Debit | Credit | |||
December 31 | Service Revenue | 845000 | ||
Retained Earnings | 845000 | |||
December 31 | Retained Earnings | 592000 | =139000+379000+74000 | |
Rent Expense | 139000 | |||
Salaries Expense | 379000 | |||
Interest Expense | 74000 | |||
December 31 | Retained Earnings | 49000 | ||
Dividends | 49000 |
retained earning? RI Check my work mode: This shows what is correct or incorrect for the...
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $210,000; Service Revenue, $800,000; Salaries Expense, $370,000; Rent Expense, $130,000; Interest Expense, $65,000; and Dividends, $40,000. The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $210,000; Service Revenue, $800,000; Salaries Expense, $370,000; Rent Expense, $130,000; Interest Expense, $65,000; and Dividends, $40,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required"...
The year end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings. $220,000; Service Revenue, $850,000; Salaries Expense. $380,000; Rent Expense, $140,000: Interest Expense, $75,000; and Dividends. $50,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal y Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the entry to close revenue accounts. Note: Enter debits before credits. General Journal Debit Credit...
Saved Chapter 5 Homework Check my work mode: This shows what is correct or incorrect for the work you have completed so far, it Gerdes Psychological Services, Inc, closes its temporary accounts once each year on December 31. The compa following income statement as part of its annual report. 2,500 GERDES PSYCHOLOGICAL SERVICES, INC. Income Statement For the year ended December 31, current year Revenues Counseling revenue Expenses: Advertising expense Salaries expense 97,000 Office supplies expense Utilities expense Malpractice insurance...
Exercise 3-17A Record closing entries (LO3-6) Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $25,000 $ 2,500 45,000 5,500 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 14,500 5,500 2,500 10,500 4,500 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completio LO Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying $25,200 ($2,100/month). 0.66 points Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Prepaid...
Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate con As of December 31, 2019, Armani Company's financial records show the following items and amounts. Part 3 of 3 Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2018 Retained earnings, Dec. 31, 2019 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $ 10,300 9,300 6,300...
Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return Ryan Terlecki organized a new Internet company, CapUniverse, Inc. The company specializes in baseball-type caps with logos printed on them. Ryan, who is never without a cap, believes that his target market is college and high school students. You have been hired to record the transactions occurring in the first month of operations. 3....
Fill out chart for A: Record entry to close service revenue. B: Record entry to close expenses. C:Record entry to close Dividends. The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 25,300...
Help Save & Exit Submit 4 Company as of December 31. Check my work 4 points Skipped No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals Debit Credit $18,000 14,700 2,000 23,000 $ 6,500 15,865 33,600 6,000 35,400 2,000 20,638 1,487 2,372 1,168 $91, 365 $91,365...
On December 31, 2018, Ditka Inc. had Retained Earnings of $278,800 before its closing entries were prepared and posted During 2018, the company had service revenue of $179,100 and interest revenue of $86,800. The company used supplies in the amount of $93.400, advertising expenses were $17.500, salaries and wages totaled $19,950, and income tax expense was calculated as $15.900. During the year, the company declared and paid dividends of $7100. Required: a. Prepare the closing entries dated December 31, 2018...