Homework Answers
| a) Closing Entries | ||
| Accounts Titles and Explanation | Debit | Credit |
| Fees Earned | $75,000 | |
| Income Summary | $75,000 | |
| (To close the revenue accounts) | ||
| Income Summary | $60,360 | |
| Salaries Expense | $32,800 | |
| Rent Expense | $16,800 | |
| Depreciation Expense - Office Equipment | $3,960 | |
| Advertising Expense | $4,000 | |
| Office Supplies Expense | $2,800 | |
| (To close the expense accounts) | ||
| Brady, Capital | $1,000 | |
| Brady, Withdrawals | $1,000 | |
| (To close the withdrawals) | ||
| Income Summary ($75,000 - $60,360) | $14,640 | |
| Brady, Capital | $14,640 | |
| (To close the net income) | ||
| b) Ending balance in Brady, Capital: | ||
| Beginning balance of Brady, Capital | $30,260 | |
| Less: Brady, Withdrawals | ($1,000) | |
| Add: Net Income | $14,640 | |
| Ending balance in Brady, Capital | $43,900 | |
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Shown below is Adventure Travel's adjusted trial balance as of the end of its annual accounting...
Paradise Travel's adjusted trial balance as of the end of its annual accounting period is shown...
Paradise Travel's adjusted trial balance as of the end of its annual accounting period is shown below: (a) Prepare the necessary closing entries. (b) Prepare a post-closing trial balance. Paradise Travel Adjusted Trial Balance December 31 Debit. Credit Cash $ 25,000 Accounts receivable 15,000 Office supplies 4,300 Office equipment 29,600 Accumulated depreciation–Office equipment $5,000 Long-term notes payable 25,000 D. Chambers, Capital 30,260 D. Chambers, Withdrawals 1,000 Fees earned 75,000 Salaries expense 32,800 Rent expense 16,800 Depreciation expense–Office equipment 3,960 Advertising...
Problem 1. Closing Entries (16 points) from the adjusted trial balance for Fabricated necessary closing entries....
Problem 1. Closing Entries (16 points) from the adjusted trial balance for Fabricated necessary closing entries. Fabricated Products Company given below, prepare the Fabricated Products Company Adjusted Trial Balance December 31, 2017 Credit Debit $19,400 25,000 26,000 1,900 84,000 $22.000 40,000 15,000 12,000 40,000 Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment 1 Accumulated depreciation office equipment Accounts payable Notes payable P. Card, Capital P. Card, Withdrawals Sales Sales discounts Sales returns and allowances...
perpare closing entries directly to retained esrnings in general journal form The adjusted trial balance shown...
perpare closing entries directly to retained esrnings in
general journal form
The adjusted trial balance shown below is for Fine consulting service as of Dec. 31. Bryan Fine made Cape Contibution during the cox 1,183 Adjusted Trial Balance | Dr cash $3,780 Accounts Rec. 4,578 Supplies 4284 Prepaid Ing. 2.100 Equipment 8960 Actum. Depr. -Equipment 1512 Accounts Payable Long-term notes payable 9,800 Common Stock 2,800 Retained Earnings 7,287 Dividends 4,060 service fees carned 81,760 Rent expense 16,800 Salarics apense 46,760...
Below is the year-end adjusted trial balance for Lucie Accounting. (10 marks 3. Below is the...
Below is the year-end adjusted trial balance for Lucie
Accounting. (10 marks
3. Below is the year-end adjusted trial balance for Lucie Accounting. (10 marks Lucie Accounting Trial Balance December 31, 2015 Account Dr. 13,000 Cr. Cash Accounts receivable Office supplies Prepaid insurance Long term note receivable Land Equipment Accumulated depreciation, Equipment Building Accumulated depreciation, Building Customer list Notes payable Unearned accounting fees Salaries payable Lucie Majeau, capital Lucie Majeau, withdrawals Accounting fees earned Depreciation expense, Building Depreciation expense, Equipment...
4. The adjusted trial balance of Sara's Web Services follows: (30%) SARA'S WEB SERVICES Adjusted Trial...
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The following is the adjusted trial balance for Baker Services. Accounts Debit Credit Cash $50,700 Accounts...
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/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...
The adjusted trial balance of Karise Repairs on December 31 follows. No. Credit Debit $ 97,000...
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The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
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3. The year-end adjusted trial balance of ABC Supply, Incorporated, for the current year is shown...
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Problem 1. Closing Entries (16 points) from the adjusted trial balance for Fabricated necessary closing entries. Fabricated Products Company given below, prepare the Fabricated Products Company Adjusted Trial Balance December 31, 2017 Credit Debit $19,400 25,000 26,000 1,900 84,000 $22.000 40,000 15,000 12,000 40,000 Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment 1 Accumulated depreciation office equipment Accounts payable Notes payable P. Card, Capital P. Card, Withdrawals Sales Sales discounts Sales returns and allowances...
perpare closing entries directly to retained esrnings in
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The adjusted trial balance shown below is for Fine consulting service as of Dec. 31. Bryan Fine made Cape Contibution during the cox 1,183 Adjusted Trial Balance | Dr cash $3,780 Accounts Rec. 4,578 Supplies 4284 Prepaid Ing. 2.100 Equipment 8960 Actum. Depr. -Equipment 1512 Accounts Payable Long-term notes payable 9,800 Common Stock 2,800 Retained Earnings 7,287 Dividends 4,060 service fees carned 81,760 Rent expense 16,800 Salarics apense 46,760...
Below is the year-end adjusted trial balance for Lucie
Accounting. (10 marks
3. Below is the year-end adjusted trial balance for Lucie Accounting. (10 marks Lucie Accounting Trial Balance December 31, 2015 Account Dr. 13,000 Cr. Cash Accounts receivable Office supplies Prepaid insurance Long term note receivable Land Equipment Accumulated depreciation, Equipment Building Accumulated depreciation, Building Customer list Notes payable Unearned accounting fees Salaries payable Lucie Majeau, capital Lucie Majeau, withdrawals Accounting fees earned Depreciation expense, Building Depreciation expense, Equipment...
4. The adjusted trial balance of Sara's Web Services follows: (30%) SARA'S WEB SERVICES Adjusted Trial Balance December 31, 2018 $ 2.000 6,920 950 600 $5,400 Depreciation expense......................... Salaries expense... Utilities expense......................... Prepaid insurance....................... Accumulated depreciation-Computer equipment.......... Supplies..... Cash.. Insurance expense.......... Computer equipment......... Accounts payable. Sara Pollis, Withdrawals..... Supplies expense.... Rent expense................... Services revenue...... Sara Pollis, Capital....... Totals... 1,930 1,170 400 20,600 325 4,800 800 1,200 21,720 13.925 $41.370 $41.370 (a) Prepare the closing entries for Sara's Web Services. (b)...
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The adjusted trial balance of Karise Repairs on December 31 follows. No. Credit Debit $ 97,000 1,900 3,000 53,000 $ KARISE REPAIRS Adjusted Trial Balance December 31 Account Title 101 Cash 124 Office supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 210 Wages payable 301 C. Karise, Capital 302 C. Karise, withdrawals 401 Repair fees earned 612 Depreciation expense-Equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals...
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...
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