Homework Answers
Answer- c). Supplies expense
Explanation-
All the temporary accounts must get closed at the end of the accounting year. Temporary accounts are the accounts involving item of income statement i.e. revenue, expenses, income, gain, loss etc. These accounts must get closed at the end of the financial year. In our question supply expense is an expense account which is to be closed at the end of the year.
Unearned rent is are current liabilities shown in the balance. Prepaid insurance is a current asset sold in the balance sheet.
Accumulated depreciation is shown in the balance sheet as reduction from the cost of fixed asset.
Thus, only supply expenses a temporary account which need to get closed at the end of the year.
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The balance in the unearned fees account, before adjustment at
the end of the year, is $95,500. Of these fees, $82,760 have been
earned. In addition, $32,640 of fees have been earned but have not
been billed.Journalize the December 31 adjusting entries (a) to adjust the
unearned fees account and (b) to record the accrued fees. Refer to
the Chart of Accounts for exact wording of account titles.CHART OF ACCOUNTSGeneral LedgerASSETS11 Cash12 Accounts Receivable13 Supplies14 Prepaid Insurance15 Land16 Equipment17 Accumulated...
Presented below are the year-end balances at December 31 of Clyde Barrell Repair. (All accounts have normal balances). Also, notice the accounts are not in order. You need to be able to pick out the accounts that get closed.) Supplies Expense.. Depreciation Expense... Unearned Revenues.... Accumulated depreciation equipment Advertising expense. Cash... Part Supplies. Insurance expense. Equipment.... Repair Service Revenue. Rent Expense.. Common Stock.. Retained Earnings.... Dividends.... Prepaid Insurance Salaries Payable.. Salary Expense. Accounts Receivable. Repair Parts Expense. Accounts Payable... Notes...
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-U4A-IUSSpy 2020) Saved Ork Problems * all five courses on September 1, and WTI credited Unearned Training Fees. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for a the end of the class. At December 31, $13,250 of the tuition has been earned by WTI. g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries ha day for each employee. h. The balance in the Prepaid Rent account...
after the accounts have been adjusted at January 31st, the end
of the year the following balances are taken from the ledger of
harrisons dog walking service company
it
uses 8 lines in the journal
After the accounts have been adjusted at January 31, the end of the year, the following balances are taken trom the ledger of Harrison's Dog Walking Service Company Harrison Taylor, Capital $349,000 Harrison Taylor, Drawing 6,000 Fees Eamed 124.600 Wages Expense 29,000 Rent Expense 43,000...
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