Closing entries
No | account and explanation | Debit | Credit |
1 | Service revenue | 318000 | |
Income summary | 318000 | ||
(To close revenue) | |||
2 | Income summary | 243300 | |
Salaries and wages expense | 138000 | ||
Supplies expense | 45000 | ||
Rent expense | 27000 | ||
Insurance expense | 15000 | ||
Interest expense | 1500 | ||
Depreciation expense | 12000 | ||
Bad debt expense | 4800 | ||
(To close expense) | |||
3 | Income summary | 74700 | |
retained earnings | 74700 | ||
(To close income summary) | |||
4 | Retained earnings | 50000 | |
Dividend | 50000 | ||
(To close dividend) | |||
Problem #6 - Closing Entries - 10 Points • Using the Trial Balance below, prepa accounts...
The adjusted trial balance of Ryan Company appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 31: 1. an income statement. 2. a retained earnings statement. 3. a balance sheet. (You need to calculate the amount of cash) Trial Balance Debit 285,000 $ 45,000 16,500 178,500 Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Notes Payable Accounts Payable Interest Payable...
Problem #14 - 30 Points (FORMATTING IMPORTANT) The adjusted trial balance of Ryan Company appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 31: 1. an income statement. a retained earnings statement. 3. a balance sheet. (You need to calculate the amount of cash) Trial Balance Debit Credit Cash $ 285,000 $ Accounts Receivable ? $ Allowance for Doubtful Accounts $ - $ Supplies $ 45,000 $ Prepaid Insurance 16,500...
The adjusted trial balance of rain company appears below using the information from the adjusted trial balance you are to prepare for the month ending December 31 1. an income statement 2. A retained earnings statement 3. A balance sheet figure out ş Problem #4 - 30 Points (FORMATTING IMPORTANT) The adjusted trial balance of Ryan Company trial balance, you are to prepare for the ance of Ryan Company appears below. Using the information from the adjusted you are to...
Instructions: Prepare the closing entries for the temporary accounts at August 31. RYAN COMPANY Trial Balance August 31, 2017 After Adjustment Cr. Dr. Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. $10,900 8,800 2,500 4,000 16,000 $ 3,600 5,800 0 1,800 10,000 5,500 2,800...
Exercise 3-19 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below.,] The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Debit Credit Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense $ 11,800 148,000 5,800 29,000...
Use the trial balance below to record all of the required closing entries for Pinkman Enterprises. Only entries made in good form will receive full points. HINT: This will Involve four journal entries, Pinkman Enterprises, Inc. Adjusted Trial Balance 4/30/19 Account Debit Credit Cash 162.200 Accounts Receivable 232,900 Supplies 1.800 Service Vehicles 145.000 Accumulated Depreciation 24,700 Accounts Payable 4.100 Utilities Payable 2.350 Salaries Payable 7.800 Unearned Revenue 39.000 Notes Payable 180.000 Common Stock 200,000 Retained Earnings 24,600 Dividends 500 Service...
Question 3 (10%) The adjusted trial balance shown below is for Big Company at the end of its fiscal year. BIG COMPANY Trial Balance March 31, 2017 ebit 12,900 9,400 700 Cash Accounts Receivable Supplies Prepaid Insurance. Equipment Accumulated Depreciation-Equipment. Accounts Payable Salaries and Wages Payable.... Unearned Rent Revenue Common Stock 2,500 16,000 $ 4,800 5,800 1,100 600 15,000 5,600 Retained Earnings. Dividends.. Service Revenue Rent Revenue 34,600 14,400 Salaries and Wages Expense Supplies Expense Rent Expense.. 18,100 1,800 12,000...
3. Using the following trial balance, prepare closing entries: 12 points (3 points per closing entry) $ 6,400 10.200 46,500 3.600 800 108,000 $ 12,000 28,500 4,650 Cash Accounts receivable Merchandise inventory Office supplies Prepaid Advertising Equipment Accumulated depreciation, equipment Land Accounts payable Salaries payable Rent payable Long-term notes payable Common Stock Retained Earnings Dividends Service Revenue Cost of Goods Sold Rent expense Depreciation expense, building Totals 2,750 850 24,000 46,000 110,400 24,000 169,200 47,250 45,900 48,700 $369.850 $369.850 Accounts...
3. Using the following trial balance, prepare closing entries: 12 points (3 points per closing entry) $ 6,400 10.200 46,500 3,600 800 108,000 $ 12,000 28,500 Cash Accounts receivable Merchandise inventory Office supplies Prepaid Advertising Equipment Accumulated depreciation, equipment Land Accounts payable Salaries payable Rent payable Long-term notes payable Common Stock Retained Earnings Dividends Service Revenue Cost of Goods Sold Rent expense Depreciation expense, building Totals 4,650 2,750 850 24,000 46,000 110,400 24,000 169,200 47,250 45,900 48,700 $369.850 $369.850 Accounts...
Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. Activity 3.a - Journalize Closing Entries Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. SMART TOUCH LEARNING Date Accounts and Explanation Debit Credit Adjusted Trial Balance December 31, 2016 Balance Debit Credit Account Title Cash 17,900 Accounts Receivable 9,900 Date Accounts and Explanation Debit Credit Office Supplies 200 Prepaid Rent 11,900 Furniture...