The End of the Accounting Cycle – the closing process: The accounts and balances from the adjusted trial balance for Sparrow and Nightingale, Inc. as of April 30, 2019 is given below. Assume all accounts have their normal debit or credit balance. Sparrow and Nightingale, Inc. use a monthly accounting period and all closing entries are made only at the end of each monthly accounting period. No closing entries have been made yet for April.
Account: |
Amount: |
Account: |
Amount: |
|
Cash |
$ 29,005 |
Notes Payable |
$ 16,000 |
|
Accounts Receivable |
$ 27,644 |
Common Stock |
$ 9,000 |
|
Interest Receivable |
$ 744 |
Retained Earnings |
$ 34,912 |
|
Prepaid Rent |
$ 5,500 |
Service Revenue |
$ 92,400 |
|
Investments |
$ 2,160 |
Interest Revenue |
$ 744 |
|
Equipment |
$ 62,620 |
Depreciation Expense |
$ 18,786 |
|
Accumulated Depreciation - Equipment |
$ 25,048 |
Wages Expense |
$ 42,266 |
|
A/P |
$ 13,455 |
Utilities Expense |
$ 4,820 |
|
Wages Payable |
$ 9,111 |
Interest Expense |
$ 1,400 |
|
Utilities Payable |
$ 945 |
Rent Expense |
$ 7,700 |
|
Interest Payable |
$ 1,400 |
Dividends |
$ 370 |
Given the above information, complete the following:
PART A – Record all closing entries: Record all four closing journal entries for Sparrow and Nightingale using the information given above. For revenue and expense accounts, don’t forget to close to the ‘Income Summary’ account first before closing the net income/(loss) amount to Retained Earnings. Make sure to use proper formatting for all entries, and to include the date of each entry and a brief description of each entry.
PART B – Calculate the ending balance of Retained Earnings: After completing PART A, calculate the ending balance of Retained Earnings that would appear on the classified balance sheet as of April 30, 2019. You must show your work, such as a formula or T-account used to arrive at your answer.
The End of the Accounting Cycle – the closing process: The accounts and balances from the...
4. The End of the Accounting Cycle – the closing process (5pts): The accounts and balances from the adjusted trial balance for Sparrow and Nightingale, Inc. as of April 30, 2019 is given below. Assume all accounts have their normal debit or credit balance. Sparrow and Nightingale, Inc. use a monthly accounting period and all closing entries are made only at the end of each monthly accounting period. No closing entries have been made yet for April. Account: Amount: Account:...
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