The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO....
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT BALANCE
101 Cash $ 76,000
111 Accounts Receivable 58,420
121 Supplies 10,200
131 Prepaid Insurance 24,600
141 Equipment 114,000
142 Accumulated Depreciation—Equipment 40,920
202 Accounts Payable 12,600
301 Aretha Hinkle, Capital 126,000
302 Aretha Hinkle, Drawing 12,600
401 Fees Income 363,260
510 Depreciation Expense—Equipment 20,760
511 Insurance Expense 11,000
514 Rent Expense 32,600
517 Salaries Expense 162,000
518 Supplies Expense 5,200
519 Telephone Expense 6,400
523 Utilities Expense 9,000
All accounts have normal balances. Required: Prepare the closing entries. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.
Need journal entry for revenue, expense, balance of income summary, and drawing account
Also need ledgers for Capital, income summary, depreciation expense-equipment, rent expense, supplies expense, utilities expense, drawing, fess incomes, insurance expense, salaries expense, telephone expense (all need to have dates, debits, credits, and begin balance (if applied)
Homework Answers
| Closing entries: | ||||||||
| Date | Account titles and explanation | Debit | Credit | |||||
| Mar 31. | Fees income | 363260 | ||||||
| Income summary | 363260 | |||||||
| (Closing of revenue account) | ||||||||
| Mar 31. | Income summary | 246960 | ||||||
| Depreciation expense-Equipment | 20760 | |||||||
| Insurance expense | 11000 | |||||||
| Rent expense | 32600 | |||||||
| Salaries expense | 162000 | |||||||
| Supplies expense | 5200 | |||||||
| Telephone expense | 6400 | |||||||
| Utilities expense | 9000 | |||||||
| (Closing of expense accounts) | ||||||||
| Mar 31. | Income summary | 116300 | ||||||
| Aretha Hinkle,Capital | 116300 | |||||||
| (Closing of income summary account) | ||||||||
| Mar 31. | Aretha Hinkle,Capital | 12600 | ||||||
| Aretha Hinkle,Drawing | 12600 | |||||||
| (Closing of drawing account) | ||||||||
| T-accounts: | ||||||||
| Fees income | Depreciation expense-Equipment | |||||||
| Date | Debit | Credit | Balance | Date | Debit | Credit | Balance | |
| Bal. | 363260 | Bal. | 20760 | |||||
| Mar 31. | 363260 | 0 | Mar 31. | 20760 | 0 | |||
| Insurance expense | Rent expense | |||||||
| Date | Debit | Credit | Balance | Date | Debit | Credit | Balance | |
| Bal. | 11000 | Bal. | 32600 | |||||
| Mar 31. | 11000 | 0 | Mar 31. | 32600 | 0 | |||
| Salaries expense | Supplies expense | |||||||
| Date | Debit | Credit | Balance | Date | Debit | Credit | Balance | |
| Bal. | 162000 | Bal. | 5200 | |||||
| Mar 31. | 162000 | 0 | Mar 31. | 5200 | 0 | |||
| Telephone expense | Utilities expense | |||||||
| Date | Debit | Credit | Balance | Date | Debit | Credit | Balance | |
| Bal. | 6400 | Bal. | 9000 | |||||
| Mar 31. | 6400 | 0 | Mar 31. | 9000 | 0 | |||
| Income summary | Aretha Hinkle,Capital | |||||||
| Date | Debit | Credit | Balance | Date | Debit | Credit | Balance | |
| Mar 31. | 363260 | 363260 | Bal. | 126000 | ||||
| Mar 31. | 246960 | 116300 | Mar 31. | 116300 | 242300 | |||
| Mar 31. | 116300 | 0 | Mar 31. | 12600 | 229700 | |||
| Aretha Hinkle,Drawing | ||||||||
| Date | Debit | Credit | Balance | |||||
| Bal. | 12600 | |||||||
| Mar 31. | 12600 | 0 | ||||||
Add Answer to:
The ledger accounts of AXX Internet Company appear as follows on
March 31, 2019: ACCOUNT NO....
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 Account NO....
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 Account NO. Account Balance 101 Cash $62,000 111 Accounts Receivable 35,560 121 Supplies 8,800 131 Prepaid Insurance 23,200 141 Equipment 100,000 142 Accumulated Depreciation-Equipment 39,520 202 Accounts Payable 11,200 301 Aretha Hinkle, Capital 112,000 302 Aretha Hinkle, Drawing 11,200 401 Fees Income 302,600 510 Depreciation Expense-Equipment 19,360 511 Insurance Expense 9,600 514 Rent Expense 31,200 517 Salaries Expense 148,000 518 Supplies Expense 3,800 519 Telephone Expense...
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO....
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense: 519 Telephone Expense 523 Utilities Expense BALANCE $ 67,000 36,060 9,300 23,700 105,000 40,020 11,700 117,000 11,709 316,600...
The ledger accounts of AXX Internet Company appear as follc ACCOUNT BALANCE NO. ACCOUNT $ 63,000...
The ledger accounts of AXX Internet Company appear as follc ACCOUNT BALANCE NO. ACCOUNT $ 63,000 35,660 8,900 23,300 101,000 39,620 11,300 Cash 101 Accounts Receivable 111 Supplies Prepaid Insurance 141 Equipment Accumulated Depreciation-Equipment Accounts Payable Aretha Hinkle, Capital Aretha Hinkle, Drawing 121 131 142 202 113,000 11,300 305,400 19,460 301 302 401 Fees Income 510 Depreciation Expense-Equipment Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense 9,700 31,300 149,000 511 514 517 3,900 5,100 7,700 518...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 61,000 35,460 8,700 23,100 99,000...
Just need the ledger accounts filled out, thanks! Exercise 6.6 Closing entries. LO 6-1 The ledger...
Just need the ledger accounts filled out, thanks!
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 20 ACCOUNT ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 63,000 35,660 8,900 23,380 101,008 39,620...
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March...
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 NO ACCOUNT BALANCE 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Draving 401 Fees Income 518 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense 5 40,808 29,910 5,3ee 12,s88 59,e98 28,666 7,080 65,006...
Record the closing entry for revenue. Record the closing entry for expenses. Record the closing entry...
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
summary.
Record the closing entry for the drawing account.
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401...
The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows Account Name...
The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows Account Name Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Roger Dye, Capital Roger Dye, Drawing Fees Income Supplies Expense Insurance Expense Depreciation Expense-Equipment Salaries Expense Utilities Expense Balance 7,100 1,950 1,800 710 17,500 3, see 3,150 15,300 3,600 16, 800 760 610 560 3,15e 1,01e Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entries for RD...
On December 31, the ledger of Davis Company contained the following account balances: Accounts Payable $...
On December 31, the ledger of Davis Company contained the following account balances: Accounts Payable $ 13,600 Fees Income $ 182,000 Accounts Receivable 6,000 Supplies 4,400 Accumulated Depreciation 8,400 Prepaid Rent 62,000 Cash 84,000 Rent Expense 9,200 Depreciation Expense 8,400 Supplies Expense 8,400 Equipment 72,000 Teresa Davis, Capital 120,000 Teresa Davis, Drawing 54,000 Utilities Expense 15,600 All the accounts have normal balances. Prepare the closing entries for Davis Company On December 31. *Fee income to income summary, expenses to income...
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense: 519 Telephone Expense 523 Utilities Expense BALANCE $ 67,000 36,060 9,300 23,700 105,000 40,020 11,700 117,000 11,709 316,600...
The ledger accounts of AXX Internet Company appear as follc ACCOUNT BALANCE NO. ACCOUNT $ 63,000 35,660 8,900 23,300 101,000 39,620 11,300 Cash 101 Accounts Receivable 111 Supplies Prepaid Insurance 141 Equipment Accumulated Depreciation-Equipment Accounts Payable Aretha Hinkle, Capital Aretha Hinkle, Drawing 121 131 142 202 113,000 11,300 305,400 19,460 301 302 401 Fees Income 510 Depreciation Expense-Equipment Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense 9,700 31,300 149,000 511 514 517 3,900 5,100 7,700 518...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 61,000 35,460 8,700 23,100 99,000...
Just need the ledger accounts filled out, thanks!
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 20 ACCOUNT ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 63,000 35,660 8,900 23,380 101,008 39,620...
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 NO ACCOUNT BALANCE 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Draving 401 Fees Income 518 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense 5 40,808 29,910 5,3ee 12,s88 59,e98 28,666 7,080 65,006...
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
summary.
Record the closing entry for the drawing account.
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401...
The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows Account Name Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Roger Dye, Capital Roger Dye, Drawing Fees Income Supplies Expense Insurance Expense Depreciation Expense-Equipment Salaries Expense Utilities Expense Balance 7,100 1,950 1,800 710 17,500 3, see 3,150 15,300 3,600 16, 800 760 610 560 3,15e 1,01e Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entries for RD...
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