The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000 Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner's Capital $59,000, Withdrawals, $2,000, Fees Earned, $56,000: Depreciation Expense, $25,000, and Salaries Expense, $23,000. All accounts have normal balances.
Prepare the first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
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The company's adjusted trial balance as follows includes the following accounts balances
The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation,...
The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $59,000; Dividends, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the third closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
The company's adjusted trial balance includes the followingaccounts balances: Cash, $15,000; Equipment, $85,000; AccumulatedDepreciation,...
The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $59,000; Dividends, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
The company's adjusted trial balance includes the followingaccounts balances: Cash, $15,000; Equipment, $85,000; AccumulatedDepreciation,...
The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $63,500; Dividends, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000; Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances.Prepare the second closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1)...
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1) close credit balances in revenue (and gain) accounts to Income Summary, (2) close debit balances in expense (and loss) accounts to Income Summary, (3) close Income Summary to the capital account, and (4) close withdrawals account to owner's capital Part 2 of 2 0.5 points Closing Entries Illustration Closing Process Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000, Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000: Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering...
Manchester Corporation's adjusted trial balance reported the following account balances at the end of the current...
Manchester Corporation's adjusted trial balance reported the following account balances at the end of the current year: Debit Credit Cash $ 15,000 Buildings and Equipment 85,000 Accumulated Depreciation $ 5,000 Accounts Payable 10,000 Common Stock 59,000 Retained Earnings 18,000 Sales Revenue 56,000 Depreciation Expense 25,000 Loss on Disposal of Assets 23,000 Totals $ 148,000 $ 148,000 Which of the following will be included in the closing entry prepared at the end of the current year? Multiple Choice Credit to Retained...
Check my 1 The Adjusted Trial Balance for Planta Company follows. Complete the work sheet by...
Check my 1 The Adjusted Trial Balance for Planta Company follows. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by entering the amount of net income for the reporting period. 10 points PLANTA COMPANY Work Sheet Adjusted Trial Balance Income Statement Balance Sheet and Statement of Owner's Equity Dr. Cr. Cr. Dr. Cr. Book $ Dr. 7000 27.200 42.000 References $ 17,500 32.000 No. Account Title 101 Cash 106 Accounts receivable 153...
The following adjusted trial balance contains the accounts and balances of Zein Company as of December...
The following adjusted trial balance contains the accounts and balances of Zein Company as of December 31, 2015, the end of its fiscal year. No. Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 8,500 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation—Equipment $ 6,500 301 R. Zein, Capital 39,664 302 R. Zein, Withdrawals 6,000 404 Services revenue 48,500 612 Depreciation expense—Equipment 2,000 622 Salaries expense 28,276 637 Insurance expense 2,037 640 Rent expense 3,250 652 Supplies...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Credit Debit $18,000 12,900 2,000 23,000 $ 6,500 45,493 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals 6,000 43,300 2,000 25,244 1,819 2,901 1,429 $95, 293 $95, 293...
The Adjusted Trial Balance for Planta Company follows. Complete the work sheet by extending the account...
The Adjusted Trial Balance for Planta Company follows. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by entering the amount of net income for the reporting period. PLANTA COMPANY Work Sheet Adjusted Trial Balance Income Statement Balance Sheet and Statement of Owner's Equity Dr. Cr. Cr. Dr. Cr. Dr. 6,700 29,279 40,500 $ 16,281 30,000 15,611 No. Account Title 101 Cash 106 Accounts receivable 153 Trucks 154 Accumulated depreciation-Trucks 183 Land 201...
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1) close credit balances in revenue (and gain) accounts to Income Summary, (2) close debit balances in expense (and loss) accounts to Income Summary, (3) close Income Summary to the capital account, and (4) close withdrawals account to owner's capital Part 2 of 2 0.5 points Closing Entries Illustration Closing Process Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000, Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000: Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering...
Check my 1 The Adjusted Trial Balance for Planta Company follows. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by entering the amount of net income for the reporting period. 10 points PLANTA COMPANY Work Sheet Adjusted Trial Balance Income Statement Balance Sheet and Statement of Owner's Equity Dr. Cr. Cr. Dr. Cr. Book $ Dr. 7000 27.200 42.000 References $ 17,500 32.000 No. Account Title 101 Cash 106 Accounts receivable 153...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Credit Debit $18,000 12,900 2,000 23,000 $ 6,500 45,493 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals 6,000 43,300 2,000 25,244 1,819 2,901 1,429 $95, 293 $95, 293...
The Adjusted Trial Balance for Planta Company follows. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by entering the amount of net income for the reporting period. PLANTA COMPANY Work Sheet Adjusted Trial Balance Income Statement Balance Sheet and Statement of Owner's Equity Dr. Cr. Cr. Dr. Cr. Dr. 6,700 29,279 40,500 $ 16,281 30,000 15,611 No. Account Title 101 Cash 106 Accounts receivable 153 Trucks 154 Accumulated depreciation-Trucks 183 Land 201...
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