Homework Answers
Answer 1:
Correct answer is:
To prepare the accounting records so they are ready to track results for the following year
Explanation:
Closing process closes all temporary accounts for the period and transfer balances to permanent accounts. The Income statement accounts are temporary accounts which are closed during closing process and net income(loss) is transferred to Retained earnings (or capital accounts) which is a permanent account. This process resets the temporary accounts balances to zero and thus prepares to track next period.
As such option C is correct.
The closing process neither record all transaction nor set all accounts balances to zero. As such statements A and B are incorrect.
Statement D is incorrect since it the adjustment entries which adjusts for accruals and deferrals.
Answer 2:
Correct answer is:
The business receives $1,000 cash and in exchange gives a promissory note.
Explanation:
Financing activities are activities which source funds for investment or operating activities. As such option B is financing activity and is the correct option.
Option A is incorrect since purchase of land is an investment activity.
Options C and D are incorrect since both are operating activities.
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What is the purpose of the closing process? O To record transactions for the period O...
record journal entries using the accounts for these transactions Week-1 Basic Journal Entries Mason Yachts, a...
record journal entries using the accounts for these
transactions
Week-1 Basic Journal Entries Mason Yachts, a boat manufacturing company, begins business on 1/1/2017. Mason specializes in selling and repairing yachts. A listing of all of Mason trial balance accounts can be found in "trial balance tab below. For the transactions below, please record the necessary journal entries in the Journal Entries tab and update the balances in the trial balance. I have provided a "T-Account tab for each individual trial...
Part 1: ACCOUNTING EQUATION 10 POINTS Jan. 1, 2020 William Kelly started Kelly's Computer Service by...
Part 1: ACCOUNTING EQUATION 10 POINTS Jan. 1, 2020 William Kelly started Kelly's Computer Service by investing $10,000. Jan. 3 the business borrowed $10,000 from a creditor and executed a Note payable with the principal and interest to be due in one year Jan. 5 the business purchased $12,000 of equipment for cash. Jan. 8 Kelly's rendered service to his first corporate client and earned $2,500 in cash. Jan. 12 Kelly's incurred repair expense of $1,200 and promised to pay...
Prepare all required closing entries (omit explanations) for the end of the accounting period, post all...
Prepare all required closing entries (omit explanations) for the end of the accounting period, post all closing entries to the general ledger and prepare a Post-Closing Trial Balance as of June 30, 2016. Calculate the following ratios: Current Ratio, Quick Ratio, Profit Margin, and Return on Assets. Transactions: 1/1 The owner of the business contributed $10,000 cash and a truck worth $16,000 to the business in exchange for 26,000 shares of $1par common stock. This is the first ever transaction...
adjusting Entries, closing entries, general ledger, worksheet, income statement, balance sheet and post closing trial balance...
adjusting Entries, closing entries, general ledger, worksheet,
income statement, balance sheet and post closing trial balance
sheet
CUN Ice. P4.5A (LO 1, 2, 4) Anya Clark opened Anya's Cleaning Service on July 1, 2020. During July, the fol- lowing transactions were completed. July 1 Anya invested $20,000 cash in the business. 1 Purchased used truck for $12,000, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $2,100 on account. 5 Paid $1,800 cash on a 1-year...
can you please mark the explanations while answering this practice problem? 1. 2. 3. etc Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The busine...
can you please mark the explanations while answering this
practice problem?
1.
2.
3.
etc
Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The business is now ready to record January 2017 transactions. Collected $1,000 cash from customer on account. 5 Purchased office supplies on account, $600. 12 Performed delivery services for a customer and received $2,000 cash. 15 Paid employee salary including the amount owed on December 31, $2,500. 18 Performed delivery services on...
Post the closing entries and closing process. Comprehensive Problem 4 a-g Kristin Malone opened Kristin's Maids...
Post the closing entries and closing process.
Comprehensive Problem 4 a-g Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2019. During July, the company completed the following transactions July 1 Stockholders invested $15,000 cash in the business in exchange for common stock. Purchased a used truck for $11,000, paying $3,200 cash and the balance on account. 1 Purchased cleaning supplies for $800 on account. Paid $1,608 on a 1-year insurance policy, effective July 1 Billed customers $3,900 for...
part a: Record the above transactions. (Record journal entries in the order presented in the problem....
part a: Record the above
transactions. (Record journal entries in the order
presented in the problem. Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. )
Part b: Prepare T accounts, enter any
opening balances , post the journal entries and calculate and enter
balances. (Post entries in the order of journal entries
presented above. If...
Is this answer correct based on the following transactions? P1-40A (book/static) Meg McKinney opened a public...
Is this answer correct based
on the following transactions?
P1-40A (book/static) Meg McKinney opened a public relations firm called Solid Gold on August 1, 2018. The following amounts During September 2018, the business completed the following transactions summarize her business on August 31, 2018 (Click the icon to view the transactions.) Analyze the effects of the transactions on the accounting equation of Solid Gold 囲(Click the icon to view the amounts.) Analyze the events chronologically, one transaction at a time....
this is only one question but I post 4 pictures to see the transactions for every...
this is only one question but I post 4 pictures to see the
transactions for every date
COMPREHENSIVE PROBLEM - COMPUTERIZED SOFTWARE PREVIOUS 1 NEXT ? Problem 1: Comprehensive Problem, CP4-1 Background: Assignment: Mares Delnery Service completed the below transactions during December 2016 This question has requirements. Scroll down to review the requirements and ensure you You will also need to review the following ad date complete all requirements before wetting your work for grading Accrued Sales Expe , $1,000...
How do I prepare adjusting entries for the following transcations? Transactions to Record for the month...
How do I prepare adjusting entries for the following transcations? Transactions to Record for the month of March 1-Mar Issued 1,000 shares of F&F common stock for $30,000. The common stock has a $10 par value. 1-Mar Paid $4,500 for rent for the Months of March and April 1-Mar Hired two employees. Each employee will be paid $20 per hour. Employees will start on March 8th. 1-Mar Borrowed $10,000 cash on a 3-year, 6% Note Payable, Interest is paid quarterly...
record journal entries using the accounts for these
transactions
Week-1 Basic Journal Entries Mason Yachts, a boat manufacturing company, begins business on 1/1/2017. Mason specializes in selling and repairing yachts. A listing of all of Mason trial balance accounts can be found in "trial balance tab below. For the transactions below, please record the necessary journal entries in the Journal Entries tab and update the balances in the trial balance. I have provided a "T-Account tab for each individual trial...
Part 1: ACCOUNTING EQUATION 10 POINTS Jan. 1, 2020 William Kelly started Kelly's Computer Service by investing $10,000. Jan. 3 the business borrowed $10,000 from a creditor and executed a Note payable with the principal and interest to be due in one year Jan. 5 the business purchased $12,000 of equipment for cash. Jan. 8 Kelly's rendered service to his first corporate client and earned $2,500 in cash. Jan. 12 Kelly's incurred repair expense of $1,200 and promised to pay...
adjusting Entries, closing entries, general ledger, worksheet,
income statement, balance sheet and post closing trial balance
sheet
CUN Ice. P4.5A (LO 1, 2, 4) Anya Clark opened Anya's Cleaning Service on July 1, 2020. During July, the fol- lowing transactions were completed. July 1 Anya invested $20,000 cash in the business. 1 Purchased used truck for $12,000, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $2,100 on account. 5 Paid $1,800 cash on a 1-year...
can you please mark the explanations while answering this
practice problem?
1.
2.
3.
etc
Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The business is now ready to record January 2017 transactions. Collected $1,000 cash from customer on account. 5 Purchased office supplies on account, $600. 12 Performed delivery services for a customer and received $2,000 cash. 15 Paid employee salary including the amount owed on December 31, $2,500. 18 Performed delivery services on...
Post the closing entries and closing process.
Comprehensive Problem 4 a-g Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2019. During July, the company completed the following transactions July 1 Stockholders invested $15,000 cash in the business in exchange for common stock. Purchased a used truck for $11,000, paying $3,200 cash and the balance on account. 1 Purchased cleaning supplies for $800 on account. Paid $1,608 on a 1-year insurance policy, effective July 1 Billed customers $3,900 for...
part a: Record the above
transactions. (Record journal entries in the order
presented in the problem. Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. )
Part b: Prepare T accounts, enter any
opening balances , post the journal entries and calculate and enter
balances. (Post entries in the order of journal entries
presented above. If...
Is this answer correct based
on the following transactions?
P1-40A (book/static) Meg McKinney opened a public relations firm called Solid Gold on August 1, 2018. The following amounts During September 2018, the business completed the following transactions summarize her business on August 31, 2018 (Click the icon to view the transactions.) Analyze the effects of the transactions on the accounting equation of Solid Gold 囲(Click the icon to view the amounts.) Analyze the events chronologically, one transaction at a time....
this is only one question but I post 4 pictures to see the
transactions for every date
COMPREHENSIVE PROBLEM - COMPUTERIZED SOFTWARE PREVIOUS 1 NEXT ? Problem 1: Comprehensive Problem, CP4-1 Background: Assignment: Mares Delnery Service completed the below transactions during December 2016 This question has requirements. Scroll down to review the requirements and ensure you You will also need to review the following ad date complete all requirements before wetting your work for grading Accrued Sales Expe , $1,000...
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