,100 26,000 440,000 186,000 79,000 15,000 32,000 2,700...
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The adjusted trial balance for Campbell Pepsi Amazon (CPA) Company at December 31, 2021, is presented below: Credit Debit 11,000 155,000 5,500 30,000 350,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable due in three months salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 130,000 35,000 35,000 4,500 12,000 225,000 61,000 10,500 450,000 205,000 125,000 20,000...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 68,500 250,000 5,000 35,000 450,000 Account Title Cash Accounts receivable Prepaid rent Inventory office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense. Advertising expense Totals 190,000 40,000 15,000 6,000 500 400,000 70,000 600,eee 360,000 90,000 15,000 45,000 1,000...
The following information applies to the questions displayed below.) The December 31, 2021. adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,200 132,000 4,200 21,800 220,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $117,000 10,200 9,200 3,200 22,800 120,000 42,000 320,000 220,000 11,000 22,000...
The adjusted trial balance for Campbell Pepsi Amazon (CPA) Company at December 31, 2021, is presented below: Credit Debit 11,700 162,000 6,200 37,000 420,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 137,000 42,000 42,000 5,200 16,200 260,000 76,400 14,000 520,000 240,000 132,000 27,000 42,000...
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