In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the general ledger accounts. This step must be completed to prepare the accounts for the next accounting period.
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In this stage of the accounting cycle, you are asked to record
closing entries in the...
In this stage of the accounting cycle, you are asked to record closing entries in the...
In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the general ledger accounts. This step must be completed to prepare the accounts for the next accounting period. Instructions for closing entries 1) Record closing entries in the general journal. 2) Post the closing entries from the general journal to the relevant general ledger accounts 3) Record the final closing balance of each ledger account in the...
Now that all adjusting entries have been posted to the general ledger, you are asked to...
Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2020. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule...
You are now asked to journalize and post the adjusting entries after completing the worksheet. This...
You are now asked to journalize and post the adjusting entries
after completing the worksheet. This is because, in the manual
accounting system, the worksheet is not part of the journals and
ledgers. Therefore completing the Adjustments column in the
worksheet does not automatically update the appropriate ledger
accounts. Since this practice set is a manual accounting practice
set, you are still required to manually journalize the adjusting
entries and post them to the general ledger as a separate step....
Transactions - week 4 You are now asked to record transactions that occurred during the fourth week of June in the...
Transactions - week 4 You are now asked to record transactions that occurred during the fourth week of June in the company's books, The week 4 transactions are listed below: Week 4 Date Transaction description 24 Made cash sales of $10,010 during the week. Paid the full amount owing to Booked Inn, Check No. 608. 25 25 Ordered 45 copies of Accidental Accountant from Quickdraw Peak for 516 each, agreed terms with Quickdraw Peak are 2/10, n/30 28 Paid the...
Transactions - week 3 Jsing the company's records that are provided below, you are now required to ecord tr...
Transactions - week 3 Jsing the company's records that are provided below, you are now required to ecord transactions that occurred throughout the third week of June. The veek 3 transactions are listed below Week 3 Date Transaction description 15 Paid sales staff wages of S5,275 for the two weeks up to and including yesterday, Check No. 607 16 Sold 130 copies of Barry Plotter and the Chart of Accounts to Cliffs Notes for $41 each, Invoice No. 203 16...
Do all parts A-i The Accounting Cycle: Statements and Closing Entries Chapter 6 Case Study CS-1...
Do all parts A-i
The Accounting Cycle: Statements and Closing Entries Chapter 6 Case Study CS-1 LO 1 2 3 4 Grindstone Paving provides residential and commercial paving services. Its balance sheet at the end of June 2018 is shown below, along with its chart of accounts Grindstone Paving Balance Sheet As at June 30, 2018 Assets Liabilities Cash $7.580 Accounts Payable $15,800 Accounts Receivable 6,000 Unearned Revenue 6,200 Prepaid Insurance 1,800 Notes Payable 22.000 Equipment 55,000 Total Liabilities 44,000...
Record the closing entry for revenue. Record the closing entry for expenses. Record the closing entry...
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
summary.
Record the closing entry for the drawing account.
Problem 6.3A Journalizing and posting closing entries. LO 6-1 On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 401...
The Accounting Cycle Statements and Closing Entries Chapter 6 Case Study CS-1 LO 1234 Grindstone Paving...
The Accounting Cycle Statements and Closing Entries Chapter 6 Case Study CS-1 LO 1234 Grindstone Paving provides residential and commercial paving services. Its balance sheet at the end of June 2018 is shown below, along with its chart of accounts. Grindstone Paving Balance Sheet As at June 30, 2018 Assets Liabilities Cash $7.580 Accounts Payable $15,800 Accounts Receivable 6,000 Unearned Revenue 6,200 Prepaid Insurance 1,800 Notes Payable 22.000 Equipment 55.000 Total Liabilities 44,000 Owner's Equity Stone, Capital 26,380 Total Assets...
Thank you in advance :) PART 10: Post and Close All Accounts Post the closing entries...
Thank you in advance :)
PART 10: Post and Close All Accounts Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Date Accounts Debit Credit Dec. 31 Retained Earnings 9,185 Salaries Expense 6,800 Depreciation Expense - Furniture 100 Insurance Expense 275 Utilities Expense 380 Rent Expense 1,500 Supplies Expense 130 Date Accounts Debit Credit Dec. 31...
please journalize the closing entires and post to general ledger. thanks CASH Acent 0 101 2018...
please journalize the closing entires and post to general
ledger. thanks
CASH Acent 0 101 2018 Balance Post Ref Date Description Credit Credit Debit 20,000.00 Debit 20,000.00 11.500.00 June 8,500.00 13,000.00 1,500.00 5,000.00 3,500.00 1,000.00 2,500.00 2,000.00 1,000.00 Journal not posted to GL: -150 pts Account: ACCOUNT RECEIVABLE 2018 Balance Description Credit Credit Date June Debit 20,000.00 10 Debit 20.000.00 15,000.00 5,000.00 Account: SUPPLIES Accnt : 2018 Balance Description Date June Credit Credit Debit 2,000.00 2.000.00 Debit 2.000.00 4,000.00 20...
In this stage of the accounting cycle, you are asked to record closing entries in the general journal and then post them to the general ledger accounts. This step must be completed to prepare the accounts for the next accounting period. Instructions for closing entries 1) Record closing entries in the general journal. 2) Post the closing entries from the general journal to the relevant general ledger accounts 3) Record the final closing balance of each ledger account in the...
Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2020. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule...
You are now asked to journalize and post the adjusting entries
after completing the worksheet. This is because, in the manual
accounting system, the worksheet is not part of the journals and
ledgers. Therefore completing the Adjustments column in the
worksheet does not automatically update the appropriate ledger
accounts. Since this practice set is a manual accounting practice
set, you are still required to manually journalize the adjusting
entries and post them to the general ledger as a separate step....
Transactions - week 4 You are now asked to record transactions that occurred during the fourth week of June in the company's books, The week 4 transactions are listed below: Week 4 Date Transaction description 24 Made cash sales of $10,010 during the week. Paid the full amount owing to Booked Inn, Check No. 608. 25 25 Ordered 45 copies of Accidental Accountant from Quickdraw Peak for 516 each, agreed terms with Quickdraw Peak are 2/10, n/30 28 Paid the...
Transactions - week 3 Jsing the company's records that are provided below, you are now required to ecord transactions that occurred throughout the third week of June. The veek 3 transactions are listed below Week 3 Date Transaction description 15 Paid sales staff wages of S5,275 for the two weeks up to and including yesterday, Check No. 607 16 Sold 130 copies of Barry Plotter and the Chart of Accounts to Cliffs Notes for $41 each, Invoice No. 203 16...
Do all parts A-i
The Accounting Cycle: Statements and Closing Entries Chapter 6 Case Study CS-1 LO 1 2 3 4 Grindstone Paving provides residential and commercial paving services. Its balance sheet at the end of June 2018 is shown below, along with its chart of accounts Grindstone Paving Balance Sheet As at June 30, 2018 Assets Liabilities Cash $7.580 Accounts Payable $15,800 Accounts Receivable 6,000 Unearned Revenue 6,200 Prepaid Insurance 1,800 Notes Payable 22.000 Equipment 55,000 Total Liabilities 44,000...
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
summary.
Record the closing entry for the drawing account.
Problem 6.3A Journalizing and posting closing entries. LO 6-1 On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Rent 141 Equipment 142 Accumulated Depreciation-Equip. 202 Accounts Payable 301 Emilio Gonzalez, Capital (12/1/2019) 302 Emilio Gonzalez, Drawing 401...
The Accounting Cycle Statements and Closing Entries Chapter 6 Case Study CS-1 LO 1234 Grindstone Paving provides residential and commercial paving services. Its balance sheet at the end of June 2018 is shown below, along with its chart of accounts. Grindstone Paving Balance Sheet As at June 30, 2018 Assets Liabilities Cash $7.580 Accounts Payable $15,800 Accounts Receivable 6,000 Unearned Revenue 6,200 Prepaid Insurance 1,800 Notes Payable 22.000 Equipment 55.000 Total Liabilities 44,000 Owner's Equity Stone, Capital 26,380 Total Assets...
Thank you in advance :)
PART 10: Post and Close All Accounts Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Date Accounts Debit Credit Dec. 31 Retained Earnings 9,185 Salaries Expense 6,800 Depreciation Expense - Furniture 100 Insurance Expense 275 Utilities Expense 380 Rent Expense 1,500 Supplies Expense 130 Date Accounts Debit Credit Dec. 31...
please journalize the closing entires and post to general
ledger. thanks
CASH Acent 0 101 2018 Balance Post Ref Date Description Credit Credit Debit 20,000.00 Debit 20,000.00 11.500.00 June 8,500.00 13,000.00 1,500.00 5,000.00 3,500.00 1,000.00 2,500.00 2,000.00 1,000.00 Journal not posted to GL: -150 pts Account: ACCOUNT RECEIVABLE 2018 Balance Description Credit Credit Date June Debit 20,000.00 10 Debit 20.000.00 15,000.00 5,000.00 Account: SUPPLIES Accnt : 2018 Balance Description Date June Credit Credit Debit 2,000.00 2.000.00 Debit 2.000.00 4,000.00 20...
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