Homework Answers
|
closing Journal entry |
|||
|
date |
explanation |
debit |
credit |
|
31-Dec |
fees earned |
70980 |
|
|
income summary |
70980 |
||
|
31-Dec |
income summary |
10150 |
|
|
wage expense |
4150 |
||
|
insurance expense |
1245 |
||
|
utilities expense |
2713 |
||
|
depreciation expense |
2042 |
||
|
31-Dec |
income summary |
60830 |
|
|
retained earnings |
60830 |
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Journalize closing entries
4. Prepare the closing entries with the following information from the adjusted Accumulated...
Prepare the closing entries with the following information from the adjusted trial balance 18r RLCU Accumulated...
Prepare the closing entries with the following information from the adjusted trial balance 18r RLCU Accumulated Depreciation- equipment Prepaid Insurance Unearned revenue Fees earned Wage expense Insurance expense Utilities expense Depreciation expense $5,000 3,200 1,900 70,980 4,150 1,245 2,713 2,042
3. Journalize the transactions for TED Co., assuming the company uses direct write-off method to deal...
3. Journalize the transactions for TED Co., assuming the company uses direct write-off method to deal with the uncollectible receivables. Sold merchandise No. 123 to a client A for $3,600 on credit term 2/10, n/30, at the cost of $3,000. Received payment from the client A. Received $1,800 which was written off on Jan. 5, from client B Oct. 5 15 20 . Prepare the closing entries with the following information from the adjusted trial balance for RISE Co.: Accumulated...
3. Journalize the transactions for TED Co., assuming the company uses direct write-off method to deal...
3. Journalize the transactions for TED Co., assuming the company uses direct write-off method to deal with the uncollectible receivables. Sold merchandise No. 123 to a client A for $3,600 on credit term 2/10, n/30, at the cost of $3,000. Received payment from the client A. Received $1,800 which was written off on Jan. 5, from client B. Oct. 5 15 20 4. Prepare the closing entries with the following information from the adjusted trial balance for RISE Co. Accumulated...
Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan....
Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $109,000. Straight-line depreciation is taken each year assuming a seven-year life and a salvage cost of $4,000. The machine is isposed on Jun 29, 2017. 1) Journalize the depreciation cost of the Year 2013 and 2017. 2) On Jun 29, 017 the machine is sold for $45,500 for cash. Journalize the transaction. Journalize the transactions for TED Co.,...
IV. (40') Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith...
IV. (40') Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith Co. completed the following transactions: July 1 12 21 27 Received $10,000 contribution from Bill Alone in exchange for capital. Paid utilities expense of $400. Purchased equipment on account, $2,400 The owner, Bill Alone, withdrew $500 cash from the business. Performed services for a client on account, $3,400. Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan....
IIL 20) JR Tire Store reported the following Oetober purchases and sales data for a line...
IIL 20) JR Tire Store reported the following Oetober purchases and sales data for a line of tires it deals The company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the on October 18 and 26 Date Item Oct. 1 Beginning Inventory 10 568 26 Sales 91 IV. (40') Journalize the following transactions according to the descriptions and...
IL, 20) JR Tire Store reported the following October purchases and sales data for a line...
IL, 20) JR Tire Store reported the following October purchases and sales data for a line of tires it deals. The company uses a perpetual inventory system. 1) Prepare the company's inventory reeord using LIFO. 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on October 18 and 26. Date Item Quantity (Units) Unit Price $68 Oct. I Beginning Inventory 10 7 Sales 18 Purchase 26 Sales 67 91 rV....
IL. 20) JR Tire Store The company uses a perpetual inventory system. 1) Prepare the company's...
IL. 20) JR Tire Store The company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO. on October 18 and 26. reported the following October purchases and sales data for a line of tires it deals. 2) Identify cost of goods sold for the month and the profit of the month.3).Journalize the transactions Date Item Quantity (Units Unit Price $68 65 90 67 91 Oct. 1 Beginning Inventory 10 2 7 Sales 18 Purchase 26 Sales...
Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of...
Using the information from the Adjusted Trial Balance,
journalize the closing entries for the end of the month.
Activity 3.a - Journalize Closing Entries Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. SMART TOUCH LEARNING Date Accounts and Explanation Debit Credit Adjusted Trial Balance December 31, 2016 Balance Debit Credit Account Title Cash 17,900 Accounts Receivable 9,900 Date Accounts and Explanation Debit Credit Office Supplies 200 Prepaid Rent 11,900 Furniture...
33) Using the adjusted trial balance below. write the four closing entries necessary to prepare the...
33) Using the adjusted trial balance below. write the four closing entries necessary to prepare the accounts for the beginning of the next accounting period. DODSON CONTAINERS Adjusted Trial Balance December 31 $ 3,050 400 830 80 4,200 $ 1,100 98,000 28,000 115,000 Cash. Accounts receivable.................. Prepaid insurance ................ Office supplies................... Office equipment... Accumulated depreciation office equipment Buildings... wwwww Accumulated depreciation-buildings..... Land ........ Wages Payable........... Property taxes payable........ Interest payable... Unearned rent......... Long-term notes payable... Common stock Retained earnings ........
Prepare the closing entries with the following information from the adjusted trial balance 18r RLCU Accumulated Depreciation- equipment Prepaid Insurance Unearned revenue Fees earned Wage expense Insurance expense Utilities expense Depreciation expense $5,000 3,200 1,900 70,980 4,150 1,245 2,713 2,042
3. Journalize the transactions for TED Co., assuming the company uses direct write-off method to deal with the uncollectible receivables. Sold merchandise No. 123 to a client A for $3,600 on credit term 2/10, n/30, at the cost of $3,000. Received payment from the client A. Received $1,800 which was written off on Jan. 5, from client B Oct. 5 15 20 . Prepare the closing entries with the following information from the adjusted trial balance for RISE Co.: Accumulated...
3. Journalize the transactions for TED Co., assuming the company uses direct write-off method to deal with the uncollectible receivables. Sold merchandise No. 123 to a client A for $3,600 on credit term 2/10, n/30, at the cost of $3,000. Received payment from the client A. Received $1,800 which was written off on Jan. 5, from client B. Oct. 5 15 20 4. Prepare the closing entries with the following information from the adjusted trial balance for RISE Co. Accumulated...
Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $109,000. Straight-line depreciation is taken each year assuming a seven-year life and a salvage cost of $4,000. The machine is isposed on Jun 29, 2017. 1) Journalize the depreciation cost of the Year 2013 and 2017. 2) On Jun 29, 017 the machine is sold for $45,500 for cash. Journalize the transaction. Journalize the transactions for TED Co.,...
IV. (40') Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith Co. completed the following transactions: July 1 12 21 27 Received $10,000 contribution from Bill Alone in exchange for capital. Paid utilities expense of $400. Purchased equipment on account, $2,400 The owner, Bill Alone, withdrew $500 cash from the business. Performed services for a client on account, $3,400. Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan....
IIL 20) JR Tire Store reported the following Oetober purchases and sales data for a line of tires it deals The company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the on October 18 and 26 Date Item Oct. 1 Beginning Inventory 10 568 26 Sales 91 IV. (40') Journalize the following transactions according to the descriptions and...
IL, 20) JR Tire Store reported the following October purchases and sales data for a line of tires it deals. The company uses a perpetual inventory system. 1) Prepare the company's inventory reeord using LIFO. 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on October 18 and 26. Date Item Quantity (Units) Unit Price $68 Oct. I Beginning Inventory 10 7 Sales 18 Purchase 26 Sales 67 91 rV....
IL. 20) JR Tire Store The company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO. on October 18 and 26. reported the following October purchases and sales data for a line of tires it deals. 2) Identify cost of goods sold for the month and the profit of the month.3).Journalize the transactions Date Item Quantity (Units Unit Price $68 65 90 67 91 Oct. 1 Beginning Inventory 10 2 7 Sales 18 Purchase 26 Sales...
Using the information from the Adjusted Trial Balance,
journalize the closing entries for the end of the month.
Activity 3.a - Journalize Closing Entries Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. SMART TOUCH LEARNING Date Accounts and Explanation Debit Credit Adjusted Trial Balance December 31, 2016 Balance Debit Credit Account Title Cash 17,900 Accounts Receivable 9,900 Date Accounts and Explanation Debit Credit Office Supplies 200 Prepaid Rent 11,900 Furniture...
33) Using the adjusted trial balance below. write the four closing entries necessary to prepare the accounts for the beginning of the next accounting period. DODSON CONTAINERS Adjusted Trial Balance December 31 $ 3,050 400 830 80 4,200 $ 1,100 98,000 28,000 115,000 Cash. Accounts receivable.................. Prepaid insurance ................ Office supplies................... Office equipment... Accumulated depreciation office equipment Buildings... wwwww Accumulated depreciation-buildings..... Land ........ Wages Payable........... Property taxes payable........ Interest payable... Unearned rent......... Long-term notes payable... Common stock Retained earnings ........
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