Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| Dec.31 | Service Revenue | $90,720 | |
| Income Summary | $90,720 | ||
| ( Being revenue transferred to income summar; Revenue has a credit balance, therefore, to transfer to income summary it has to be debited) | |||
| Dec.31 | Income Summary | $60,480 | |
| Supplies Expense | $5,040 | ||
| Salaries and Wages Expenses | $33,600 | ||
| Utilities Expense | $6,720 | ||
| Rent Expense | $15,120 | ||
| ( Being expenses transferred to income summar; Expenses have a debit balance, therefore, to transfer to income summary it has to be credited) | |||
| Dec.31 | Income Summary | $30,240 | |
| Retained Earnings | $30,240 | ||
| ( Being net income transferred to retained earnings; as revenues exceeds the expenses, therefore, it is net income which has been transferred to the retained earnings) | |||
| Dec.31 | Retained Earnings | $18,480 | |
| Dividends | $18,480 | ||
| ( Being dividends transferred to retained earnings; dividends have a debit balance, therefore, has been credited to transfer it to retained earnings ) |
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Current Attempt in Progress Boom Company shows the following balances in selected accounts of its adjusted...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota Corp. is provided below. Credit Debit $69,700 25,250 12,670 204,290 87,460 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $50,880 110,210 21,980 176,450 5,950 3,460 59,330 1,340 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Sheridan Company shows the following balances in selected accounts of its adjusted trial balance. Supplies Supplies...
Sheridan Company shows the following balances in selected accounts of its adjusted trial balance. Supplies Supplies Expense Accounts Receivable Dividends Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense $24,320 4,560 9,120 16.720 53,200 82,080 30,400 6,080 13,680 Date Account Titles and Explanation Debit Credit Dec. 31 (To cose revenue to income summary) Dec. 31 (To close expenses to income summary) Dec. 31 (To cose net income to retained earnings)
Current Attempt in Progress On December 31, the adjusted trial balance of Larkspur, Inc. shows the...
Current Attempt in Progress On December 31, the adjusted trial balance of Larkspur, Inc. shows the following selected data: Accounts receivable Interest expense $9,000 12,880 Service revenue Interest payable $ 107,700 6,430 Analysis shows that adjusting entries had been made, and included above, for (1) $9,000 of services performed but not billed, and (2) $6,430 of accrued but unpaid interest. Prepare the closing entries for the temporary accounts at December 31. (Credit account titles are automatically indented when amount is...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Culver...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Culver Corporation is provided below. Debit Credit Accounts Receivable $79,860 Dividends 28,930 Depreciation Expense 14,520 Equipment 234,080 Salaries and Wages Expense 100,210 Accounts Payable $58,300 Accumulated Depreciation-Equipment 126,280 Unearned Rent Revenue 25,190 Service Revenue 202,180 Rent Revenue 6,820 Rent Expense 3,960 Retained Earnings 67,980 Supplies Expense 1,540 (a) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent...
Paloma Company shows the following balances in selected accounts of its adjusted trial balance. Paloma Company...
Paloma Company shows the following balances in selected accounts
of its adjusted trial balance.
Paloma Company shows the following balances in selected accounts of its adjusted trial balance. Supplies $32,000 Service Revenue $108,000 40.000 Supplies Expense Accounts Receivable 6,000 Salaries and Wages Expense 12.000 Utilities Expense 8.000 Owner's Drawings 22,000 Rent Expense 18.000 Owner's Capital 70,000 Journalize the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manus Date Account Titles...
Current Attempt in Progress On December 31, the adjusted trial balance of Marin Inc. shows the...
Current Attempt in Progress On December 31, the adjusted trial balance of Marin Inc. shows the following selected data: Accounts receivable Interest expense $9,780 12,850 Service revenue Interest payable $112,400 6,490 Analysis shows that adjusting entries had been made, and included above, for (1) $9,780 of services performed but not bille (2) $6,490 of accrued but unpaid interest. Prepare the closing entries for the temporary accounts at December 31. (Credit account titles are automatically indented w amount is entered. Do...
Exercise 4-20 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of...
Exercise 4-20 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Tippy Corporation is provided below. Credit Accounts Receivable Dividends Debit $72,600 26,300 13,200 212,800 91,100 Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue $53,000 114,800 22,900 183,800 6,200 Service Revenue Rent Revenue 3,600 Rent Expense Retained Earnings Supplies Expense 61,800 1,400 (a) Prepare closing entries. (Credit account titles are automatically indented when the...
Exercise 4-20 Selected year-end account balances from the adjusted trial balance as of December 31, 2017,...
Exercise 4-20 Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Marigold Corp. is provided below. Credit Debit $87,120 31,560 15,840 255,360 109,320 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $63,600 137,760 27,480 220,560 7,440 4,320 74,160 1,680 Your answer is partially correct. Try again. Prepare closing entries. (Credit account titles are automatically...
-r Practice Question 47 of 52 -/1 View Policies Current Attempt in Progress Crane Consulting has...
-r Practice Question 47 of 52 -/1 View Policies Current Attempt in Progress Crane Consulting has year-end account balances of Sales Revenue $540,400, Interest Revenue $2,400, Salary and Wages Expense $244,400, Rent Expense $130,000, Administrative Expense $63,300, Income Tax Expense $32,800, and Dividends $35,200. Prepare the year-end closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the...
Selected accounts for Tamarisk, Inc. a private company following ASPE, as at December 31, 2020, are...
Selected accounts for Tamarisk, Inc. a private company following ASPE, as at December 31, 2020, are as follows: Inventory FV-NI Investments Retained Earnings Dividends Sales Revenue Sales Discounts $60,000 24,600 45,000 18,200 388,000 5,300 Sales Returns and Allowances Cost of Goods Sold Administrative Expenses Income Tax Expense Investment Income $2,020 214,000 30,450 29,100 2,990 Prepare closing entries for Tamarisk, Inc. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota Corp. is provided below. Credit Debit $69,700 25,250 12,670 204,290 87,460 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $50,880 110,210 21,980 176,450 5,950 3,460 59,330 1,340 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Sheridan Company shows the following balances in selected accounts of its adjusted trial balance. Supplies Supplies Expense Accounts Receivable Dividends Retained Earnings Service Revenue Salaries and Wages Expense Utilities Expense Rent Expense $24,320 4,560 9,120 16.720 53,200 82,080 30,400 6,080 13,680 Date Account Titles and Explanation Debit Credit Dec. 31 (To cose revenue to income summary) Dec. 31 (To close expenses to income summary) Dec. 31 (To cose net income to retained earnings)
Current Attempt in Progress On December 31, the adjusted trial balance of Larkspur, Inc. shows the following selected data: Accounts receivable Interest expense $9,000 12,880 Service revenue Interest payable $ 107,700 6,430 Analysis shows that adjusting entries had been made, and included above, for (1) $9,000 of services performed but not billed, and (2) $6,430 of accrued but unpaid interest. Prepare the closing entries for the temporary accounts at December 31. (Credit account titles are automatically indented when amount is...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Culver Corporation is provided below. Debit Credit Accounts Receivable $79,860 Dividends 28,930 Depreciation Expense 14,520 Equipment 234,080 Salaries and Wages Expense 100,210 Accounts Payable $58,300 Accumulated Depreciation-Equipment 126,280 Unearned Rent Revenue 25,190 Service Revenue 202,180 Rent Revenue 6,820 Rent Expense 3,960 Retained Earnings 67,980 Supplies Expense 1,540 (a) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent...
Paloma Company shows the following balances in selected accounts
of its adjusted trial balance.
Paloma Company shows the following balances in selected accounts of its adjusted trial balance. Supplies $32,000 Service Revenue $108,000 40.000 Supplies Expense Accounts Receivable 6,000 Salaries and Wages Expense 12.000 Utilities Expense 8.000 Owner's Drawings 22,000 Rent Expense 18.000 Owner's Capital 70,000 Journalize the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manus Date Account Titles...
Current Attempt in Progress On December 31, the adjusted trial balance of Marin Inc. shows the following selected data: Accounts receivable Interest expense $9,780 12,850 Service revenue Interest payable $112,400 6,490 Analysis shows that adjusting entries had been made, and included above, for (1) $9,780 of services performed but not bille (2) $6,490 of accrued but unpaid interest. Prepare the closing entries for the temporary accounts at December 31. (Credit account titles are automatically indented w amount is entered. Do...
Exercise 4-20 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Tippy Corporation is provided below. Credit Accounts Receivable Dividends Debit $72,600 26,300 13,200 212,800 91,100 Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue $53,000 114,800 22,900 183,800 6,200 Service Revenue Rent Revenue 3,600 Rent Expense Retained Earnings Supplies Expense 61,800 1,400 (a) Prepare closing entries. (Credit account titles are automatically indented when the...
Exercise 4-20 Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Marigold Corp. is provided below. Credit Debit $87,120 31,560 15,840 255,360 109,320 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $63,600 137,760 27,480 220,560 7,440 4,320 74,160 1,680 Your answer is partially correct. Try again. Prepare closing entries. (Credit account titles are automatically...
-r Practice Question 47 of 52 -/1 View Policies Current Attempt in Progress Crane Consulting has year-end account balances of Sales Revenue $540,400, Interest Revenue $2,400, Salary and Wages Expense $244,400, Rent Expense $130,000, Administrative Expense $63,300, Income Tax Expense $32,800, and Dividends $35,200. Prepare the year-end closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the...
Selected accounts for Tamarisk, Inc. a private company following ASPE, as at December 31, 2020, are as follows: Inventory FV-NI Investments Retained Earnings Dividends Sales Revenue Sales Discounts $60,000 24,600 45,000 18,200 388,000 5,300 Sales Returns and Allowances Cost of Goods Sold Administrative Expenses Income Tax Expense Investment Income $2,020 214,000 30,450 29,100 2,990 Prepare closing entries for Tamarisk, Inc. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
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