Homework Answers
| Please give positive ratings so I can keep answering. Thanks! |
| Wide Screen | |||||
| Closing entries | |||||
| All expense and income accounts will be closed to income summary account. | |||||
| Then income summary and Drawings account will be closed to Capital account. | |||||
| Journal Entry | |||||
| Account | Debit $ | Credit $ | |||
| Ticket Revenue | 59,000.00 | ||||
| Service Revenue | 55,000.00 | ||||
| Income summary | 114,000.00 | ||||
| Income summary | 95,000.00 | ||||
| Advertising Expense | 18,800.00 | ||||
| Supplies Expense | 17,000.00 | ||||
| Depreciation Expense | 4,000.00 | ||||
| Rent Expense | 26,000.00 | ||||
| Salaries & Wages Expense | 24,000.00 | ||||
| Utilities Expense | 5,200.00 | ||||
| Income summary | 19,000.00 | This is 114000- 95000. | |||
| Owner's Capital | 19,000.00 | This is 114000- 95000. | |||
| Owner's Capital | 8,000.00 | ||||
| Owner's Drawings | 8,000.00 | ||||
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9. At March 31, account balances after adjustments for Wide Screen are as follows: Account Balances...
Exercise 194 At March 31, account balances after adjustments for Wide Screen are as follows: Accounts...
Exercise 194 At March 31, account balances after adjustments for Wide Screen are as follows: Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Owner's, Capital Owner's, Drawings Ticket Revenue Service Revenue Advertising Expense Supplies Expense Depreciation Expense Rent Expense Salaries and Wages Expense Account Balances (After Adjustment) $11,000 4,000 50,000 12,000 5,000 20,000 8,000 59,000 55,000 18,800 17,000 4,000 26,000 24,000 5,200 Utilities Expense Prepare the closing journal entries for Wide Screen. (Credit account titles are automatically indented when amount...
At March 31, account balances after adjustments for Wide Screen are as follows: Accounts Cash Supplies...
At March 31, account balances after adjustments for Wide Screen are as follows: Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Owner's, Capital Owner's, Drawings Ticket Revenue Service Revenue Advertising Expense Supplies Expense Depreciation Expense Rent Expense Salaries and Wages Expense Utilities Expense Account Balances (After Adjustment) $11,000 4,000 50,000 12,000 5,000 20,000 8,000 59,000 55,000 18,800 17,000 4,000 26,000 24,000 5,200 Prepare the closing journal entries for Wide Screen. (Credit account titles are automatically indented when amount entered. Do...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: [AR1: 5 marks] Account Balances $ 10,500 1,500 18,750 4,500 6,375 1,875 7,500 3,000 42,750 7,050 1,500 9,750 9,000 1,950 Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Required: Prepare the closing entries for Smith Company at December 31, 2019.
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: (AR1: 5 marks) Accounts Cash Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Account Balances $ 10,500 1,500 18.750 4,500 6,375 1.875 7,500 3,000 42,750 7,050 1,500 9,750 9,000 1,950 Required: Prepare the closing entries for Smith Company at December 31,...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: [AR1: 5 marks] Accounts Cash Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Account Balances $ 10,500 1,500 18,750 4.500 6,375 1,875 7,500 3,000 42,750 7,050 1,500 9.750 9,000 1,950 Required: Prepare the closing entries for Smith Company at December 31,...
Section B: Short Exercises (10 Marks) BI - At December 31, 2019, account balances after adjustments...
Section B: Short Exercises (10 Marks) BI - At December 31, 2019, account balances after adjustments for Mark Company follows: [AR1: 5 marks] Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Mark's, Capital Mark's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Account Balances $ 7,000 1,000 12,500 3,000 4,250 1,250 5,000 2,000 28,500 4,700 1,000 6,500 6,000 1,300 Required: Prepare the closing entries for Mark Company at December 31, 2019.
Syner-T Company Adjusted Trial Balance Year ending December 31, 2016 Balances 17,000 22,800 26,000 21,200 35,000...
Syner-T Company Adjusted Trial Balance Year ending December 31, 2016 Balances 17,000 22,800 26,000 21,200 35,000 104,000 11,000 12,000 Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Mortgage payable, due 12/15/21 Note payable, due 6/30/17 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment Unearned revenue 3,800 30,000 36,000 7,200 16,000 32,000 135,000 5,000 6,000 210,000 2,000 Classify and present the...
The trial balances before and after adjustment for Sunland Company at October 31, 2021, which is...
The trial balances before and after adjustment for Sunland Company at October 31, 2021, which is the end of its fiscal year, are as follows: Before Adjustment After Adjustment Debit Credit Debit Credit Cash $9.190 $9,190 Accounts Receivable 8,865 9,405 Supplies 2.510 610 Prepaid Insurance 3,830 2.550 Equipment 34,205 34,205 Accumulated Depreciation-Equipment $3,300 Accounts Payable Notes Payable 38,275 Salaries Payable Interest Payable 0 440 Unearned Revenue 1.485 295 E. Sunland, Capital 5. 630 5 ,630 E. Sunland, Drawings 10.370 10.370...
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash $...
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash $ 47,200 Dr. 111 Accounts Receivable 17,800 Dr. 121 Supplies 4,000 Dr. 131 Prepaid Rent 40,600 Dr. 141 Equipment 64,000 Dr. 142 Accumulated Depreciation—Equip. 2,000 Cr. 202 Accounts Payable 8,500 Cr. 301 Emilio Gonzalez, Capital (12/1/2019) 65,620 Cr. 302 Emilio Gonzalez, Drawing 8,200 Dr. 401 Fees Income 163,600 Cr. 511 Advertising Expense 5,800 Dr. 514 Depreciation Expense—Equip. 1,000 Dr. 517 Rent Expense 4,600 Dr. 519...
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...
Exercise 194 At March 31, account balances after adjustments for Wide Screen are as follows: Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Owner's, Capital Owner's, Drawings Ticket Revenue Service Revenue Advertising Expense Supplies Expense Depreciation Expense Rent Expense Salaries and Wages Expense Account Balances (After Adjustment) $11,000 4,000 50,000 12,000 5,000 20,000 8,000 59,000 55,000 18,800 17,000 4,000 26,000 24,000 5,200 Utilities Expense Prepare the closing journal entries for Wide Screen. (Credit account titles are automatically indented when amount...
At March 31, account balances after adjustments for Wide Screen are as follows: Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Owner's, Capital Owner's, Drawings Ticket Revenue Service Revenue Advertising Expense Supplies Expense Depreciation Expense Rent Expense Salaries and Wages Expense Utilities Expense Account Balances (After Adjustment) $11,000 4,000 50,000 12,000 5,000 20,000 8,000 59,000 55,000 18,800 17,000 4,000 26,000 24,000 5,200 Prepare the closing journal entries for Wide Screen. (Credit account titles are automatically indented when amount entered. Do...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: [AR1: 5 marks] Account Balances $ 10,500 1,500 18,750 4,500 6,375 1,875 7,500 3,000 42,750 7,050 1,500 9,750 9,000 1,950 Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Required: Prepare the closing entries for Smith Company at December 31, 2019.
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: (AR1: 5 marks) Accounts Cash Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Account Balances $ 10,500 1,500 18.750 4,500 6,375 1.875 7,500 3,000 42,750 7,050 1,500 9,750 9,000 1,950 Required: Prepare the closing entries for Smith Company at December 31,...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: [AR1: 5 marks] Accounts Cash Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Account Balances $ 10,500 1,500 18,750 4.500 6,375 1,875 7,500 3,000 42,750 7,050 1,500 9.750 9,000 1,950 Required: Prepare the closing entries for Smith Company at December 31,...
Section B: Short Exercises (10 Marks) BI - At December 31, 2019, account balances after adjustments for Mark Company follows: [AR1: 5 marks] Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Mark's, Capital Mark's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Account Balances $ 7,000 1,000 12,500 3,000 4,250 1,250 5,000 2,000 28,500 4,700 1,000 6,500 6,000 1,300 Required: Prepare the closing entries for Mark Company at December 31, 2019.
Syner-T Company Adjusted Trial Balance Year ending December 31, 2016 Balances 17,000 22,800 26,000 21,200 35,000 104,000 11,000 12,000 Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Mortgage payable, due 12/15/21 Note payable, due 6/30/17 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment Unearned revenue 3,800 30,000 36,000 7,200 16,000 32,000 135,000 5,000 6,000 210,000 2,000 Classify and present the...
The trial balances before and after adjustment for Sunland Company at October 31, 2021, which is the end of its fiscal year, are as follows: Before Adjustment After Adjustment Debit Credit Debit Credit Cash $9.190 $9,190 Accounts Receivable 8,865 9,405 Supplies 2.510 610 Prepaid Insurance 3,830 2.550 Equipment 34,205 34,205 Accumulated Depreciation-Equipment $3,300 Accounts Payable Notes Payable 38,275 Salaries Payable Interest Payable 0 440 Unearned Revenue 1.485 295 E. Sunland, Capital 5. 630 5 ,630 E. Sunland, Drawings 10.370 10.370...
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