Homework Answers
Answer
| Sr. No. | Name of account | Account Classification | Normal Balance | Current or Non-Current |
| 1 | Building | Assets | Debit | Non-Current |
| 2 | AccounT Payable | Liability | Credit | Current |
| 3 | Drawings | Equity | Debit | - |
| 4 | Equipments | Assets | Debit | Non-Current |
| 5 | Allowance for Doubtful Debt | Assets | Credit | - |
| 6 | Notes Payable | Liability | Credit | Current |
| 7 | Cash in Bank | Assets | Debit | Current |
| 8 | Furniture & Fixtures | Assets | Debit | Non-Current |
| 9 | Taxes Payable | Liability | Credit | Current |
| 10 | Notes Recievable | Assets | Debit | Current |
| 11 | Cash on Hand | Assets | Debit | Current |
| 12 | Land | Assets | Debit | Non-Current |
| 13 | Account Receivable | Assets | Debit | Current |
| 14 | Accumulated Depreciation | Assets | Credit | - |
| 15 | Capital | Equity | Credit | - |
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DO IT! 4 Balance Sheet Classifications Fill in your answers. Name of Account Normal Balance Debit...
DO IT! 4 Trial Balance Event Buddies had the following account balances on December 31, 2019:...
DO IT! 4 Trial Balance Event Buddies had the following account balances on December 31, 2019: Cash P 181,100 Accounts receivable Service Revenue 401,600 Blessie, Capital Jan. 1, 2019 Salaries Expense 190,000 Taxes and Licenses Equipment 500,000 Utilities expense Accounts payable 135,000 Prepaid rent Additional information: 300,000 931,900 45,000 82,400 170,000 . . Accrued salaries at December 31, 2019 amounted to P30,700. 5% of the accounts receivable is estimated to be uncollectible. Depreciation on Equipment for the year is P100,000....
Morgan Company had the following adjusted trial balance: Debit Credit Account Titles Cash Accounts Receivable 15,570...
Morgan Company had the following adjusted trial balance: Debit Credit Account Titles Cash Accounts Receivable 15,570 8,970 6,950 49,350 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue 7,600 4,850 1,690 24,900 22,800 Capital Stock Retained Earnings 13,200 Dividends Commission Revenue Rent Revenue Depreciation Expense 45,400 6,500 Utilities Expense 3,500 10,200 6,000 113,740 Supplies Expense Total 113,740 Required: Prepare the second closing entry to close the expense accounts to Income Summary
Morgan Company had the following adjusted trial balance: Account Titles Cash Credit Accounts Receivable Debit 15,570...
Morgan Company had the following adjusted trial balance: Account Titles Cash Credit Accounts Receivable Debit 15,570 8,970 6,950 49,350 Supplies Equipment Accumulated Depreciation 7,600 4,850 Accounts Payable Deferred Rent Revenue Capital Stock 1,690 24,900 22,800 Retained Earnings Dividends 13,200 Commission Revenue 45,400 6,500 Rent Revenue Depreciation Expense Utilities Expense 3,500 10,200 6,000 113,740 Supplies Expense Total 113,740 Required: Prepare the second closing entry to close the expense accounts to Income Summary to montt |
Debit Credit Account Titles Cash Accounts Receivable 15,360 9,210 5,680 48,900 Supplies Equipment Accumulated Depreciation Accounts...
Debit Credit Account Titles Cash Accounts Receivable 15,360 9,210 5,680 48,900 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue 6,500 3,640 1,630 23,100 21,400 15,000 49,880 7,300 Rent Revenue Depreciation Expense Utilities Expense 3,300 11,000 5,000 113,450 Supplies Expense Total 113,450 Required: Prepare the fourth closing entry to close the Dividends account to the Retained Earnings account. Date Account Title Debit Credit Dec. 31 Dividends
Prongnorn Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $8,700...
Prongnorn Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $8,700 112 Accounts Receivable 8,900 157 Equipment 16,300 158 Accumulated Depreciation-Equip. $7,000 4,100 201 Accounts Payable 208 Unearned Rent Revenue 1,900 311 Common Stock 20,200 320 Retained Earnings 25,600 332 Dividends 15,000 400 Service Revenue 63,500 429 Rent Revenue 6.700 711 Depreciation Expense 8,800 726 Salaries and Wages Expense 55,800 732 Utilities Expense 15,500 $129,000 $129.000 July 31 Service Revenue 63,500 Rent Revenue 6,700 Income...
Exercise 4-20 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of...
Exercise 4-20 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Tippy Corporation is provided below. Credit Accounts Receivable Dividends Debit $72,600 26,300 13,200 212,800 91,100 Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue $53,000 114,800 22,900 183,800 6,200 Service Revenue Rent Revenue 3,600 Rent Expense Retained Earnings Supplies Expense 61,800 1,400 (a) Prepare closing entries. (Credit account titles are automatically indented when the...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota Corp. is provided below. Credit Debit $69,700 25,250 12,670 204,290 87,460 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $50,880 110,210 21,980 176,450 5,950 3,460 59,330 1,340 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Thomas Company had the following adjusted trial balance: Account Titles Credit Cash Accounts Receivable Debit $22,790...
Thomas Company had the following adjusted trial balance: Account Titles Credit Cash Accounts Receivable Debit $22,790 19,830 7.540 36,300 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue $9,800 3,780 2,020 24,060 24,800 Capital Stock Retained Earnings Dividends 16,000 Commission Revenue 52,600 6,000 Rent Revenue Depreciation Expense Utilities Expense Supplies Expense 6,300 9,300 5,000 S123,060 Total $123,060 The president of Thomas Company has asked you to close the books (prepare and process the closing entries). After the closing process has...
Hill Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable $21,780...
Hill Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable $21,780 17,190 7,710 Supplies 39,800 Equipment Accumulated Depreciation Accounts Payable $9,900 Deferred Rent Revenue Capital Stock 3,700 2,260 19,720 21,400 Retained Earnings Dividends 13,300 Commission Revenue 59,300 Rent Revenue 6,100 Depreciation Expense Utilities Expense 7,800 9,300 5,500 Supplies Expense Total $122,380 $122,380 The president of Hill Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process...
Powell Company had the following adjusted trial balance: Account Titles Credit Cash Debit $20.390 17.800 Accounts...
Powell Company had the following adjusted trial balance: Account Titles Credit Cash Debit $20.390 17.800 Accounts Receivable Supplies 7,690 44,900 Equipment $ 7,100 Accumulated Depreciation Accounts Payable Deferred Rent Revenue 4,000 1,950 36,630 21,900 Capital Stock Retained Earnings Dividends 16,000 Commission Revenue 50,400 5,200 Rent Revenue 6,100 Depreciation Expense Utilities Expense 9.200 Supplies Expense 5,100 Total $127,180 S127.180 The president of Powell Company has asked you to close the books (prepare and process the The president of Powell Company has...
DO IT! 4 Trial Balance Event Buddies had the following account balances on December 31, 2019: Cash P 181,100 Accounts receivable Service Revenue 401,600 Blessie, Capital Jan. 1, 2019 Salaries Expense 190,000 Taxes and Licenses Equipment 500,000 Utilities expense Accounts payable 135,000 Prepaid rent Additional information: 300,000 931,900 45,000 82,400 170,000 . . Accrued salaries at December 31, 2019 amounted to P30,700. 5% of the accounts receivable is estimated to be uncollectible. Depreciation on Equipment for the year is P100,000....
Morgan Company had the following adjusted trial balance: Debit Credit Account Titles Cash Accounts Receivable 15,570 8,970 6,950 49,350 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue 7,600 4,850 1,690 24,900 22,800 Capital Stock Retained Earnings 13,200 Dividends Commission Revenue Rent Revenue Depreciation Expense 45,400 6,500 Utilities Expense 3,500 10,200 6,000 113,740 Supplies Expense Total 113,740 Required: Prepare the second closing entry to close the expense accounts to Income Summary
Morgan Company had the following adjusted trial balance: Account Titles Cash Credit Accounts Receivable Debit 15,570 8,970 6,950 49,350 Supplies Equipment Accumulated Depreciation 7,600 4,850 Accounts Payable Deferred Rent Revenue Capital Stock 1,690 24,900 22,800 Retained Earnings Dividends 13,200 Commission Revenue 45,400 6,500 Rent Revenue Depreciation Expense Utilities Expense 3,500 10,200 6,000 113,740 Supplies Expense Total 113,740 Required: Prepare the second closing entry to close the expense accounts to Income Summary to montt |
Debit Credit Account Titles Cash Accounts Receivable 15,360 9,210 5,680 48,900 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue Capital Stock Retained Earnings Dividends Commission Revenue 6,500 3,640 1,630 23,100 21,400 15,000 49,880 7,300 Rent Revenue Depreciation Expense Utilities Expense 3,300 11,000 5,000 113,450 Supplies Expense Total 113,450 Required: Prepare the fourth closing entry to close the Dividends account to the Retained Earnings account. Date Account Title Debit Credit Dec. 31 Dividends
Prongnorn Company Adjusted Trial Balance July 31, 2019 No. Account Titles Debit Credit 101 Cash $8,700 112 Accounts Receivable 8,900 157 Equipment 16,300 158 Accumulated Depreciation-Equip. $7,000 4,100 201 Accounts Payable 208 Unearned Rent Revenue 1,900 311 Common Stock 20,200 320 Retained Earnings 25,600 332 Dividends 15,000 400 Service Revenue 63,500 429 Rent Revenue 6.700 711 Depreciation Expense 8,800 726 Salaries and Wages Expense 55,800 732 Utilities Expense 15,500 $129,000 $129.000 July 31 Service Revenue 63,500 Rent Revenue 6,700 Income...
Exercise 4-20 (Part Level Submission) Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Tippy Corporation is provided below. Credit Accounts Receivable Dividends Debit $72,600 26,300 13,200 212,800 91,100 Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue $53,000 114,800 22,900 183,800 6,200 Service Revenue Rent Revenue 3,600 Rent Expense Retained Earnings Supplies Expense 61,800 1,400 (a) Prepare closing entries. (Credit account titles are automatically indented when the...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota Corp. is provided below. Credit Debit $69,700 25,250 12,670 204,290 87,460 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $50,880 110,210 21,980 176,450 5,950 3,460 59,330 1,340 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Thomas Company had the following adjusted trial balance: Account Titles Credit Cash Accounts Receivable Debit $22,790 19,830 7.540 36,300 Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Rent Revenue $9,800 3,780 2,020 24,060 24,800 Capital Stock Retained Earnings Dividends 16,000 Commission Revenue 52,600 6,000 Rent Revenue Depreciation Expense Utilities Expense Supplies Expense 6,300 9,300 5,000 S123,060 Total $123,060 The president of Thomas Company has asked you to close the books (prepare and process the closing entries). After the closing process has...
Hill Company had the following adjusted trial balance: Account Titles Debit Credit Cash Accounts Receivable $21,780 17,190 7,710 Supplies 39,800 Equipment Accumulated Depreciation Accounts Payable $9,900 Deferred Rent Revenue Capital Stock 3,700 2,260 19,720 21,400 Retained Earnings Dividends 13,300 Commission Revenue 59,300 Rent Revenue 6,100 Depreciation Expense Utilities Expense 7,800 9,300 5,500 Supplies Expense Total $122,380 $122,380 The president of Hill Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process...
Powell Company had the following adjusted trial balance: Account Titles Credit Cash Debit $20.390 17.800 Accounts Receivable Supplies 7,690 44,900 Equipment $ 7,100 Accumulated Depreciation Accounts Payable Deferred Rent Revenue 4,000 1,950 36,630 21,900 Capital Stock Retained Earnings Dividends 16,000 Commission Revenue 50,400 5,200 Rent Revenue 6,100 Depreciation Expense Utilities Expense 9.200 Supplies Expense 5,100 Total $127,180 S127.180 The president of Powell Company has asked you to close the books (prepare and process the The president of Powell Company has...
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