Homework Answers
Solution: I have found some errors in part a. which can be corrected as follows:
Part b. Ending balance in Retained Earnings account = $14,100 + 31,600 - 7,000 = $38,700
Part C.
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Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON,...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation - Equipment $12.500 Accounts Payable 600 Common Stock 30.000 Retained Earnings 14,100 Cash Dividends 7.000 Service Fees Earned 101,200 Miscellaneous Income 4.200 Salaries Expense 42.800 Rent Expense 12.900 Insurance Expense 1.800 Depreciation expense 8.000 Income Tax Expense 8,300 Income Tax Payable 8.800 Totals $171,400...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON,...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation. - Equipment $12,500 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Cash Dividends 7,000 Service Fees Earned 101,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 12,900 Insurance Expense 1,800 Depreciation expense 8,000 Income Tax Expense 8,300 Income Tax Payable 8,800 Totals $171,400...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December 31: BAYOU, INC. Adjusted Trial Balance December 31 Debit Credit Cash $3,500 Accounts Receivable 8,000 Prepaid Insurance 3,600 Office Equipment 72,000 Accum. Depreciation. - Equipment $12,000 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Dividends 5,000 Service Fees Earned 97,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 13,400 Insurance Expense 1,800 Depreciation expense - Equipment 8,000 Income Tax Expense 8,800 Income Tax...
I don't know the two questions I got wrong or how to do it. QUESTION5 Partially...
I don't know the two questions
I got wrong or how to do it.
QUESTION5 Partially correct Mark 1.85 out of 2.00 Flag question Edit question Closing Entries The adjusted trial balance of the Rose Corporation, prepared as of December 31, contains the following accounts: Debit Credit Service fees earned Interest income Salaries expense Advertising expense Depreciation expense Income tax expense Common stock Retained earnings Cash dividends $92,600 2,300 $41,900 4,400 8,800 10,000 75,100 57,800 15,100 Prepare journal entries to...
im confused on how to do the first part, preparing the 4 financial statements, if allowed...
im confused on how to do the first part, preparing the 4
financial statements, if allowed i would also Appreciate if you
would show me how to do the next step which would be preparing the
closing entries thank you in advance!
3. 3) Below are the accounts for XYZ Company: Fees Eamed 750,000 Dividends 20,000 Wages Expense 500,000 Rent Expense 30,000 Supplies Expense 15,000 Misc. Expense 5,000 Journalize the four entries to close the accounts. Font Font TODAS Closing...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $25.500; Dividends $6,000; Sales $60,000, Cost of Goods Sold $24,000; Selling and Administrative Expenses $9,000; Interest Expense 54,500. Prepare the closing entries for The Century Company. Close the temporary accounts to income summary. General Journal Debit Credit + . To close the revenue account Cost of goods sold Selling and administrative expense To close the expense...
I don't know how to find income summary and ending retained earning The adjusted trial balance...
I don't know how to find income summary and ending
retained earning
The adjusted trial balance for Montague Contracting as of
December 31, 2018, follows
The December 31, 2017, credit balance of the Retained Earnings
account was $125,400. Montague Contracting is required to make a
$8,000 payment on its long-term notes payable during 2019.
Required:
1. Prepare the necessary closing entries at
December 31, 2018.
The adjusted trial balance for Montague Contracting as of December 31, 2018, follo No. Credit...
the following adjusted trial balance contains the account and year-end balances of cruz compamy as of...
the following adjusted trial balance contains the account and
year-end balances of cruz compamy as of decemebrt 31.
Help Sa The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. 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...
hackle Locksmiths, Inc. Adjusted Trial Balance At December 31, 2018 Account Debit Credit Cash $1,720,400 Accounts...
hackle Locksmiths, Inc. Adjusted Trial Balance At December 31, 2018 Account Debit Credit Cash $1,720,400 Accounts Receivable 792,000 Supplies 210,000 Prepaid Insurance 200,000 Equipment 420,000 Accumulated Depreciation—Equipment $33,000 Accounts Payable 1,280,000 Unearned Service Revenue 39,200 Wages Payable 250,000 Interest Payable 85,000 Notes Payable 260,000 Common Stock 1,300,000 Retained Earnings 0 Dividends 10,000 Service Revenue 2,093,300 Wage Expense 1,120,000 Utilities Expense 88,900 Selling Expense 64,200 Administrative Expense 189,000 Repairs Expense 66,000 Interest Expense 55,000 Insurance Expense 135,000 Supplies Expense 210,000 Depreciation...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title 181 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipetent 307 Common stock 318 Retained earnings 319 Dividends 484 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals Debit Credit $18,000 12,400 2,099 23,000 $ 6,500 13,675 33,600 6,000 35,800 2,899 20,405 1,470 2.345 1,155 $88,775 $88,775...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation - Equipment $12.500 Accounts Payable 600 Common Stock 30.000 Retained Earnings 14,100 Cash Dividends 7.000 Service Fees Earned 101,200 Miscellaneous Income 4.200 Salaries Expense 42.800 Rent Expense 12.900 Insurance Expense 1.800 Depreciation expense 8.000 Income Tax Expense 8,300 Income Tax Payable 8.800 Totals $171,400...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation. - Equipment $12,500 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Cash Dividends 7,000 Service Fees Earned 101,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 12,900 Insurance Expense 1,800 Depreciation expense 8,000 Income Tax Expense 8,300 Income Tax Payable 8,800 Totals $171,400...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December 31: BAYOU, INC. Adjusted Trial Balance December 31 Debit Credit Cash $3,500 Accounts Receivable 8,000 Prepaid Insurance 3,600 Office Equipment 72,000 Accum. Depreciation. - Equipment $12,000 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Dividends 5,000 Service Fees Earned 97,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 13,400 Insurance Expense 1,800 Depreciation expense - Equipment 8,000 Income Tax Expense 8,800 Income Tax...
I don't know the two questions
I got wrong or how to do it.
QUESTION5 Partially correct Mark 1.85 out of 2.00 Flag question Edit question Closing Entries The adjusted trial balance of the Rose Corporation, prepared as of December 31, contains the following accounts: Debit Credit Service fees earned Interest income Salaries expense Advertising expense Depreciation expense Income tax expense Common stock Retained earnings Cash dividends $92,600 2,300 $41,900 4,400 8,800 10,000 75,100 57,800 15,100 Prepare journal entries to...
im confused on how to do the first part, preparing the 4
financial statements, if allowed i would also Appreciate if you
would show me how to do the next step which would be preparing the
closing entries thank you in advance!
3. 3) Below are the accounts for XYZ Company: Fees Eamed 750,000 Dividends 20,000 Wages Expense 500,000 Rent Expense 30,000 Supplies Expense 15,000 Misc. Expense 5,000 Journalize the four entries to close the accounts. Font Font TODAS Closing...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $25.500; Dividends $6,000; Sales $60,000, Cost of Goods Sold $24,000; Selling and Administrative Expenses $9,000; Interest Expense 54,500. Prepare the closing entries for The Century Company. Close the temporary accounts to income summary. General Journal Debit Credit + . To close the revenue account Cost of goods sold Selling and administrative expense To close the expense...
I don't know how to find income summary and ending
retained earning
The adjusted trial balance for Montague Contracting as of
December 31, 2018, follows
The December 31, 2017, credit balance of the Retained Earnings
account was $125,400. Montague Contracting is required to make a
$8,000 payment on its long-term notes payable during 2019.
Required:
1. Prepare the necessary closing entries at
December 31, 2018.
The adjusted trial balance for Montague Contracting as of December 31, 2018, follo No. Credit...
the following adjusted trial balance contains the account and
year-end balances of cruz compamy as of decemebrt 31.
Help Sa The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. 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...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title 181 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipetent 307 Common stock 318 Retained earnings 319 Dividends 484 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals Debit Credit $18,000 12,400 2,099 23,000 $ 6,500 13,675 33,600 6,000 35,800 2,899 20,405 1,470 2.345 1,155 $88,775 $88,775...
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