When December 31 the income account of Madison company has a depth balance of $37000 up the revenue of $39000 in it experiences of $76000 were close to the account Madison Wales drawn has a dead balance of $4000 in Madison will capital has a credit moments of $58000 record the journal entry necessary to complete in closing the
Closing entries:
Date | Account title and explanation | Debit | Credit |
Dec 31 | Revenue | $39,000 | |
Income summary | $39,000 | ||
[To close revenue accounts] | |||
Dec 31 | Income summary | $76,000 | |
Expenses | $76,000 | ||
[To close expenses account] | |||
Dec 31 | Madison Wales, capital | $37,000 | |
Income summary [76,000-39,000] | $37,000 | ||
[To close income summary account] | |||
Dec 31 | Madison Wales, capital | $4,000 | |
Madison Wales, withdrawals | $4,000 | ||
[To close withdrawals account] |
When December 31 the income account of Madison company has a depth balance of $37000 up...
On December 31st the income summary account of medicine company has a better balance of 37000 after revenue of 39000 and Aix mrs of suddenly 6000 were close to their count Madison whale drawn has a debt balance of $4000 in medicine wheel capital has a credit mounds of $58000 record the journal entries necessary took pleat closing the account
On December 31, the Income Summary account of Madison Company has a debit balance of $30,000 after revenue of $32,000 and expenses of $62,000 were closed to the account. Madison Wells, Drawing has a debit balance of $3,300 and Madison Wells, Capital has a credit balance of $51,000. Required: Record the journal entries necessary to complete closing the accounts. *Closing entry for entry of the balance of income summary and closing entry for the drawing account* What is the new...
Practice Knowledge Check Help Save & Exit Madison Company has a debit balance of $111000 after revenue of $117,000 and On December 31, the Income Summary account of expe Capita/ has a credit balance of $174.000 nses of $22 8,000 were closed to the account. Madison Wells, Drawing has a debit balance of $12,000 and Madison Wells Required: 0.33 poits 1. Record the journal entries necessary to complete closing the accounts 2. What is the new balance of Madison Wells,...
The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented belovw. Accounts Debit Credit $11700 147,000 Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable $132,000 10,700 37,000 Interest Payable Notes Payable (due in two years Common Stock Retained Earnings Service Revenue Salaries Expense 270,000 470,000 18,500 37000 4,700 Interest Expense Totals $993,100 $993,100 10. Required informatio 10.00 points Required: 1. Record the necessary closing entries at December 31, 2018. (If no entry is required...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,000 29,000 20,000 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 $ 1,000 10,000 30,000 7,000 2,000 56,000 18,000 11,000 8,000 6,000 $104,000 $104,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
A company's fiscal year-end is December 31, Year 1. The following is an adjusted trial balance as of December 31. A company's fiscal year-end is December 31, Year 1. The following is an adjusted trial balance as of December 31. Credit Debit $ 11,600 37,000 28,000 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 $ 2,600 26,000 38,000 8,600 3,600 54,400 19,600 12,600...
Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Credit Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Eamings $ 11,300 26,500 $ 2,300 23,000 36,500 8,300 Service Revenue Salaries Expense 54,700 19,300 12,300 9,300 Rent Expense Utilities Expense Totals $124,800 $124,800 Required: 1. Prepare the necessary closing entries. (If no entry is required for a transaction/levent, select "No journal entry required" in the first account...
Exercise 3-17A Record closing entries (LO3-6) Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $25,000 $ 2,500 45,000 5,500 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 14,500 5,500 2,500 10,500 4,500 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021 Debits Credits 98,000 930,000 6,500 points Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense 510,000 170.000 33,000 48,000 6.800 7,800 eBook References Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required"...
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021 Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense Debits Credits 84,000 790,000 5,000 440,000 140,000 19,000 34,000 5,400 6,400 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first...