All revenue and expense accounts have been closed at the end of the calendar year for Patton Company.
All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary account has total debits of $530,000 and total credits of $600,000. As of the same date, Owner's Capital has a balance of $115,000, and Owner's Drawings has a balance of $48,000. No new owner investments were made during the year.
Journalize the entries required to complete the closing of the accounts.
Prepare an owner's equity statement for the year ended December 31, 2022.
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All revenue and expense accounts have been closed at the end of the calendar year for Patton Company.
After all revenue and expense accounts have been closed at the end of the fiscal year,...
After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $796,400 and a credit of $939,300. At the same date, Retained Earnings has a credit balance of $1,433,000, and Dividends has a balance of $29,000. Required: A. Journalize the entries required to complete the closing of the accounts on December 31. Refer to the Chart of Accounts for exact wording of account titles. B. Determine the amount of...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Credit Debit $18,000 13,300 2,000 23,000 $ 6,500 45,480 Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals 6,000 44,800 2.000 26,118 1.882 3.002 1.478 $96,780 $96.780 1. Prepare the...
The entry to close the revenue accounts includes a * Debit to income summary $32,300 Debit...
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
Debit to Revenues for $37,100
Credit to income summary $35,300
Credit to Revenues for $28,300
The entry to close the expenses accounts includes a
*
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $24,000
Credit to total expenses for $16,000
After the revenue and expense accounts have been
closed, the balance of Income Summary will be *
Credit...
Patton investments completed the following investment transactions during 2018 Patton Investments completed the following investment transactions...
Patton investments completed the following investment
transactions during 2018
Patton Investments completed the following investment transactions during 2018: (Click the loon to view the investment transactions.) Read the requirements Requirement 1. Journalize Patton's investment transactions. Explanations are not required. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required on the first line of the Accounts and Explanation column and leave the remaining calls...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title 181 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipetent 307 Common stock 318 Retained earnings 319 Dividends 484 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals Debit Credit $18,000 12,400 2,099 23,000 $ 6,500 13,675 33,600 6,000 35,800 2,899 20,405 1,470 2.345 1,155 $88,775 $88,775...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31 0. Credit Debit $18,000 11,000 2,000 Account Title 101 Cash 126 Supplies 128 Prepaid Insurance 167 Equipment Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Service revenue Depreciation expense ** Equipment 622 Salarie expense 637 Insurance expense 640 Rent expense 652 Supplies expense Total 23,000 $ 6,500 9,982 34,600 6,000 39,700 2,000 23,145 1,667 2.660 1.310 $90,782 $90,...
Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end (yen in...
Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end (yen in millions). (Enter answers in millions.) Net sales Cost of sales Advertising expense Other expense, net 1549,780 335, 196 54,834 117,907 Prepare the company's closing entries for its revenues and its expenses. View transaction list Journal entry worksheet < 1 2 Record the closure of revenue account. Note: Enter debits before credits Dato General Journal Debit Credit March 31 Following are Nintendo's revenue and expense...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals Debit Credit $19, eee 13, eee 3,000 24,000 $ 7,5ee 10, eee 37,600 7,eee 44,00 3,000 22,000 2,500 3,400...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, It has outstanding accounts receivable of $128,000, and it estimates that 5 % will be uncollectible Prepare the adjusting entry to record bad debts expense for the year ended December 31 under the assumption that the Allowance for Doubtful Accounts has: (e) a $2,176 credit balance before the adjustment. b) a $640 debit balance before the adjustment. View transaction...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Credit Debit $18,000 13,300 2,000 23,000 $ 6,500 45,480 Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals 6,000 44,800 2.000 26,118 1.882 3.002 1.478 $96,780 $96.780 1. Prepare the...
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
Debit to Revenues for $37,100
Credit to income summary $35,300
Credit to Revenues for $28,300
The entry to close the expenses accounts includes a
*
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $24,000
Credit to total expenses for $16,000
After the revenue and expense accounts have been
closed, the balance of Income Summary will be *
Credit...
Patton investments completed the following investment
transactions during 2018
Patton Investments completed the following investment transactions during 2018: (Click the loon to view the investment transactions.) Read the requirements Requirement 1. Journalize Patton's investment transactions. Explanations are not required. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required on the first line of the Accounts and Explanation column and leave the remaining calls...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title 181 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipetent 307 Common stock 318 Retained earnings 319 Dividends 484 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals Debit Credit $18,000 12,400 2,099 23,000 $ 6,500 13,675 33,600 6,000 35,800 2,899 20,405 1,470 2.345 1,155 $88,775 $88,775...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31 0. Credit Debit $18,000 11,000 2,000 Account Title 101 Cash 126 Supplies 128 Prepaid Insurance 167 Equipment Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Service revenue Depreciation expense ** Equipment 622 Salarie expense 637 Insurance expense 640 Rent expense 652 Supplies expense Total 23,000 $ 6,500 9,982 34,600 6,000 39,700 2,000 23,145 1,667 2.660 1.310 $90,782 $90,...
Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end (yen in millions). (Enter answers in millions.) Net sales Cost of sales Advertising expense Other expense, net 1549,780 335, 196 54,834 117,907 Prepare the company's closing entries for its revenues and its expenses. View transaction list Journal entry worksheet < 1 2 Record the closure of revenue account. Note: Enter debits before credits Dato General Journal Debit Credit March 31 Following are Nintendo's revenue and expense...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals Debit Credit $19, eee 13, eee 3,000 24,000 $ 7,5ee 10, eee 37,600 7,eee 44,00 3,000 22,000 2,500 3,400...
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, It has outstanding accounts receivable of $128,000, and it estimates that 5 % will be uncollectible Prepare the adjusting entry to record bad debts expense for the year ended December 31 under the assumption that the Allowance for Doubtful Accounts has: (e) a $2,176 credit balance before the adjustment. b) a $640 debit balance before the adjustment. View transaction...
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