Homework Answers
| Date | Account title | Debit | Credit |
| Income summary | 52,500 | ||
| Sales Returns and Allowances | 3,000 | ||
| Sales Discounts | 1,500 | ||
| Depreciation Expense | 25,000 | ||
| Salaries Expense | 23,000 | ||
| (To record closing of expenses and contra sales accounts) |
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UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's...
The company's adjusted trial balance includes the followingaccounts balances: Cash, $15,000; Equipment, $85,000; AccumulatedDepreciation,...
The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $63,500; Dividends, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000; Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances.Prepare the second closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
The company's adjusted trial balance as follows includes the following accounts balances
The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000 Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner's Capital $59,000, Withdrawals, $2,000, Fees Earned, $56,000: Depreciation Expense, $25,000, and Salaries Expense, $23,000. All accounts have normal balances. Prepare the first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1)...
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1) close credit balances in revenue (and gain) accounts to Income Summary, (2) close debit balances in expense (and loss) accounts to Income Summary, (3) close Income Summary to the capital account, and (4) close withdrawals account to owner's capital Part 2 of 2 0.5 points Closing Entries Illustration Closing Process Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts...
The company's adjusted trial balance includes the followingaccounts balances: Cash, $15,000; Equipment, $85,000; AccumulatedDepreciation,...
The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $59,000; Dividends, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation,...
The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $59,000; Dividends, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the third closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
VIUNON-ps%253A%252F%252Fkei... HW Saved Help Save & Ch ! Required information [The following information applies to the...
VIUNON-ps%253A%252F%252Fkei... HW Saved Help Save & Ch ! Required information [The following information applies to the questions displayed below.) Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise inventory T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 38,300 116,300 7,000 160,000 3,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,400 105,300 10,400 33,00 5,000...
All paper. Good feed back. Thanks anticipated. Exercise 5. From the adjusted trial balance for Brookstone...
All
paper. Good feed back. Thanks anticipated.
Exercise 5. From the adjusted trial balance for Brookstone Art Supplies given below, prepare a multiple-step income statement in good form. Brookstone Art Supplies Adjusted Trial Balance December 31 Credit Debit $9,400 25,000 36,000 900 75,000 $22,000 60,000 Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment Accumulated depreciation office equipment Accounts payable Notes payable A. Brookstone, Capital A. Brookstone, Withdrawals Sales Sales discounts Sales returns and allowances...
Manchester Corporation's adjusted trial balance reported the following account balances at the end of the current...
Manchester Corporation's adjusted trial balance reported the following account balances at the end of the current year: Debit Credit Cash $ 15,000 Buildings and Equipment 85,000 Accumulated Depreciation $ 5,000 Accounts Payable 10,000 Common Stock 59,000 Retained Earnings 18,000 Sales Revenue 56,000 Depreciation Expense 25,000 Loss on Disposal of Assets 23,000 Totals $ 148,000 $ 148,000 Which of the following will be included in the closing entry prepared at the end of the current year? Multiple Choice Credit to Retained...
Required information Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO C3,...
Required information Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO C3, A1, P1, P2, P3 [The following information applies to the questions displayed below.] A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date. Unadjusted Trial Balance Adjusted Trial Balance Cash $ 121,140 $ 121,140 Accounts receivable...
IGNMENT Saved Help Save & Exit Su Valley Company's adjusted trial balance on Aur 31, its...
IGNMENT Saved Help Save & Exit Su Valley Company's adjusted trial balance on Aur 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense elling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 41,000 130,400 $ 25,000 104,550 8,000 225,600 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost...
The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000 Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner's Capital $59,000, Withdrawals, $2,000, Fees Earned, $56,000: Depreciation Expense, $25,000, and Salaries Expense, $23,000. All accounts have normal balances. Prepare the first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1) close credit balances in revenue (and gain) accounts to Income Summary, (2) close debit balances in expense (and loss) accounts to Income Summary, (3) close Income Summary to the capital account, and (4) close withdrawals account to owner's capital Part 2 of 2 0.5 points Closing Entries Illustration Closing Process Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts...
VIUNON-ps%253A%252F%252Fkei... HW Saved Help Save & Ch ! Required information [The following information applies to the questions displayed below.) Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise inventory T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 38,300 116,300 7,000 160,000 3,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,400 105,300 10,400 33,00 5,000...
All
paper. Good feed back. Thanks anticipated.
Exercise 5. From the adjusted trial balance for Brookstone Art Supplies given below, prepare a multiple-step income statement in good form. Brookstone Art Supplies Adjusted Trial Balance December 31 Credit Debit $9,400 25,000 36,000 900 75,000 $22,000 60,000 Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment Accumulated depreciation office equipment Accounts payable Notes payable A. Brookstone, Capital A. Brookstone, Withdrawals Sales Sales discounts Sales returns and allowances...
IGNMENT Saved Help Save & Exit Su Valley Company's adjusted trial balance on Aur 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense elling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 41,000 130,400 $ 25,000 104,550 8,000 225,600 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost...
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