Homework Answers
Closing Entries:- These entries are prepared at the end of the year, to close Expenses and Revenue Account and transferred to Income Summary which is a Temporary Account and Income Summary Account is also transferred to Retained Earnings which is a Permanent Account and shows in Balance Sheet under Stockholders Equity head. Dividends also closed in Retained Earnings.
Preparing Closing Entries from Adjusted Trial Balance of Smart Touch Learning:-
SMART TOUCH LEARNING
General Journal (Closing Entries)
For the year ended December 31,2016
| Date | Accounts Title and Explanation | Debit | Credit |
|---|---|---|---|
| December 31 | Service Revenue | $47,600 | $46,100 |
| Income Summary | |||
| (To close Revenue Account) | |||
| December 31 | Income Summary | $9,900 | |
| Depreciation Expense, Furniture | $2,100 | ||
| Interest Expense | $300 | ||
| Rent Expense | $3,100 | ||
| Salaries Expense | $3,600 | ||
| Supplies Expense | $800 | ||
| (To close Expenses Accounts) | |||
| December 31 | Income Summary | $37,700 | |
| Retained Earnings | $37,700 | ||
| (To close Income Summary) | |||
| December 31 | Retained Earnings | $26,700 | |
| Dividends | $26,700 | ||
| (To close Dividends Account) | |||
Amount transferred to Retained Earnings=(Income Summary Credit Amount - Income Summary Debit Amount)
=($47,600-$9,900)
=$37,700
Posting the balances and closing Entries to General Ledger:-(Closing Entries=CE)
Cash
| Date | Amount | Date | Amount |
|---|---|---|---|
| December 31 | $15,700 | ||
| Ending Bal. | $15,700 | ||
Accounts Receivable
| December 31 | $8,700 | ||
| Ending Bal | $8,700 | ||
Office Supplies
| December 31 | $200 | ||
| Ending Bal | $200 | ||
Prepaid Rent
| December 31 | $10,500 | ||
| Ending Bal | $10,500 | ||
Furniture
| December 31 | $18,400 | ||
| Ending Bal | $18,400 | ||
Accumulated Depreciation, Furniture
| December 31 | $6,300 | ||
| Ending Bal | $6,300 | ||
Accounts Payable
| December 31 | $2,100 | ||
| Ending Bal | $2,100 | ||
Salaries Payable
| December 31 | $500 | ||
| Ending Bal | $500 | ||
Interest Payable
| December 31 | $300 | ||
| Ending Bal | $300 | ||
Unearned Revenue
| December 31 | $5,200 | ||
| Ending Bal | $5,200 | ||
Notes Payable
| December 31 | $7,300 | ||
| Ending Bal | $7,300 | ||
Common Stock
| December 31 | $10,300 | ||
| Ending Bal | $10,300 | ||
Retained Earnings
| December 31 CE | $26,700 | December 31 | $10,500 |
| Balance | $21,500 | December 31 CE | $37,700 |
| Total | $48,200 | Total | $48,200 |
| Ending Bal | $21,500 | ||
Dividends
| December 31 | $26,700 | December 31 CE | $26,700 |
| Ending Bal | $0 | ||
Service Revenue
| December 31 CE | $47,600 | December 31 | $47,600 |
| Ending Bal | $0 | ||
Depreciation Expense, Furniture
| December 31 | $2,100 | December 31 CE | $2,100 |
| Ending Bal | $0 | ||
Interest Expense
| December 31 | $300 | December 31 CE | $300 |
| Ending Bal | $300 | ||
Rent Expense
| December 31 | $3,100 | December 31 CE | $3,100 |
| Ending Bal | $0 | ||
Salaries Expense
| December 31 | $3,600 | December 31 CE | $3,600 |
| Ending Bal | $0 | ||
Supplies Expense
| December 31 | $800 | December 31 CE | $800 |
| Ending Bal | $0 | ||
Income Summary
| December 31 CE | $9,900 | December 31 CE | $47,600 |
| December 31 CE | $37,700 | ||
| Ending Bal | $0 | ||
Add Answer to:
Check your knowledge! If you complete all parts with a 95% score, you will unlock access...
Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of...
Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. Accounts and Explanation Debit Credit SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 service revenue Balance Debit Credit Account Title Todore Revenue 17,800 Accounts Receivable 9,800 Accounts and Explanation Debit Credit Office Supplies 200 Prepaid Rent 11.000 Furniture 20,700 Accumulated Depreciation Furniture 7.100 Accounts Payable 2.300 Salaries Payable 500 Interest Payable 300 Urearned Revenue 5.900 03/31/20 Chapter 5 Warm Up tungraded...
Check your knowledge! If you complete all parts with a 95% score, you will unlock access...
Check your knowledge! If you complete all parts with a 95% score, you will unlock access to all activities and can proceed to prove your mastery. You can attempt this as many times as you want. Your work will be saved as you work through each part. Using the Adjusted Trial Balance, complete the Income Statement, Statement of Retained Earnings, and Balance Sheet. Enter any decreases with a minus sign or parentheses. SMART TOUCH LEARNING Adjusted Trial Balance December 31,...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Whispering...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Whispering Winds Corp. is provided below. Debit Credit Accounts Receivable Dividends $58,080 21,040 10,560 170,240 72,880 Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue $42,400 91,840 18,320 147,040 4,960 Rent Revenue 2,880 Rent Expense Retained Earnings Supplies Expense 49,440 1,120 Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue 147,040 Rent Revenue 4,960 Income Summary...
PART 10: Post and Close All Accounts Post the closing entries to the general ledger in...
PART 10: Post and Close All Accounts Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Date Accounts Debit Credit Dec. 31 Service Revenue 22,700 Retained Earnings 22,700 Date Accounts Debit Credit Dec. 31 Retained Earnings 8,385 Salaries Expense 5,500 Depreciation Expense - Furniture 300 Insurance Expense 375 Utilities Expense 240 Rent Expense 1,900 Supplies Expense...
The adjusted balance ("Adj. Bal.") of each account has been entered for you. Post the closing...
The adjusted balance ("Adj. Bal.") of each account has been
entered for you. Post the closing entries to the T-accounts and
calculate each account's post-closing balance. Use Dec. 31 as a
posting reference for your closing entries, and "Bal." references
to denote post-closing balances. Include a post-closing balance
for each T-account (including those that were not closed). For
any accounts with a zero balance after closing, enter a "0" on
the normal side of the account. For Income Summary, calculate...
Thank you in advance :) PART 10: Post and Close All Accounts Post the closing entries...
Thank you in advance :)
PART 10: Post and Close All Accounts Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Date Accounts Debit Credit Dec. 31 Retained Earnings 9,185 Salaries Expense 6,800 Depreciation Expense - Furniture 100 Insurance Expense 275 Utilities Expense 380 Rent Expense 1,500 Supplies Expense 130 Date Accounts Debit Credit Dec. 31...
Sheridan Company shows the following balances in selected accounts of its adjusted trial balance. Supplies Supplies...
Sheridan Company shows the following balances in selected accounts of its adjusted trial balance. Supplies Supplies Expense Accounts Receivable Dividends Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense $24,320 4,560 9,120 16.720 53,200 82,080 30,400 6,080 13,680 Date Account Titles and Explanation Debit Credit Dec. 31 (To cose revenue to income summary) Dec. 31 (To close expenses to income summary) Dec. 31 (To cose net income to retained earnings)
s Kimmel, Financial Accounting, 9e Exercise 4-21 (Part Level Submission) Selected year-end account balances from the...
s Kimmel, Financial Accounting, 9e Exercise 4-21 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of December 31, 2022 Credit Debit $88,570 32,090 16,100 259,620 111,140 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $64,660 140,060 27,940 224,240 7,560 4,390 75,400 1,710 Your answer is partially correct. Try again. Prepare closing entries. (Credit account titles are...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota Corp. is provided below. Credit Debit $69,700 25,250 12,670 204,290 87,460 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $50,880 110,210 21,980 176,450 5,950 3,460 59,330 1,340 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Exercise 4-20 Selected year-end account balances from the adjusted trial balance as of December 31, 2017,...
Exercise 4-20 Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Marigold Corp. is provided below. Credit Debit $87,120 31,560 15,840 255,360 109,320 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $63,600 137,760 27,480 220,560 7,440 4,320 74,160 1,680 Your answer is partially correct. Try again. Prepare closing entries. (Credit account titles are automatically...
Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. Accounts and Explanation Debit Credit SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 service revenue Balance Debit Credit Account Title Todore Revenue 17,800 Accounts Receivable 9,800 Accounts and Explanation Debit Credit Office Supplies 200 Prepaid Rent 11.000 Furniture 20,700 Accumulated Depreciation Furniture 7.100 Accounts Payable 2.300 Salaries Payable 500 Interest Payable 300 Urearned Revenue 5.900 03/31/20 Chapter 5 Warm Up tungraded...
Check your knowledge! If you complete all parts with a 95% score, you will unlock access to all activities and can proceed to prove your mastery. You can attempt this as many times as you want. Your work will be saved as you work through each part. Using the Adjusted Trial Balance, complete the Income Statement, Statement of Retained Earnings, and Balance Sheet. Enter any decreases with a minus sign or parentheses. SMART TOUCH LEARNING Adjusted Trial Balance December 31,...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Whispering Winds Corp. is provided below. Debit Credit Accounts Receivable Dividends $58,080 21,040 10,560 170,240 72,880 Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue $42,400 91,840 18,320 147,040 4,960 Rent Revenue 2,880 Rent Expense Retained Earnings Supplies Expense 49,440 1,120 Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue 147,040 Rent Revenue 4,960 Income Summary...
PART 10: Post and Close All Accounts Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Date Accounts Debit Credit Dec. 31 Service Revenue 22,700 Retained Earnings 22,700 Date Accounts Debit Credit Dec. 31 Retained Earnings 8,385 Salaries Expense 5,500 Depreciation Expense - Furniture 300 Insurance Expense 375 Utilities Expense 240 Rent Expense 1,900 Supplies Expense...
The adjusted balance ("Adj. Bal.") of each account has been
entered for you. Post the closing entries to the T-accounts and
calculate each account's post-closing balance. Use Dec. 31 as a
posting reference for your closing entries, and "Bal." references
to denote post-closing balances. Include a post-closing balance
for each T-account (including those that were not closed). For
any accounts with a zero balance after closing, enter a "0" on
the normal side of the account. For Income Summary, calculate...
Thank you in advance :)
PART 10: Post and Close All Accounts Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Date Accounts Debit Credit Dec. 31 Retained Earnings 9,185 Salaries Expense 6,800 Depreciation Expense - Furniture 100 Insurance Expense 275 Utilities Expense 380 Rent Expense 1,500 Supplies Expense 130 Date Accounts Debit Credit Dec. 31...
Sheridan Company shows the following balances in selected accounts of its adjusted trial balance. Supplies Supplies Expense Accounts Receivable Dividends Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense $24,320 4,560 9,120 16.720 53,200 82,080 30,400 6,080 13,680 Date Account Titles and Explanation Debit Credit Dec. 31 (To cose revenue to income summary) Dec. 31 (To close expenses to income summary) Dec. 31 (To cose net income to retained earnings)
s Kimmel, Financial Accounting, 9e Exercise 4-21 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of December 31, 2022 Credit Debit $88,570 32,090 16,100 259,620 111,140 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $64,660 140,060 27,940 224,240 7,560 4,390 75,400 1,710 Your answer is partially correct. Try again. Prepare closing entries. (Credit account titles are...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota Corp. is provided below. Credit Debit $69,700 25,250 12,670 204,290 87,460 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $50,880 110,210 21,980 176,450 5,950 3,460 59,330 1,340 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Exercise 4-20 Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Marigold Corp. is provided below. Credit Debit $87,120 31,560 15,840 255,360 109,320 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $63,600 137,760 27,480 220,560 7,440 4,320 74,160 1,680 Your answer is partially correct. Try again. Prepare closing entries. (Credit account titles are automatically...
Most questions answered within 3 hours.
-
A coach uses a new technique to train gymnasts. Seven
gymnasts were randomly selected and their...
asked 1 hour ago -
While rotating the tires on your car you notice a rock [mass =
0.1 Kg] stuck...
asked 3 hours ago -
Using MARS simulator, write MIPS programs according to
the following scenarios: Receive a positive integer number...
asked 5 hours ago -
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 5 hours ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 7 hours ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 7 hours ago -
In a study of the accuracy of fast food drive-through orders,
Restaurant A had 257 accurate...
asked 7 hours ago -
Identify and describe in detail the four categories of
institutions that could be included in a...
asked 7 hours ago -
In python
class Customer:
def __init__(self, customer_id, last_name, first_name, phone_number, address):
self._customer_id = int(customer_id)
self._last_name =...
asked 7 hours ago -
What is an example of a limitation in implementing a new
ERP system and how it...
asked 7 hours ago -
In a section of 9.7cm of an artery with a radius of 2.6mm there
is a...
asked 7 hours ago -
the two carboxylic acid groups of aspartic acid have different
acidities with pKa values of 2.1...
asked 7 hours ago