Homework Answers
Second closing entry to close the expense accounts to Income Summary:
| Date | Account Titles | Debit | Credit |
| Dec. 31 | Income Summary | $19,700 | |
| Depreciation Expense | $3,500 | ||
| Utilities Expense | $10,200 | ||
| Supplies Expense | $6,000 | ||
| (To close the expense accounts) |
Expense accounts always has debit balance so to close the expense accounts, all the expense accounts should be credited to transfer to Income Summary account.
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Morgan Company had the following adjusted trial balance: Account Titles Cash Credit Accounts Receivable Debit 15,570...
Morgan Company had the following adjusted trial balance: Debit Credit Account Titles Cash Accounts Receivable 15,570...
Morgan Company had the following adjusted trial balance: Debit Credit Account Titles Cash Accounts Receivable 15,570 8,970 6,950 49,350 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue 7,600 4,850 1,690 24,900 22,800 Capital Stock Retained Earnings 13,200 Dividends Commission Revenue Rent Revenue Depreciation Expense 45,400 6,500 Utilities Expense 3,500 10,200 6,000 113,740 Supplies Expense Total 113,740 Required: Prepare the second closing entry to close the expense accounts to Income Summary
Hill Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable $21,780...
Hill Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable $21,780 17,190 7,710 Supplies 39,800 Equipment Accumulated Depreciation Accounts Payable $9,900 Deferred Rent Revenue Capital Stock 3,700 2,260 19,720 21,400 Retained Earnings Dividends 13,300 Commission Revenue 59,300 Rent Revenue 6,100 Depreciation Expense Utilities Expense 7,800 9,300 5,500 Supplies Expense Total $122,380 $122,380 The president of Hill Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process...
Thomas Company had the following adjusted trial balance: Account Titles Credit Cash Accounts Receivable Debit $22,790...
Thomas Company had the following adjusted trial balance: Account Titles Credit Cash Accounts Receivable Debit $22,790 19,830 7.540 36,300 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue $9,800 3,780 2,020 24,060 24,800 Capital Stock Retained Earnings Dividends 16,000 Commission Revenue 52,600 6,000 Rent Revenue Depreciation Expense Utilities Expense Supplies Expense 6,300 9,300 5,000 S123,060 Total $123,060 The president of Thomas Company has asked you to close the books (prepare and process the closing entries). After the closing process has...
Murphy Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable Supplies...
Murphy Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable Supplies $22,630 17,720 9,150 41,700 Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock $8,800 4,310 1,500 35,590 21,600 Retained Earnings Dividends 14,000 Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Total 45,900 6,400 5,400 7,900 5,600 $124,100 S124,100 The president of Murphy Company has asked you to close the books (prepare and process the closi Required: Rent Revenue Depreciation Expense Utilities...
Rivera Company had the following adjusted trial balance: Account Titles Debit Credit Cash $27,110 Accounts Receivable...
Rivera Company had the following adjusted trial balance: Account Titles Debit Credit Cash $27,110 Accounts Receivable 16,040 Supplies 9,930 41,800 Equipment Accumulated Depreciation $8,900 Accounts Payable Deferred Rent Revenue 3,380 1,970 32,430 23,200 Capital Stock Retained Earnings Dividends 16,200 Commission Revenue 57,400 5,200 Rent Revenue Depreciation Expense 6,800 Utilities Expense 9,500 Supplies Expense 5,100 Total $132,480 $ 132,480 The president of Rivera Company has asked you to close the books (prepare and process the closing entries). Required: After the closing...
Powell Company had the following adjusted trial balance: Account Titles Credit Cash Debit $20.390 17.800 Accounts...
Powell Company had the following adjusted trial balance: Account Titles Credit Cash Debit $20.390 17.800 Accounts Receivable Supplies 7,690 44,900 Equipment $ 7,100 Accumulated Depreciation Accounts Payable Deferred Rent Revenue 4,000 1,950 36,630 21,900 Capital Stock Retained Earnings Dividends 16,000 Commission Revenue 50,400 5,200 Rent Revenue 6,100 Depreciation Expense Utilities Expense 9.200 Supplies Expense 5,100 Total $127,180 S127.180 The president of Powell Company has asked you to close the books (prepare and process the The president of Powell Company has...
Debit Credit Account Titles Cash Accounts Receivable 15,360 9,210 5,680 48,900 Supplies Equipment Accumulated Depreciation Accounts...
Debit Credit Account Titles Cash Accounts Receivable 15,360 9,210 5,680 48,900 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue 6,500 3,640 1,630 23,100 21,400 15,000 49,880 7,300 Rent Revenue Depreciation Expense Utilities Expense 3,300 11,000 5,000 113,450 Supplies Expense Total 113,450 Required: Prepare the fourth closing entry to close the Dividends account to the Retained Earnings account. Date Account Title Debit Credit Dec. 31 Dividends
Knowledge Check Question 10 Griffin Company had the following adjusted trial balance: Account Titles Debit Credit...
Knowledge Check Question 10 Griffin Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable S20,790 15,940 9,370 40,500 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue S8,800 4.290 2,490 21,520 22,400 13,400 54,200 6,600 Rent Revenue Depreciation Expense Utilities Expense 6,900 8.200 5,200 S120,300 Supplies Expense Total S120,300 I Don't Know Submit e here to search BI Question 10 Supplies Expense Total 5,200 S120,300 $120,300 The president...
on our balances Account Titles Debit Credit Cash $24,190 Accounts Receivable 20,000 Supplies 9,330 Equipment 38,900...
on our balances Account Titles Debit Credit Cash $24,190 Accounts Receivable 20,000 Supplies 9,330 Equipment 38,900 Accumulated Depreciation $8,400 Accounts Payable 4,390 Deferred Rent Revenue 2,240 Capital 62,290 Drawing 14,100 Commission Revenue 46,400 Rent Revenue 5.400 More Practice Effects of closing entries on account balances SISSAGELLAGELIG 2290 Capital 62,290 Drawing 14,100 Commission Revenue 46,400 5,400 Rent Revenue Depreciation Expense 7,500 Utilities Expense 9,900 Supplies Expense 5,200 Total $129,120 $129,120 e president of Roberts Company has asked you to close the...
On December 31, Harris Company had the following adjusted trial balance: Account Titles Debit Credit Cash...
On December 31, Harris Company had the following adjusted trial balance: Account Titles Debit Credit Cash 11,580 9,370 5,250 42,200 Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends Sales 8,000 28,740 20,500 22,800 15,900 70,100 Sales Discounts Sales Returns and Allowances Cost of Goods Sold Selling Expenses General and Administrative Expenses 640 2,140 42,060 10,300 10,700 150,140150,140 Required Prepare the second closing entry to close the expense accounts and contra-revenue accounts to Income Summary...
Morgan Company had the following adjusted trial balance: Debit Credit Account Titles Cash Accounts Receivable 15,570 8,970 6,950 49,350 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue 7,600 4,850 1,690 24,900 22,800 Capital Stock Retained Earnings 13,200 Dividends Commission Revenue Rent Revenue Depreciation Expense 45,400 6,500 Utilities Expense 3,500 10,200 6,000 113,740 Supplies Expense Total 113,740 Required: Prepare the second closing entry to close the expense accounts to Income Summary
Hill Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable $21,780 17,190 7,710 Supplies 39,800 Equipment Accumulated Depreciation Accounts Payable $9,900 Deferred Rent Revenue Capital Stock 3,700 2,260 19,720 21,400 Retained Earnings Dividends 13,300 Commission Revenue 59,300 Rent Revenue 6,100 Depreciation Expense Utilities Expense 7,800 9,300 5,500 Supplies Expense Total $122,380 $122,380 The president of Hill Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process...
Thomas Company had the following adjusted trial balance: Account Titles Credit Cash Accounts Receivable Debit $22,790 19,830 7.540 36,300 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue $9,800 3,780 2,020 24,060 24,800 Capital Stock Retained Earnings Dividends 16,000 Commission Revenue 52,600 6,000 Rent Revenue Depreciation Expense Utilities Expense Supplies Expense 6,300 9,300 5,000 S123,060 Total $123,060 The president of Thomas Company has asked you to close the books (prepare and process the closing entries). After the closing process has...
Murphy Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable Supplies $22,630 17,720 9,150 41,700 Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock $8,800 4,310 1,500 35,590 21,600 Retained Earnings Dividends 14,000 Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense Total 45,900 6,400 5,400 7,900 5,600 $124,100 S124,100 The president of Murphy Company has asked you to close the books (prepare and process the closi Required: Rent Revenue Depreciation Expense Utilities...
Rivera Company had the following adjusted trial balance: Account Titles Debit Credit Cash $27,110 Accounts Receivable 16,040 Supplies 9,930 41,800 Equipment Accumulated Depreciation $8,900 Accounts Payable Deferred Rent Revenue 3,380 1,970 32,430 23,200 Capital Stock Retained Earnings Dividends 16,200 Commission Revenue 57,400 5,200 Rent Revenue Depreciation Expense 6,800 Utilities Expense 9,500 Supplies Expense 5,100 Total $132,480 $ 132,480 The president of Rivera Company has asked you to close the books (prepare and process the closing entries). Required: After the closing...
Powell Company had the following adjusted trial balance: Account Titles Credit Cash Debit $20.390 17.800 Accounts Receivable Supplies 7,690 44,900 Equipment $ 7,100 Accumulated Depreciation Accounts Payable Deferred Rent Revenue 4,000 1,950 36,630 21,900 Capital Stock Retained Earnings Dividends 16,000 Commission Revenue 50,400 5,200 Rent Revenue 6,100 Depreciation Expense Utilities Expense 9.200 Supplies Expense 5,100 Total $127,180 S127.180 The president of Powell Company has asked you to close the books (prepare and process the The president of Powell Company has...
Debit Credit Account Titles Cash Accounts Receivable 15,360 9,210 5,680 48,900 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue 6,500 3,640 1,630 23,100 21,400 15,000 49,880 7,300 Rent Revenue Depreciation Expense Utilities Expense 3,300 11,000 5,000 113,450 Supplies Expense Total 113,450 Required: Prepare the fourth closing entry to close the Dividends account to the Retained Earnings account. Date Account Title Debit Credit Dec. 31 Dividends
Knowledge Check Question 10 Griffin Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable S20,790 15,940 9,370 40,500 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue S8,800 4.290 2,490 21,520 22,400 13,400 54,200 6,600 Rent Revenue Depreciation Expense Utilities Expense 6,900 8.200 5,200 S120,300 Supplies Expense Total S120,300 I Don't Know Submit e here to search BI Question 10 Supplies Expense Total 5,200 S120,300 $120,300 The president...
on our balances Account Titles Debit Credit Cash $24,190 Accounts Receivable 20,000 Supplies 9,330 Equipment 38,900 Accumulated Depreciation $8,400 Accounts Payable 4,390 Deferred Rent Revenue 2,240 Capital 62,290 Drawing 14,100 Commission Revenue 46,400 Rent Revenue 5.400 More Practice Effects of closing entries on account balances SISSAGELLAGELIG 2290 Capital 62,290 Drawing 14,100 Commission Revenue 46,400 5,400 Rent Revenue Depreciation Expense 7,500 Utilities Expense 9,900 Supplies Expense 5,200 Total $129,120 $129,120 e president of Roberts Company has asked you to close the...
On December 31, Harris Company had the following adjusted trial balance: Account Titles Debit Credit Cash 11,580 9,370 5,250 42,200 Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends Sales 8,000 28,740 20,500 22,800 15,900 70,100 Sales Discounts Sales Returns and Allowances Cost of Goods Sold Selling Expenses General and Administrative Expenses 640 2,140 42,060 10,300 10,700 150,140150,140 Required Prepare the second closing entry to close the expense accounts and contra-revenue accounts to Income Summary...
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