Homework Answers
Solution:
| Closing Entries | |||
| No. | Account title and explanation | Debit | Credit |
| 1 | Sales Revenue | $47,900 | |
| Income Summary | $47,900 | ||
| (To close revenue accounts) | |||
| 2 | Income Summary | $50,600 | |
| Insurance Expense | $3,500 | ||
| Bad debt Expense | $8,800 | ||
| Salaries and wages Expense | $38,300 | ||
| (To close expense accounts) | |||
| 3 | Retained Earnings | $2,700 | |
| Income Summary (50600 - 47900) | $2,700 | ||
| (To close Net income) | |||
| 4 | Retained Earnings | $2,000 | |
| Dividends | $2,000 | ||
| (To close dividend) | |||
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Presented below are selected account balances for Rolling Yarn Co. as of December 31, 20X1. Prepaid...
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Exercise 3-16 Presented below are selected account balances for Homer Winslow Co. as of December 31,...
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please help with journalizing Presented below are selected account balances for Bonita Co. as of December...
please help with journalizing
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Exercise 3-16 Presented below are selected account balances for Sunland Co. as of December 31, 2017....
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Presented below are selected account balances for Headland Co. as of December 31, 2017 Inventory 12/31/17...
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Exercise 3-16 Presented below are selected account balances for Bridgeport Co. as of December 31, 2017. Inventory 12/...
Exercise 3-16
Presented below are selected account balances for Bridgeport Co.
as of December 31, 2017.
Inventory 12/31/17
$59,060
Cost of Goods Sold
$223,940
Common Stock
73,580
Selling Expenses
16,304
Retained Earnings
45,560
Administrative Expenses
38,711
Dividends
17,785
Income Tax Expense
29,530
Sales Returns and Allowances
11,768
Sales Discounts
15,210
Sales Revenue
403,540
Prepare closing entries for Bridgeport Co. on December 31, 2017.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry...
Presented below are selected account balances for XYZ Corporation as of December 31, 2021. Inventory 12/31/21...
Presented below are selected account balances for XYZ Corporation as of December 31, 2021. Inventory 12/31/21 - $65,000 Cost of Goods Sold - $230,000 Sales Revenue - 450,000 Selling Expenses - 26,000 Interest Revenue - 10,000 Administrative Expenses - 28,000 Dividends - 20,000 Income Tax Expense - 20,000 Common Stock - 70,000 Retained Earnings - 48,000 Rent Revenue - 13,000 Allowance for Doubtful Accounts - 11,000 Accounts Receivables - 88,000 Rent Expense - 16,000 Instructions: Prepare the necessary closing entries for...
Question 9 0.9 pts Presented below are selected account balances for Pitchfork, Inc. as of December...
Question 9 0.9 pts Presented below are selected account balances for Pitchfork, Inc. as of December 31, x1. Using this information, prepare the necessary Closing Entry that is recorded to permanently move Net Income into it's permanent equity account. Debit [Select] , for [Select] Credit [Select] 4, for [Select] Inventory $ 60,000 Cost of Goods Sold $225,700 Common Stock 75,000 Selling Expenses 16,000 Retained Earnings 45,000 Administrative Expenses 38,000 Dividends 18,000 Income Tax Expense 30,000 Sales Returns 12,000 Sales Revenues...
please help with journalizing
Presented below are selected account balances for Bonita Co. as of December 31, 2020. Inventory 12/31/20 $61,120 Cost of Goods Sold $228,331 Common Stock 74,240 Selling Expenses 16,210 Retained Earnings 45,290 Administrative Expenses 37,930 Dividends 17,945 Income Tax Expense 30,410 Sales Returns and Allowances 12,050 Sales Discounts 14,730 Sales Revenue 405,490 Prepare closing entries for Bonita Co. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent No. Account...
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Exercise 3-16
Presented below are selected account balances for Bridgeport Co.
as of December 31, 2017.
Inventory 12/31/17
$59,060
Cost of Goods Sold
$223,940
Common Stock
73,580
Selling Expenses
16,304
Retained Earnings
45,560
Administrative Expenses
38,711
Dividends
17,785
Income Tax Expense
29,530
Sales Returns and Allowances
11,768
Sales Discounts
15,210
Sales Revenue
403,540
Prepare closing entries for Bridgeport Co. on December 31, 2017.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry...
Question 9 0.9 pts Presented below are selected account balances for Pitchfork, Inc. as of December 31, x1. Using this information, prepare the necessary Closing Entry that is recorded to permanently move Net Income into it's permanent equity account. Debit [Select] , for [Select] Credit [Select] 4, for [Select] Inventory $ 60,000 Cost of Goods Sold $225,700 Common Stock 75,000 Selling Expenses 16,000 Retained Earnings 45,000 Administrative Expenses 38,000 Dividends 18,000 Income Tax Expense 30,000 Sales Returns 12,000 Sales Revenues...
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