Homework Answers
At the of year all trial balances items are transferred to profit and loss account by providing adjusted journal entries.
For closing revenue accouts :
Revenue a/c DR ××××××
To profit and loss a/c CR ××××××
For closing expenses accounts :
Profit and loss a/c DR ××××××
To various expenses a/c CR ××××××××
so that in the books of RESTRY for the year ended dec 31, 20××
Adjusted entry for closing Revenue account :
Rent fee revenue A/c DR 37,000
Furniture rent revenue A/C DR 1,200
Interest revenue A/C DR 100
To profit and loss account A/C CR 38,300
( Being close the revenue accounts)
If any clarification please comment...,
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Beachside Realty ADJUSTED TRIAL BALANCE December 31, 20Y2 ACCOUNT TITLE DEBIT CREDIT 1 Cash 1,500.00 2 Accounts Receivable 2,000.00 3. Interest Receivable 100.00 4 Prepaid Insurance 1,600.00 5 Notes Receivable long-term) 2,800.00 6 Equipment 15,000.00 7. Accumulated Depreciation 3,000.00 8 Accounts Payable 2,400.00 9 Accrued Expenses Payable 3,920.00 10 Income Taxes Payable 2,700.00 11 Unearned Rent Fees 500.00 12 Common Stock 5,000.00 13 Retained Earnings 2,700.00 14 Dividends 2,000.00 15 Rent Fees Earned 37,000.00 16 Furniture Rental Revenue 1,200.00 17...
E 7 December 31, 2018 Debit Credit Cash $ 7,000.00 0 Accounts Receivable $ 5,000.00 1...
E 7 December 31, 2018 Debit Credit Cash $ 7,000.00 0 Accounts Receivable $ 5,000.00 1 Allowance for Doubtful Accounts $ 1,000.00 2 Supplies $ 1,750.00 3 Inventory $ 12,000.00 4 Prepaid Insurance $ 2,000.00 5 Prepaid Rent $ 4,000.00 6 Equipment $ 9,000.00 7 Accumulated Depreciation - Equipment $ 2,500.00 3 Cars $ 21,000.00 9 Accumulated Depreciation - Cars $ 9,000.00 Accounts Payable $ 1,000.00 1 Unearned Service Revenue $ 900.00 2 Common Stock $ 2,500.00 3 Retained Earnings...
THE MAIN STREET CASUALS SHOPPE, INC Trial Balance February 29, 20xx crual Basis Feb 29, 16 146,912.00 101,000.00 2,500.00 3,000.00 300,000.00 100,000.00 40,000.00 10000 Cash in Bank 10500-Invento...
THE MAIN STREET CASUALS SHOPPE, INC Trial Balance February 29, 20xx crual Basis Feb 29, 16 146,912.00 101,000.00 2,500.00 3,000.00 300,000.00 100,000.00 40,000.00 10000 Cash in Bank 10500-Inventory 10600 Accounts Recelvable 11000- Prepaid Advertising 4000 Building 14600 Furniture and Fixtures 17100 Accumulated Depreciation- Build 17101 Accumulated Depreciation-F&F 22500 Accounts Payable 22600 Accrued Utilities Payable 22700 Accrued Interest Payable 22800 Accrued Salaries Payable 22850 Professional Fees Payable 22900 Accrued Income Tax Payable 23000 Unearned Rent Revenue 2,000.00 1,333.00 100,000.00 1,668.00 100.00...
Calculator Shores Sports rents canoes and kayaks. Below is the adjusted trial balance at December 31. Debit Credit...
Calculator Shores Sports rents canoes and kayaks. Below is the adjusted trial balance at December 31. Debit Credit 1,500 Cash Accounts Receivable 2,000 100 1,600 Interest Receivable Prepaid Insurance Notes Receivable (Long-Term) 2,800 15,000 Equipment Accumulated Depreciation 3,000 2,400 Accounts Payable Accrued Expenses Payable Income Taxes Payable 3,920 2,700 500 7,700 Uneamed Rent Fees Common Stock 2,000 Dividends Rent Fees Earned 37,000 1,300 Furniture Rental Revenue 19,000 Wages Expense Depreciation Expense 320 Utilities Expense 700 Insurance Expense 9,000 Maintenance Expense...
Accounts bank inventory office equipment computers van Trendmill limitted debit Accounts £32,050.00 cash £15,000.00 sale £15,000.00...
Accounts bank inventory office equipment computers van Trendmill limitted debit Accounts £32,050.00 cash £15,000.00 sale £15,000.00 account payable £5,000.00 capital £20,000.00 van lease £1,500.00 rent payable £3,000.00 utulities payable £3,000.00 salary&wages payable £25,500.00 accrued liabilities £600.00 discount £2,400.00 £21,000.00 £2,940.00 £1,000.00 £100.00 £2,000.00 £500.00 £150,590.00 credit £9,100.00 £16,940.00 £6,000.00 £50,000.00 £16,000.00 £3,000.00 £3,000.00 £25,500.00 £21,000.00 £50.00 maintenance accrued rent accrued utilities accrued salary&wages interest (van) instalments (van) liability payable account recievable office cleaning office stationary Charity&donation staff entertaiment £150,590.00 depreciation...
Prepare a trial balance on a worksheet. and complete the worksheet. Journal Entries Date Account Title...
Prepare a trial balance on a worksheet. and complete
the worksheet.
Journal Entries Date Account Title and Explaination Debit Credit Post. Ref. (S) (S) Mar.1 15,000.00 Cash Common Stock To record Common Stock issued for Cash) $ 15,000.00 Mar.1 6,000.00 Cash Note Payable To record cash received though Note Pavable) 6,000.00 Mar.1 8,000.00 Truck Cash To record truck purchased for cash) $ 8,000.00 $ 1.500.00 Mar2 Prepaid Rent Cash To record 3 months rent paid) $ 1.500.00 Mar.3 2.400.00 Prepaid...
SUSQUEHANNA EQUIPMENT RENTALS Balance Sheet December 31, Year 1 Assets Cash Accounts receivable Prepaid rent Unex...
SUSQUEHANNA EQUIPMENT RENTALS Balance Sheet December 31, Year 1 Assets Cash Accounts receivable Prepaid rent Unexpired insurance Office supplies Rental equipment Total assets Liabilities & Stockholders' equity Liabilities: Accounts payable Salaries payable Unearned rental fees Dividends payable Income taxes payable Interest payable Total liabilities Stockholders' equity: Capital stock Retained earnings Total stockholders equity Total liabilities and stockholders' equit Comprehensive Problem 1 The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed...
Trial Balance 2019 December 31 Debits Credits Cash 85,100 0 Accounts Receivable 81,000 0 Supplies on...
Trial Balance 2019 December 31 Debits Credits Cash 85,100 0 Accounts Receivable 81,000 0 Supplies on Hand 4,600 0 Prepaid Rent 12,240 0 Prepaid Advertising 2,880 0 Prepaid Insurance 4,400 0 Office Equipment 5,400 0 Accumulated Depreciation—Office Equipment 0 2,760 Office Furniture 29,200 0 Accumulated Depreciation—Office Furniture 0 8,280 Accounts Payable 0 25,200 Notes Payable (due 2020) 0 4,000 Capital Stock 0 100,000 Retained Earnings, 2019 January 1 0 22,400 Dividends 45,520 0 Service Revenue 0 250,000 Salaries Expense 98,800...
Balance Sheet 12/31/19 1,500.00 1,250.00 100.00 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total...
Balance Sheet 12/31/19 1,500.00 1,250.00 100.00 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, plant, and Equipment Total Assets $ 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 40,850.00 100.00 150.00 $ Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1 par Retained Earnings Total Equity Total Liabilities and Equity 250.00 $ $...
Trial balance Account Titles Debit Credit Cash $ 95,430 Accounts Receivable $ 6,000 Prepaid Rent $ &n
Trial balance
Account Titles
Debit
Credit
Cash
$
95,430
Accounts Receivable
$
6,000
Prepaid Rent
$
25,000
Prepaid Insurance
$
2,700
Prepaid Supplies
$
120
Equipment
$ 400,000
Accumulated Depreciation
$
3,250
Accounts Payable
$
970
Accrued Interest
$
1,400
Accrued Salaries
$
550
Unearned Rental Revenue
$
1,950
Notes Payable
$ 350,000
Capital Stock-Mike
$
80,000
Capital Stock-Julie
$
80,000
Dividend
$
4,000
Retained Earnings
$
-
Rental Revenue
$
46,100
Salaries Expense
$
19,950
Rent Expense
$
5,000...
Beachside Realty ADJUSTED TRIAL BALANCE December 31, 20Y2 ACCOUNT TITLE DEBIT CREDIT 1 Cash 1,500.00 2 Accounts Receivable 2,000.00 3. Interest Receivable 100.00 4 Prepaid Insurance 1,600.00 5 Notes Receivable long-term) 2,800.00 6 Equipment 15,000.00 7. Accumulated Depreciation 3,000.00 8 Accounts Payable 2,400.00 9 Accrued Expenses Payable 3,920.00 10 Income Taxes Payable 2,700.00 11 Unearned Rent Fees 500.00 12 Common Stock 5,000.00 13 Retained Earnings 2,700.00 14 Dividends 2,000.00 15 Rent Fees Earned 37,000.00 16 Furniture Rental Revenue 1,200.00 17...
E 7 December 31, 2018 Debit Credit Cash $ 7,000.00 0 Accounts Receivable $ 5,000.00 1 Allowance for Doubtful Accounts $ 1,000.00 2 Supplies $ 1,750.00 3 Inventory $ 12,000.00 4 Prepaid Insurance $ 2,000.00 5 Prepaid Rent $ 4,000.00 6 Equipment $ 9,000.00 7 Accumulated Depreciation - Equipment $ 2,500.00 3 Cars $ 21,000.00 9 Accumulated Depreciation - Cars $ 9,000.00 Accounts Payable $ 1,000.00 1 Unearned Service Revenue $ 900.00 2 Common Stock $ 2,500.00 3 Retained Earnings...
THE MAIN STREET CASUALS SHOPPE, INC Trial Balance February 29, 20xx crual Basis Feb 29, 16 146,912.00 101,000.00 2,500.00 3,000.00 300,000.00 100,000.00 40,000.00 10000 Cash in Bank 10500-Inventory 10600 Accounts Recelvable 11000- Prepaid Advertising 4000 Building 14600 Furniture and Fixtures 17100 Accumulated Depreciation- Build 17101 Accumulated Depreciation-F&F 22500 Accounts Payable 22600 Accrued Utilities Payable 22700 Accrued Interest Payable 22800 Accrued Salaries Payable 22850 Professional Fees Payable 22900 Accrued Income Tax Payable 23000 Unearned Rent Revenue 2,000.00 1,333.00 100,000.00 1,668.00 100.00...
Calculator Shores Sports rents canoes and kayaks. Below is the adjusted trial balance at December 31. Debit Credit 1,500 Cash Accounts Receivable 2,000 100 1,600 Interest Receivable Prepaid Insurance Notes Receivable (Long-Term) 2,800 15,000 Equipment Accumulated Depreciation 3,000 2,400 Accounts Payable Accrued Expenses Payable Income Taxes Payable 3,920 2,700 500 7,700 Uneamed Rent Fees Common Stock 2,000 Dividends Rent Fees Earned 37,000 1,300 Furniture Rental Revenue 19,000 Wages Expense Depreciation Expense 320 Utilities Expense 700 Insurance Expense 9,000 Maintenance Expense...
Accounts bank inventory office equipment computers van Trendmill limitted debit Accounts £32,050.00 cash £15,000.00 sale £15,000.00 account payable £5,000.00 capital £20,000.00 van lease £1,500.00 rent payable £3,000.00 utulities payable £3,000.00 salary&wages payable £25,500.00 accrued liabilities £600.00 discount £2,400.00 £21,000.00 £2,940.00 £1,000.00 £100.00 £2,000.00 £500.00 £150,590.00 credit £9,100.00 £16,940.00 £6,000.00 £50,000.00 £16,000.00 £3,000.00 £3,000.00 £25,500.00 £21,000.00 £50.00 maintenance accrued rent accrued utilities accrued salary&wages interest (van) instalments (van) liability payable account recievable office cleaning office stationary Charity&donation staff entertaiment £150,590.00 depreciation...
Prepare a trial balance on a worksheet. and complete
the worksheet.
Journal Entries Date Account Title and Explaination Debit Credit Post. Ref. (S) (S) Mar.1 15,000.00 Cash Common Stock To record Common Stock issued for Cash) $ 15,000.00 Mar.1 6,000.00 Cash Note Payable To record cash received though Note Pavable) 6,000.00 Mar.1 8,000.00 Truck Cash To record truck purchased for cash) $ 8,000.00 $ 1.500.00 Mar2 Prepaid Rent Cash To record 3 months rent paid) $ 1.500.00 Mar.3 2.400.00 Prepaid...
SUSQUEHANNA EQUIPMENT RENTALS Balance Sheet December 31, Year 1 Assets Cash Accounts receivable Prepaid rent Unexpired insurance Office supplies Rental equipment Total assets Liabilities & Stockholders' equity Liabilities: Accounts payable Salaries payable Unearned rental fees Dividends payable Income taxes payable Interest payable Total liabilities Stockholders' equity: Capital stock Retained earnings Total stockholders equity Total liabilities and stockholders' equit Comprehensive Problem 1 The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed...
Balance Sheet 12/31/19 1,500.00 1,250.00 100.00 2,850.00 Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, plant, and Equipment Total Assets $ 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ $ 38,000.00 40,850.00 100.00 150.00 $ Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1 par Retained Earnings Total Equity Total Liabilities and Equity 250.00 $ $...
Trial balance
Account Titles
Debit
Credit
Cash
$
95,430
Accounts Receivable
$
6,000
Prepaid Rent
$
25,000
Prepaid Insurance
$
2,700
Prepaid Supplies
$
120
Equipment
$ 400,000
Accumulated Depreciation
$
3,250
Accounts Payable
$
970
Accrued Interest
$
1,400
Accrued Salaries
$
550
Unearned Rental Revenue
$
1,950
Notes Payable
$ 350,000
Capital Stock-Mike
$
80,000
Capital Stock-Julie
$
80,000
Dividend
$
4,000
Retained Earnings
$
-
Rental Revenue
$
46,100
Salaries Expense
$
19,950
Rent Expense
$
5,000...
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