Homework Answers
Mostly there are 4 closing entries so i provided 4. If the answer ask for 3 entries only then let me know in the comment so that i can help further.
| Closing Entries | |||
| Date | Accounts and Explanations | Debit | Credit |
| Dec-31 | Sales revenue | $ 550,000.00 | |
| Income Summery | $ 550,000.00 | ||
| (Revenue accounts closed) | |||
| Dec-31 | Income Summery | $ 473,180.00 | |
| Sales return and allowances | $ 4,500.00 | ||
| Sales discount | $ 4,250.00 | ||
| Cost of goods sold | $ 382,450.00 | ||
| Sales salaries expense | $ 44,000.00 | ||
| Advertising expense | $ 8,150.00 | ||
| Store salaries expense | $ 24,325.00 | ||
| Store supplies expense | $ 450.00 | ||
| Interest expense | $ 5,055.00 | ||
| (Expenses Accounts closed) | |||
| Dec-31 | Income Summery | $ 76,820.00 | |
| F. Brewster, capital | $ 76,820.00 | ||
| (To close income summery) | |||
| Dec-31 | F. Brewster, capital | $ 45,000.00 | |
| F. Brewster, Withdrawals | $ 45,000.00 | ||
| (To close withdrawal account) | |||
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paper. Good feed back. Thanks anticipated.
Exercise 4. Following is the year-end adjusted trial balance...
Exercise 4. Following is the year-end adjusted trial balance for Fred's Corner Grocery for the current...
Exercise 4. Following is the year-end adjusted trial balance for Fred's Corner Grocery for the current year: Fred's Corner Grocery Adjusted Trial Balance December 31 Dr. $ 67,500 46,000 60,000 800 $ 16,000 850 125,630 45,000 550,000 Cash...... Accounts receivable............... Merchandise inventory. Store supplies...... Accounts payable.... Salaries payable. F. Brewster, Capital.. F. Brewster, Withdrawals....... Sales....................... Sales returns & allowances...... Sales discounts............. Cost of goods sold..... Sales salaries expense......... Advertising expense.......... Store salaries expense............. Store supplies expense......... Interest expense.... Totals............................................. 4,500...
All paper. Good feed back. Thanks anticipated. Exercise 5. From the adjusted trial balance for Brookstone...
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paper. Good feed back. Thanks anticipated.
Exercise 5. From the adjusted trial balance for Brookstone Art Supplies given below, prepare a multiple-step income statement in good form. Brookstone Art Supplies Adjusted Trial Balance December 31 Credit Debit $9,400 25,000 36,000 900 75,000 $22,000 60,000 Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment Accumulated depreciation office equipment Accounts payable Notes payable A. Brookstone, Capital A. Brookstone, Withdrawals Sales Sales discounts Sales returns and allowances...
3. The year-end adjusted trial balance of ABC Supply, Incorporated, for the current year is shown...
3. The year-end adjusted trial balance of ABC Supply, Incorporated, for the current year is shown below. ABC SUPPLY INC. Adjusted Trial Balance December 31 Cash Office supplies Merchandise inventory Store equipment Accum. depr.-store equipment Accounts payable Common Stock Sales Cost of goods sold Depreciation expense-Store equipment Office Supplies expense Salaries expense Rent expense Debit Credit $1,500 500 11,000 18,000 $3,000 6,000 28,000 60,000 48,000 1,000 1,000 14,000 2.000 $97.000 $97.000 Required: Prepare closing entries at December 31 for the...
/s3-13 Preparing an adjusted trial balance Steve's Tax Services had the following accounts and account balances...
/s3-13 Preparing an adjusted trial balance Steve's Tax Services had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances. $ ? 24,000 550 Cash Land Utilities Payable Accounts Payable Accumulated Depreciation-Equipment Service Revenue Supplies Expense Steve, Withdrawals 3,800 1,500 90,000 700 28,000 Equipment $ 25,000 Accounts Receivable 4,250 Office Supplies 900 Steve, Capital 18,600 Utilities Expense 1,550 Unearned Revenue 600 Depreciation Expense-Equipment 1,800 Salaries Expense 5,200 Prepare the adjusted trial balance for Steve's Tax...
Exercise 4-11 Preparing financial statements LO C3 The following adjusted year-end trial balance at December 31...
Exercise 4-11 Preparing financial statements LO C3 The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 6,300 Accounts receivable 16,500 office supplies 2,000 Trucks 174,000 Accumulated depreciation-Trucks $ 35,844 Land 75,000 Accounts payable 10,300 Interest payable 3,000 Long-term notes payable 52,000 x. Wilson, Capital 154, 193 x. Wilson, withdrawals 19,000 Trucking fees earned 148,500 Depreciation expense 23,119 Trucks Salaries expense 69,647 Office supplies expense 5,500 Repairs expense Trucks 12,771 Totals...
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company....
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company. Account Title Debit Credit Cash $ 9,400 Accounts receivable 18,100 Office supplies 2,300 Trucks 175,000 Accumulated depreciation—Trucks $ 34,000 Land 68,000 Accounts payable 12,900 Interest payable 3,400 Long-term notes payable 43,000 Common stock 21,200 Retained earnings, December 31, 2017 159,000 Dividends 20,100 Trucking fees earned 131,000 Depreciation expense—Trucks 23,400 Salaries expense 69,000 Office supplies expense 8,100 Repairs expense—Trucks 11,100 Totals $ 404,500 $ 404,500...
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company....
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company. Credit Debit $ 7,300 17,500 3,900 179,000 $ 41,000 82,200 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense Repairs expense–Trucks Totals 12,300 3,700 61,000 20,600 151,000 19,000 131,000 22,600 68,000 8,200 12,900 $420,600 $420,600 Use the...
The following is the adjusted trial balance of Marie, Inc., at December 31, 2018, the end...
The following is the adjusted trial balance of Marie, Inc., at December 31, 2018, the end of the current year. The retained earnings balance was $11,500 at January 1, 2018, the beginning of the current year. Marie, Inc. Adjusted Trial Balance December 31, 2018 Accounts Debit Credit Cash $83,600 Accounts Receivable 29,000 Prepaid Insurance 3,500 Office Supplies 3,200 Building 207,000 Accumulated Depreciation—Building $26,500 Land 47,000 Accounts Payable 25,000 Salaries Payable 5,000 Unearned Revenue 27,000 Mortgage Payable 103,000 Common Stock 16,000...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 9,800 Accounts receivable 16,500 Office supplies 2,000 Trucks 195,000 Accumulated depreciation—Trucks $ 40,170 Land 75,000 Accounts payable 13,800 Interest payable 3,000 Long-term notes payable 52,000 Common stock 38,828 Retained earnings 140,000 Dividends 19,000 Trucking revenue 142,500 Depreciation expense—Trucks 25,910 Salaries expense 66,833 Office supplies expense 8,000 Repairs expense—Trucks 12,255 Totals $ 430,298 $ 430,298 Use the above-adjusted trial balance to prepare...
Exercise 4-11 Preparing the financial statements LO C2 The following is the adjusted trial balance of...
Exercise 4-11 Preparing the financial statements LO C2 The following is the adjusted trial balance of Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Credit $ 6,300 16,500 2,000 171,000 $ 35, 226 75,000 10,300 3,000 52,000 169,593 19,000 124,500 22,721 58,391 13,000 10,707 $394,619 $394,619 The...
Exercise 4. Following is the year-end adjusted trial balance for Fred's Corner Grocery for the current year: Fred's Corner Grocery Adjusted Trial Balance December 31 Dr. $ 67,500 46,000 60,000 800 $ 16,000 850 125,630 45,000 550,000 Cash...... Accounts receivable............... Merchandise inventory. Store supplies...... Accounts payable.... Salaries payable. F. Brewster, Capital.. F. Brewster, Withdrawals....... Sales....................... Sales returns & allowances...... Sales discounts............. Cost of goods sold..... Sales salaries expense......... Advertising expense.......... Store salaries expense............. Store supplies expense......... Interest expense.... Totals............................................. 4,500...
All
paper. Good feed back. Thanks anticipated.
Exercise 5. From the adjusted trial balance for Brookstone Art Supplies given below, prepare a multiple-step income statement in good form. Brookstone Art Supplies Adjusted Trial Balance December 31 Credit Debit $9,400 25,000 36,000 900 75,000 $22,000 60,000 Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment Accumulated depreciation office equipment Accounts payable Notes payable A. Brookstone, Capital A. Brookstone, Withdrawals Sales Sales discounts Sales returns and allowances...
3. The year-end adjusted trial balance of ABC Supply, Incorporated, for the current year is shown below. ABC SUPPLY INC. Adjusted Trial Balance December 31 Cash Office supplies Merchandise inventory Store equipment Accum. depr.-store equipment Accounts payable Common Stock Sales Cost of goods sold Depreciation expense-Store equipment Office Supplies expense Salaries expense Rent expense Debit Credit $1,500 500 11,000 18,000 $3,000 6,000 28,000 60,000 48,000 1,000 1,000 14,000 2.000 $97.000 $97.000 Required: Prepare closing entries at December 31 for the...
/s3-13 Preparing an adjusted trial balance Steve's Tax Services had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances. $ ? 24,000 550 Cash Land Utilities Payable Accounts Payable Accumulated Depreciation-Equipment Service Revenue Supplies Expense Steve, Withdrawals 3,800 1,500 90,000 700 28,000 Equipment $ 25,000 Accounts Receivable 4,250 Office Supplies 900 Steve, Capital 18,600 Utilities Expense 1,550 Unearned Revenue 600 Depreciation Expense-Equipment 1,800 Salaries Expense 5,200 Prepare the adjusted trial balance for Steve's Tax...
Exercise 4-11 Preparing financial statements LO C3 The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 6,300 Accounts receivable 16,500 office supplies 2,000 Trucks 174,000 Accumulated depreciation-Trucks $ 35,844 Land 75,000 Accounts payable 10,300 Interest payable 3,000 Long-term notes payable 52,000 x. Wilson, Capital 154, 193 x. Wilson, withdrawals 19,000 Trucking fees earned 148,500 Depreciation expense 23,119 Trucks Salaries expense 69,647 Office supplies expense 5,500 Repairs expense Trucks 12,771 Totals...
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company. Credit Debit $ 7,300 17,500 3,900 179,000 $ 41,000 82,200 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense Repairs expense–Trucks Totals 12,300 3,700 61,000 20,600 151,000 19,000 131,000 22,600 68,000 8,200 12,900 $420,600 $420,600 Use the...
Exercise 4-11 Preparing the financial statements LO C2 The following is the adjusted trial balance of Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Credit $ 6,300 16,500 2,000 171,000 $ 35, 226 75,000 10,300 3,000 52,000 169,593 19,000 124,500 22,721 58,391 13,000 10,707 $394,619 $394,619 The...
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