- 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.
Homework Answers
Closing entries
| No | Account and explanation | debit | credit |
| 1 | Service revenue | 299800 | |
| Income summary | 299800 | ||
| (To Close revenue) | |||
| 2 | Income summary | 222,960 | |
| Depreciation expense-Equipment | 19260 | ||
| Insurance expense | 9500 | ||
| Rent expense | 31100 | ||
| Salaries expense | 147000 | ||
| Supplies expense | 3700 | ||
| Telephone expense | 4900 | ||
| Utilities expense | 7500 | ||
| (To close expense) | |||
| 3 | Income summary | 74840 | |
| Aretha Hinkle, Capital | 76840 | ||
| (To close income summary) | |||
| 4 | Aretha Hinkle, Capital | 11100 | |
| Aretha Hinkle, Drawing | 11100 | ||
| (To close drawings) |
| 2 | Aretha Hinkle Capital | Account No 301 | Aretha Hinkle Drawings | Account No 302 | ||||||
| Date | Debit | Credit | Balance | Date | Debit | Credit | Balance | |||
| 31-Mar 2019 | 111,000 | 31-Mar 2019 | 11100 | |||||||
| 31-Mar 2019 | 11100 | 99,900 | 31-Mar 2019 | 11100 | 0 | |||||
| 31-Mar 2019 | 74840 | 174,740 | ||||||||
| Fee Income | Account No 401 | |||||||||
| Income Summary | Account No 399 | Date | Debit | Credit | Balance | |||||
| Date | Debit | Credit | Balance | 31-Mar 2019 | 299,800 | |||||
| 31-Mar 2019 | 299800 | 299800 | 31-Mar 2019 | 299,800 | 0 | |||||
| 31-Mar 2019 | 222960 | 74840 | ||||||||
| 31-Mar 2019 | 74840 | 0 | ||||||||
| Insurance Exp | Account No 511 | |||||||||
| Date | Debit | Credit | Balance | |||||||
| 31-Mar 2019 | 9500 | |||||||||
| Depreciation Expenses-Equipment | Account No 510 | 31-Mar 2019 | 9500 | 0 | ||||||
| Date | Debit | Credit | Balance | |||||||
| 31-Mar 2019 | 19260 | Rent exp | Account No 514 | |||||||
| 31-Mar 2019 | 19260 | 0 | Date | Debit | Credit | Balance | ||||
| 31-Mar 2019 | 31100 | |||||||||
| Supplies Exp | Account No 518 | 31-Mar 2019 | 31100 | 0 | ||||||
| Date | Debit | Credit | Balance | |||||||
| 31-Mar 2019 | 3700 | Salaries Exp | Account No 517 | |||||||
| 31-Mar 2019 | 3700 | 0 | Date | Debit | Credit | Balance | ||||
| 31-Mar 2019 | 147000 | |||||||||
| Telephone Exp | Account No 519 | 31-Mar 2019 | 147000 | 0 | ||||||
| Date | Debit | Credit | Balance | Utilities Exp | Account No 523 | |||||
| 31-Mar 2019 | 4900 | Date | Debit | Credit | Balance | |||||
| 31-Mar 2019 | 4900 | 0 | 31-Mar 2019 | 7500 | ||||||
| 31-Mar 2019 | 7500 | 0 | ||||||||
Add Answer to:
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows...
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 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 61,000 35,460 8,700 23,100 99,000...
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.
Problem 6.3A Journalizing and posting closing entries. LO 6-1 On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 401...
The ledger accounts of AXX Internet Company appear as follc ACCOUNT BALANCE NO. ACCOUNT $ 63,000...
The ledger accounts of AXX Internet Company appear as follc ACCOUNT BALANCE NO. ACCOUNT $ 63,000 35,660 8,900 23,300 101,000 39,620 11,300 Cash 101 Accounts Receivable 111 Supplies Prepaid Insurance 141 Equipment Accumulated Depreciation-Equipment Accounts Payable Aretha Hinkle, Capital Aretha Hinkle, Drawing 121 131 142 202 113,000 11,300 305,400 19,460 301 302 401 Fees Income 510 Depreciation Expense-Equipment Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense 9,700 31,300 149,000 511 514 517 3,900 5,100 7,700 518...
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO....
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 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense: 519 Telephone Expense 523 Utilities Expense BALANCE $ 67,000 36,060 9,300 23,700 105,000 40,020 11,700 117,000 11,709 316,600...
Just need the ledger accounts filled out, thanks! Exercise 6.6 Closing entries. LO 6-1 The ledger...
Just need the ledger accounts filled out, thanks!
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 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 20 ACCOUNT 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 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 63,000 35,660 8,900 23,380 101,008 39,620...
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 Account NO....
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 Account NO. Account Balance 101 Cash $62,000 111 Accounts Receivable 35,560 121 Supplies 8,800 131 Prepaid Insurance 23,200 141 Equipment 100,000 142 Accumulated Depreciation-Equipment 39,520 202 Accounts Payable 11,200 301 Aretha Hinkle, Capital 112,000 302 Aretha Hinkle, Drawing 11,200 401 Fees Income 302,600 510 Depreciation Expense-Equipment 19,360 511 Insurance Expense 9,600 514 Rent Expense 31,200 517 Salaries Expense 148,000 518 Supplies Expense 3,800 519 Telephone Expense...
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO....
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 76,000 111 Accounts Receivable 58,420 121 Supplies 10,200 131 Prepaid Insurance 24,600 141 Equipment 114,000 142 Accumulated Depreciation—Equipment 40,920 202 Accounts Payable 12,600 301 Aretha Hinkle, Capital 126,000 302 Aretha Hinkle, Drawing 12,600 401 Fees Income 363,260 510 Depreciation Expense—Equipment 20,760 511 Insurance Expense 11,000 514 Rent Expense 32,600 517 Salaries Expense 162,000 518 Supplies Expense 5,200 519 Telephone...
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: $ 94,400 Dr....
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: $ 94,400 Dr. 35,600 Dr. 8,000 Dr. 81,200 Dr. 128,000 Dr. 4,000 Cr. 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 17,000 Cr. 131,240 Cr. 16,400 Dr. 327,200 Cr. 11,600 Dr. 2,000 Dr. 9,200 Dr. 77,600 Dr. 15,440 Dr. 401 Fees Income 511 Advertising Expense 514 Depreciation Expense-Equip....
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March...
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 NO ACCOUNT BALANCE 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, Draving 401 Fees Income 518 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense 5 40,808 29,910 5,3ee 12,s88 59,e98 28,666 7,080 65,006...
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 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 61,000 35,460 8,700 23,100 99,000...
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.
Problem 6.3A Journalizing and posting closing entries. LO 6-1 On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 401...
The ledger accounts of AXX Internet Company appear as follc ACCOUNT BALANCE NO. ACCOUNT $ 63,000 35,660 8,900 23,300 101,000 39,620 11,300 Cash 101 Accounts Receivable 111 Supplies Prepaid Insurance 141 Equipment Accumulated Depreciation-Equipment Accounts Payable Aretha Hinkle, Capital Aretha Hinkle, Drawing 121 131 142 202 113,000 11,300 305,400 19,460 301 302 401 Fees Income 510 Depreciation Expense-Equipment Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense 9,700 31,300 149,000 511 514 517 3,900 5,100 7,700 518...
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 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense: 519 Telephone Expense 523 Utilities Expense BALANCE $ 67,000 36,060 9,300 23,700 105,000 40,020 11,700 117,000 11,709 316,600...
Just need the ledger accounts filled out, thanks!
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 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 20 ACCOUNT 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 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 63,000 35,660 8,900 23,380 101,008 39,620...
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: $ 94,400 Dr. 35,600 Dr. 8,000 Dr. 81,200 Dr. 128,000 Dr. 4,000 Cr. 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 17,000 Cr. 131,240 Cr. 16,400 Dr. 327,200 Cr. 11,600 Dr. 2,000 Dr. 9,200 Dr. 77,600 Dr. 15,440 Dr. 401 Fees Income 511 Advertising Expense 514 Depreciation Expense-Equip....
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 NO ACCOUNT BALANCE 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, Draving 401 Fees Income 518 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense 5 40,808 29,910 5,3ee 12,s88 59,e98 28,666 7,080 65,006...
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