Homework Answers
| Answer | ||||
| a. | No | Account Titles and Explanation | Debit | Credit |
| 1 | Income Summary (3000000-2450000) | $5,50,000 | ||
| Retained Earnings | $5,50,000 | |||
| (To record closing entry of income Account) | ||||
| 2 | Retained Earnings | $1,25,000 | ||
| Dividends | $1,25,000 | |||
| (To record closing entry of Dividend Account) | ||||
| b. | Calculation of Balance in Retained Earnings Accounts at the end of period: | |||
| = 8222600 + 550000 - 125000 | ||||
| = $ 86,47,600 |
Add Answer to:
Closing Entries with Net Income After all revenue and expense accounts have been closed at the...
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...
I’m not sure if this is correct, help, Thank you Closing Entries with Net Income After...
I’m
not sure if this is correct, help,
Thank you
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 $180,900 and a credit of $242,400. At the same date, Retained Earnings has a credit balance of $280,000, and Dividends has a balance of $23,500. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends...
Closing Entries After the accounts have been adjusted at November 30, the end of the fiscal...
Closing Entries
After the accounts have been adjusted at November 30, the end of
the fiscal year, the following balances were taken from the ledger
of Diamond Landscaping Co.:
Retained Earnings
$2,550,000
Dividends
25,000
Fees Earned
1,150,000
Wages Expense
613,750
Rent Expense
120,000
Supplies Expense
9,150
Miscellaneous Expense
11,000
Journalize the two entries required to close the accounts. If an
amount box does not require an entry, leave it blank.
Closing Entries After the accounts have been adjusted at November...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December 31: BAYOU, INC. Adjusted Trial Balance December 31 Debit Credit Cash $3,500 Accounts Receivable 8,000 Prepaid Insurance 3,600 Office Equipment 72,000 Accum. Depreciation. - Equipment $12,000 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Dividends 5,000 Service Fees Earned 97,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 13,400 Insurance Expense 1,800 Depreciation expense - Equipment 8,000 Income Tax Expense 8,800 Income Tax...
Closing Entries The adjusted trial balance of the Petal Corporation, prepared as of December 31, contains...
Closing Entries The adjusted trial balance of the Petal Corporation, prepared as of December 31, contains the following accounts: Debit Credit Service fees earned $87,500 Interest income 2,600 Salaries expense $41,800 Advertising expense 6,300 Depreciation expense 8,700 Income tax expense 11,000 Common stock 75,000 Retained earnings 60,000 Cash dividends 15,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the ending balance in the Retained Earnings account? General Journal Date Description...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON,...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation. - Equipment $12,500 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Cash Dividends 7,000 Service Fees Earned 101,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 12,900 Insurance Expense 1,800 Depreciation expense 8,000 Income Tax Expense 8,300 Income Tax Payable 8,800 Totals $171,400...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON,...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation - Equipment $12.500 Accounts Payable 600 Common Stock 30.000 Retained Earnings 14,100 Cash Dividends 7.000 Service Fees Earned 101,200 Miscellaneous Income 4.200 Salaries Expense 42.800 Rent Expense 12.900 Insurance Expense 1.800 Depreciation expense 8.000 Income Tax Expense 8,300 Income Tax Payable 8.800 Totals $171,400...
Closing Entries After the accounts have been adjusted at May 31, the end of the fiscal...
Closing Entries After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances were taken from the ledger of Beautifying Landscaping Co.: Retained Earnings $717,750 Dividends 28,000 Fees Earned 644,845 Wages Expense 435,000 Rent Expense 104,400 Supplies Expense 39,150 Miscellaneous Expense 13,050 Calculator Dividends 28,000 Fees Eamed 644,845 Wages Expense 435,000 Rent Expense 104,400 Supplies Expense 39,150 Miscellaneous Expense 13,050 Journalize the two entries required to close the accounts. If an amount box...
Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of...
Using the information from the Adjusted Trial Balance,
journalize the closing entries for the end of the month.
Activity 3.a - Journalize Closing Entries Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. SMART TOUCH LEARNING Date Accounts and Explanation Debit Credit Adjusted Trial Balance December 31, 2016 Balance Debit Credit Account Title Cash 17,900 Accounts Receivable 9,900 Date Accounts and Explanation Debit Credit Office Supplies 200 Prepaid Rent 11,900 Furniture...
Journalize the closing entries at April 30. (Credit account titles are automatically indented when amount is...
Journalize the closing entries at April 30. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
The adjusted trial balance columns of the worksheet for Pina Colada Company are as follows. Pina Colada Company Worksheet (Partial) For the Month Ended April 30, 2019 Adjusted Trial Balance Account Titles Dr. Cr. Cash 11,400 7,900 2,000 22,800 5,000 5,600 4,800 22,740 7,010 Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation-Equip. Notes Payable Accounts Payable Common Stock Retained Earnings...
I’m
not sure if this is correct, help,
Thank you
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 $180,900 and a credit of $242,400. At the same date, Retained Earnings has a credit balance of $280,000, and Dividends has a balance of $23,500. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends...
Closing Entries
After the accounts have been adjusted at November 30, the end of
the fiscal year, the following balances were taken from the ledger
of Diamond Landscaping Co.:
Retained Earnings
$2,550,000
Dividends
25,000
Fees Earned
1,150,000
Wages Expense
613,750
Rent Expense
120,000
Supplies Expense
9,150
Miscellaneous Expense
11,000
Journalize the two entries required to close the accounts. If an
amount box does not require an entry, leave it blank.
Closing Entries After the accounts have been adjusted at November...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December 31: BAYOU, INC. Adjusted Trial Balance December 31 Debit Credit Cash $3,500 Accounts Receivable 8,000 Prepaid Insurance 3,600 Office Equipment 72,000 Accum. Depreciation. - Equipment $12,000 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Dividends 5,000 Service Fees Earned 97,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 13,400 Insurance Expense 1,800 Depreciation expense - Equipment 8,000 Income Tax Expense 8,800 Income Tax...
Closing Entries The adjusted trial balance of the Petal Corporation, prepared as of December 31, contains the following accounts: Debit Credit Service fees earned $87,500 Interest income 2,600 Salaries expense $41,800 Advertising expense 6,300 Depreciation expense 8,700 Income tax expense 11,000 Common stock 75,000 Retained earnings 60,000 Cash dividends 15,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the ending balance in the Retained Earnings account? General Journal Date Description...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation. - Equipment $12,500 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Cash Dividends 7,000 Service Fees Earned 101,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 12,900 Insurance Expense 1,800 Depreciation expense 8,000 Income Tax Expense 8,300 Income Tax Payable 8,800 Totals $171,400...
Closing Entries The adjusted trial balance shown below is for Batton, Inc., at December 31: BATTON, INC. Adjusted Trial Balance December 31 Debit Credit Cash $4,000 Accounts Receivable 8,000 Prepaid Insurance 3,600 Equipment 75,000 Accum. Depreciation - Equipment $12.500 Accounts Payable 600 Common Stock 30.000 Retained Earnings 14,100 Cash Dividends 7.000 Service Fees Earned 101,200 Miscellaneous Income 4.200 Salaries Expense 42.800 Rent Expense 12.900 Insurance Expense 1.800 Depreciation expense 8.000 Income Tax Expense 8,300 Income Tax Payable 8.800 Totals $171,400...
Closing Entries After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances were taken from the ledger of Beautifying Landscaping Co.: Retained Earnings $717,750 Dividends 28,000 Fees Earned 644,845 Wages Expense 435,000 Rent Expense 104,400 Supplies Expense 39,150 Miscellaneous Expense 13,050 Calculator Dividends 28,000 Fees Eamed 644,845 Wages Expense 435,000 Rent Expense 104,400 Supplies Expense 39,150 Miscellaneous Expense 13,050 Journalize the two entries required to close the accounts. If an amount box...
Using the information from the Adjusted Trial Balance,
journalize the closing entries for the end of the month.
Activity 3.a - Journalize Closing Entries Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. SMART TOUCH LEARNING Date Accounts and Explanation Debit Credit Adjusted Trial Balance December 31, 2016 Balance Debit Credit Account Title Cash 17,900 Accounts Receivable 9,900 Date Accounts and Explanation Debit Credit Office Supplies 200 Prepaid Rent 11,900 Furniture...
Journalize the closing entries at April 30. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
The adjusted trial balance columns of the worksheet for Pina Colada Company are as follows. Pina Colada Company Worksheet (Partial) For the Month Ended April 30, 2019 Adjusted Trial Balance Account Titles Dr. Cr. Cash 11,400 7,900 2,000 22,800 5,000 5,600 4,800 22,740 7,010 Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation-Equip. Notes Payable Accounts Payable Common Stock Retained Earnings...
Most questions answered within 3 hours.
-
During the past six months, 73.2 percent of US households
purchased sugar. Assume that these expenditures...
asked 6 minutes ago -
Which is a possible value for the principal quantum number
n?
7, 3.14 , 2.5, None...
asked 10 minutes ago -
Everyone loves a helium filled balloon for a party. Do some
basic Internet research and answer...
asked 9 minutes ago -
Here is a pair of aromatic compounds that each have a complicated
set of aromatic peaks....
asked 28 minutes ago -
As with many public goods, determining the appropriate level of
government support for the production of...
asked 31 minutes ago -
Write a balanced chemical equation for the oxidation reaction
between Caro’s acid (H2SO5) and CN– ion...
asked 34 minutes ago -
Calculate the number of valence electrons for
[Mo(C6H6)(CO)3]
asked 45 minutes ago -
Which of the following are true about the strength of the
association between two variables?
1-...
asked 41 minutes ago -
You are a monopolist and know that your consumers have a linear
demand curve. At what...
asked 40 minutes ago -
Raising a heavy load requires work. Raising it in half the time
requires:
asked 47 minutes ago -
MGT-201: Marketing Management
Before deciding on the structure of the channel marketers must
take several factors...
asked 46 minutes ago -
1. ACLs allow a router to control traffic within a network. The
concept is very similar...
asked 48 minutes ago