Homework Answers
| Date | General Journal | Debit | Credit |
| December 31 | Service revenue | 73,500 | |
| Retained earnings | 73,500 | ||
| (to close service revenue to retained earnings) | |||
| December 31 | Retained earnings | 59,300 | |
| Salaries | 45,200 | ||
| Utilities | 7,400 | ||
| Insurance | 5,000 | ||
| Supplies | 1,700 | ||
| (to close expenses to retained earnings) | |||
| December 31 | Retained earnings | 5,200 | |
| Dividends | 5,200 | ||
| (to close dividends to retained earnings) |
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Required information Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The...
Required information Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The...
Required information Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The following information applies to the questions displayed below The year-end financial statements of Rattlers Tax Services are provided below. BUTTLERS TAX SERVICES Income Statement Service revenue $ 73,500 Expenses Salaries $ 45,200 Utilities 7.400 Insurance 5,000 Supplies 1,700 59,300 Net Income $14,200 FUTTLERS TAX SERVICES Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance, Jan. $52,000 $23,700 75,700 22,000 Issue...
Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The...
Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [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 $ 11,100 141,000 5,100 25,500 310,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in the years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation...
Exercise 3-19 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information...
Exercise 3-19 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below.,] The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Debit Credit 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 $ 11,800 148,000 5,800 29,000...
Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The...
Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) 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 $ 11,500 145,000 5,500 27,500 350,000 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...
Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal...
Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Credit Debit 10,500 31,500 22,500 $ 1,500 15,000 32,500 2,500 55,500 18,500 11,500 8,500 6,500 Totals $112,000 112,000 1. Prepare the necessary closing entries....
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker incorporated's fiscal...
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 12,000 39,000 30,000 $ 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 3,000 30,000 40,000 9,000 4,000 54,000 20,000 13,000 10,000 8.000 $136,000 $136,000 Required: 1. Prepare the...
Return to question Exercise 3-18B Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7)...
Return to question Exercise 3-18B Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) A company's fiscal year-end is December 31, Year 1. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,300 30,500 21,500 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 $ 1,300 13,000 31,500 7,300 2,300 55,700 18,300 11,300 8,300 6,300 $100,800 $...
Part 1 of 2 Required information Exercise 3-19A Record closing entries and prepare a post-closing trial...
Part 1 of 2 Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below.) points The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit eBook Hint Debit $ 11,100 141,000 5,100 25,500 310,000 Print References Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock...
Required information Problem 10-6A Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10-...
Required information Problem 10-6A Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10- 4, 10-5, 10-7) (The following information applies to the questions displayed below.) Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 110,000 shares of common stock for $67 per share. February 14 Issue 57,000 shares of preferred stock for...
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (L03-6,3-7) Laker Incorporated's fiscal year-end...
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (L03-6,3-7) Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31 Cash Supplies s 10,600 32,000 23,000 1,600 Prepaid Rent Accounts Payable otes Payable Common Stock Retained Earnings Dividendrs 16,000 33,000 ,600 2,600 Service Revenue Salaries Expense Advertising Expense 55, 400 18,600 11,600 8 600 6600 Rent Expense Utilities Expense Totals 113,600 $113,600 1. Prepare the necessary closing entries. (If...
Required information Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The following information applies to the questions displayed below The year-end financial statements of Rattlers Tax Services are provided below. BUTTLERS TAX SERVICES Income Statement Service revenue $ 73,500 Expenses Salaries $ 45,200 Utilities 7.400 Insurance 5,000 Supplies 1,700 59,300 Net Income $14,200 FUTTLERS TAX SERVICES Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance, Jan. $52,000 $23,700 75,700 22,000 Issue...
Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [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 $ 11,100 141,000 5,100 25,500 310,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in the years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation...
Exercise 3-19 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below.,] The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Debit Credit 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 $ 11,800 148,000 5,800 29,000...
Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) 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 $ 11,500 145,000 5,500 27,500 350,000 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...
Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Credit Debit 10,500 31,500 22,500 $ 1,500 15,000 32,500 2,500 55,500 18,500 11,500 8,500 6,500 Totals $112,000 112,000 1. Prepare the necessary closing entries....
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 12,000 39,000 30,000 $ 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 3,000 30,000 40,000 9,000 4,000 54,000 20,000 13,000 10,000 8.000 $136,000 $136,000 Required: 1. Prepare the...
Return to question Exercise 3-18B Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) A company's fiscal year-end is December 31, Year 1. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,300 30,500 21,500 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 $ 1,300 13,000 31,500 7,300 2,300 55,700 18,300 11,300 8,300 6,300 $100,800 $...
Part 1 of 2 Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below.) points The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit eBook Hint Debit $ 11,100 141,000 5,100 25,500 310,000 Print References Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock...
Required information Problem 10-6A Record equity transactions and prepare the stockholders' equity section (LO10-2, 10-3, 10- 4, 10-5, 10-7) (The following information applies to the questions displayed below.) Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issue 110,000 shares of common stock for $67 per share. February 14 Issue 57,000 shares of preferred stock for...
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (L03-6,3-7) Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31 Cash Supplies s 10,600 32,000 23,000 1,600 Prepaid Rent Accounts Payable otes Payable Common Stock Retained Earnings Dividendrs 16,000 33,000 ,600 2,600 Service Revenue Salaries Expense Advertising Expense 55, 400 18,600 11,600 8 600 6600 Rent Expense Utilities Expense Totals 113,600 $113,600 1. Prepare the necessary closing entries. (If...
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