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Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: [AR1: 5 marks] Account Balances $ 10,500 1,500 18,750 4,500 6,375 1,875 7,500 3,000 42,750 7,050 1,500 9,750 9,000 1,950 Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Required: Prepare the closing entries for Smith Company at December 31, 2019.
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: (AR1: 5 marks) Accounts Cash Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Account Balances $ 10,500 1,500 18.750 4,500 6,375 1.875 7,500 3,000 42,750 7,050 1,500 9,750 9,000 1,950 Required: Prepare the closing entries for Smith Company at December 31,...
Section B: Short Exercises (10 Marks) BI - At December 31, 2019, account balances after adjustments...
Section B: Short Exercises (10 Marks) BI - At December 31, 2019, account balances after adjustments for Mark Company follows: [AR1: 5 marks] Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Mark's, Capital Mark's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Account Balances $ 7,000 1,000 12,500 3,000 4,250 1,250 5,000 2,000 28,500 4,700 1,000 6,500 6,000 1,300 Required: Prepare the closing entries for Mark Company at December 31, 2019.
Section C: Long Exercises (20 Marks) C. The trial balance of Smith Company at December 31,...
Section C: Long Exercises (20 Marks) C. The trial balance of Smith Company at December 31, 2019 is shown below. ISK2: 10 marks) Smith Company Trial Balance December 31, 2019 Debit 75,000 Credit Accounts Cash 165.000 $2,500 1.800,000 337,500 300,000 Prepaid Insurance Supplies Equipment Accumulated Depreciation - Equipment Notes Payable Accounts Payable Smith, Capital Smith, Drawings Service Revenue Utilities Expense Total 180,000 1.147.500 180.000 367,500 30,000 2,332,500 2,332,500 Other information: 1. Depreciation of equipment for December was $30,000, 2. Rent...
Section C: Long Exercises (20 Marks) C1 - The trial balance of Smith Company at December...
Section C: Long Exercises (20 Marks) C1 - The trial balance of Smith Company at December 31, 2019 is shown below. [SK2: 10 marks Credit Smith Company Trial Balance December 31, 2019 Accounts Debit Cash 75,000 Prepaid Insurance 165.000 Supplies 62.500 Equipment 1.800.000 Accumulated Depreciation - Equipment Notes Payable Accounts Payable Smith, Capital Smith, Drawings 180,000 Service Revenue Utilities Expense 30,000 Total 2,332,500 337,500 300,000 180,000 1.147.500 367,500 2,332,500 Other information: 1. Depreciation of equipment for December was $30,000. 2....
Section B: Short Question [SK1: 5 marks - 1 x 5 marks] B1 - The following...
Section B: Short Question [SK1: 5 marks - 1 x 5 marks] B1 - The following is the trial balance of Star Company on December 31st, 2019: Credit Star Company Trial Balance December 31st, 2019 Debit Cash $500,000 Accounts Receivable 175,000 Supplies 200,000 Equipment 500,000 Furniture 375,000 Accounts Payable Star, Capital Star, Drawings 50,000 Service Revenue Salaries Expense 250,000 Advertising Expense 75,000 Rent Expense 125,000 Utilities Expense 50,000 Total 2,300,000 $150,000 1,400,000 750,000 2,300,000 Required: Prepare the financial statements of...
1 x 5 marks] Section B: Short Question [SK1: 5 marks B1 - The following is...
1 x 5 marks] Section B: Short Question [SK1: 5 marks B1 - The following is the trial balance of Star Company on December 31st, 2019: Star Company Trial Balance December 31st, 2019 Debit Credit $500,000 175,000 200,000 500,000 375,000 Cash Accounts Receivable Supplies Equipment Furniture Accounts Payable Star, Capital Star, Drawings $150,000 1,400,000 50,000 Service Revenue 750,000 Salaries Expense Advertising Expense Rent Expense Utilities Expense 250,000 75,000 125,000 50,000 2,300,000 2,300,000 Total Required: Prepare the financial statements of Star...
Section B: Short Question [SK1: 5 marks 1 x 5 marks] B1 - The following is...
Section B: Short Question [SK1: 5 marks 1 x 5 marks] B1 - The following is the trial balance of Star Company on December 31st, 2019: Star Company Trial Balance December 31st, 2019 Debit Credit $500,000 175,000 200,000 500,000 375,000 Cash Accounts Receivable Supplies Equipment Furniture Accounts Payable Star, Capital Star, Drawings $150,000 1,400,000 50,000 Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense 750,000 250,000 75,000 125,000 50,000 2,300,000 2,300,000 Total Required: Prepare the financial statements of Star...
9. At March 31, account balances after adjustments for Wide Screen are as follows: Account Balances...
9. At March 31, account balances after adjustments for Wide Screen are as follows: Account Balances (After Adjustment) Accounts Cash $ 11,000 Supplies 4,000 Equipment 50,000 Accumulated Depreciation-Equipment 12,000 Accounts Payable 5,000 Owner's, Capital 20,000 Owner's, Drawings 8,000 Ticket Revenue 59,000 Service Revenue Advertising Expense 55,000 Supplies Expense 18,800 Depreciation Expense 17,000 Rent Expense 4,000 Salaries and Wages Expense 26,000 Utilities Expense 24,000 5,200 Instructions Prepare the closing journal entries for Wide Screen. (20 pts) 10
As of December 31, Sue Flay's Cakery shows the following account balances (after adjustments): Cash: $15,600...
As of December 31, Sue Flay's Cakery shows the following account balances (after adjustments): Cash: $15,600 Accounts Receivable: $4,900 Inventory: $6,500 Prepaid Rent: $2,700 Equipment (net of Accumulated Depreciation):$94,000 Accounts Payable: $3,600 Unearned Sales Revenue: $3,200 Notes Payable: $19,500 Common Stock: $12,000 Retained Earnings: $55,700 Dividends: $6,500 Sales Revenue: $60,400 Consulting Income: $15,700 Supplies Expense: $8,200 Depreciation Expense: $7,100 Salaries Expense: $18,000 Insurance Expense: $1,500 Telephone Expense: $1,700 Utilities Expense: $3,400 1. Prepare the closing entries for Sue Flay's Cakery...
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: [AR1: 5 marks] Account Balances $ 10,500 1,500 18,750 4,500 6,375 1,875 7,500 3,000 42,750 7,050 1,500 9,750 9,000 1,950 Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Required: Prepare the closing entries for Smith Company at December 31, 2019.
Section B: Short Exercises (10 Marks) B1 - At December 31, 2019, account balances after adjustments for Smith Company are as follows: (AR1: 5 marks) Accounts Cash Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Smith's, Capital Smith's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Account Balances $ 10,500 1,500 18.750 4,500 6,375 1.875 7,500 3,000 42,750 7,050 1,500 9,750 9,000 1,950 Required: Prepare the closing entries for Smith Company at December 31,...
Section B: Short Exercises (10 Marks) BI - At December 31, 2019, account balances after adjustments for Mark Company follows: [AR1: 5 marks] Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Mark's, Capital Mark's, Drawings Service Revenue Advertising Expense Depreciation Expense Rent Expense Salaries Expense Utilities Expense Account Balances $ 7,000 1,000 12,500 3,000 4,250 1,250 5,000 2,000 28,500 4,700 1,000 6,500 6,000 1,300 Required: Prepare the closing entries for Mark Company at December 31, 2019.
Section C: Long Exercises (20 Marks) C. The trial balance of Smith Company at December 31, 2019 is shown below. ISK2: 10 marks) Smith Company Trial Balance December 31, 2019 Debit 75,000 Credit Accounts Cash 165.000 $2,500 1.800,000 337,500 300,000 Prepaid Insurance Supplies Equipment Accumulated Depreciation - Equipment Notes Payable Accounts Payable Smith, Capital Smith, Drawings Service Revenue Utilities Expense Total 180,000 1.147.500 180.000 367,500 30,000 2,332,500 2,332,500 Other information: 1. Depreciation of equipment for December was $30,000, 2. Rent...
Section C: Long Exercises (20 Marks) C1 - The trial balance of Smith Company at December 31, 2019 is shown below. [SK2: 10 marks Credit Smith Company Trial Balance December 31, 2019 Accounts Debit Cash 75,000 Prepaid Insurance 165.000 Supplies 62.500 Equipment 1.800.000 Accumulated Depreciation - Equipment Notes Payable Accounts Payable Smith, Capital Smith, Drawings 180,000 Service Revenue Utilities Expense 30,000 Total 2,332,500 337,500 300,000 180,000 1.147.500 367,500 2,332,500 Other information: 1. Depreciation of equipment for December was $30,000. 2....
Section B: Short Question [SK1: 5 marks - 1 x 5 marks] B1 - The following is the trial balance of Star Company on December 31st, 2019: Credit Star Company Trial Balance December 31st, 2019 Debit Cash $500,000 Accounts Receivable 175,000 Supplies 200,000 Equipment 500,000 Furniture 375,000 Accounts Payable Star, Capital Star, Drawings 50,000 Service Revenue Salaries Expense 250,000 Advertising Expense 75,000 Rent Expense 125,000 Utilities Expense 50,000 Total 2,300,000 $150,000 1,400,000 750,000 2,300,000 Required: Prepare the financial statements of...
1 x 5 marks] Section B: Short Question [SK1: 5 marks B1 - The following is the trial balance of Star Company on December 31st, 2019: Star Company Trial Balance December 31st, 2019 Debit Credit $500,000 175,000 200,000 500,000 375,000 Cash Accounts Receivable Supplies Equipment Furniture Accounts Payable Star, Capital Star, Drawings $150,000 1,400,000 50,000 Service Revenue 750,000 Salaries Expense Advertising Expense Rent Expense Utilities Expense 250,000 75,000 125,000 50,000 2,300,000 2,300,000 Total Required: Prepare the financial statements of Star...
Section B: Short Question [SK1: 5 marks 1 x 5 marks] B1 - The following is the trial balance of Star Company on December 31st, 2019: Star Company Trial Balance December 31st, 2019 Debit Credit $500,000 175,000 200,000 500,000 375,000 Cash Accounts Receivable Supplies Equipment Furniture Accounts Payable Star, Capital Star, Drawings $150,000 1,400,000 50,000 Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense 750,000 250,000 75,000 125,000 50,000 2,300,000 2,300,000 Total Required: Prepare the financial statements of Star...
9. At March 31, account balances after adjustments for Wide Screen are as follows: Account Balances (After Adjustment) Accounts Cash $ 11,000 Supplies 4,000 Equipment 50,000 Accumulated Depreciation-Equipment 12,000 Accounts Payable 5,000 Owner's, Capital 20,000 Owner's, Drawings 8,000 Ticket Revenue 59,000 Service Revenue Advertising Expense 55,000 Supplies Expense 18,800 Depreciation Expense 17,000 Rent Expense 4,000 Salaries and Wages Expense 26,000 Utilities Expense 24,000 5,200 Instructions Prepare the closing journal entries for Wide Screen. (20 pts) 10
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