Homework Answers
| Date | General Journal | Debit | Credit |
| $ | $ | ||
| 31-Dec-21 | Sales Revenue | 750,000 | |
| Interest Revenue | 3,000 | ||
| Income Summary | 753,000 | ||
| 31-Dec-21 | Income Summary | 576,000 | |
| Cost of Goods Sold | 420,000 | ||
| Salaries Expense | 100,000 | ||
| Rent Expense | 15,000 | ||
| Depreciation Expense | 30,000 | ||
| Interest Expense | 5,000 | ||
| Insurance Expense | 6,000 | ||
| 31-Dec-21 | Income Summary | 177,000 | |
| Retained Earnings | 177,000 | ||
| (753000-576000) |
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E 2-13 Closing entries LO2-8 American Chip Corporation's reporting year end is December 31. The following...
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance...
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021 Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense Debits Credits 84,000 790,000 5,000 440,000 140,000 19,000 34,000 5,400 6,400 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first...
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance...
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021 Debits Credits 98,000 930,000 6,500 points Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense 510,000 170.000 33,000 48,000 6.800 7,800 eBook References Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required"...
MR A newconnect.mheducation.com Saved Help Save & Exit Sub American Chip Corporation's reporting year-end is December...
MR A newconnect.mheducation.com Saved Help Save & Exit Sub American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31. 2021. Debits Credits 100,000 950,000 7,500 Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense 520,000 190,000 35,000 50,000 7,000 8,000 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a...
Exercise 3-17A Record closing entries (LO3-6) Seminoles Corporation's fiscal year-end is December 31, 2021. The following...
Exercise 3-17A Record closing entries (LO3-6) Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $25,000 $ 2,500 45,000 5,500 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 14,500 5,500 2,500 10,500 4,500 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
American Chip Corporation’s fiscal year-end is December 31. The following is a partial adjusted trial balance...
American Chip Corporation’s fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2018. Account Title Debits Credits Retained earnings 84,000 Sales revenue 790,000 Interest revenue 5,000 Cost of goods sold 440,000 Salaries expense 140,000 Rent expense 19,000 Depreciation expense 34,000 Interest expense 5,400 Insurance expense 6,400 Required: Prepare the necessary closing entries at December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first...
Chapter 2 HW Help Save &ExitSubmit Check my work 5 Exercise 2-13 Closing entries [LO2-7) American...
Chapter 2 HW Help Save &ExitSubmit Check my work 5 Exercise 2-13 Closing entries [LO2-7) American Chip Corporation's fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2018 92,000 870,000 3,500 eBook Hint int Retained Gas Sales revenue Interent revente Cost of goods sold Salarles expense Rent expense Depreciation expense Tnterest expense Insurance expense 80,000 110,000 27,000 42,000 6,200 7,200 References Required: Prepare the necessary closing entries at December 31, 2018. (f...
CH 1-3) Saved Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial...
CH 1-3) Saved Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjuste Debit Credit $19,000 $ 1,900 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 39,000 4.900 13.900 4.900 1,900 9,900 3,900 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/even Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Accounts Debit Credit Retained Earnings $50,000 Dividends $ 2,500 Service Revenue 45,000 Interest Revenue 3,000 Salaries Expense 23,000 Rent Expense 8,000 Show the necessary closing entries for Dividends account Debit Retained Earnings and credit Dividends for $2,500 Debit Dividends and credit Retained Earnings for $2,500 Debit Dividends and credit Cash for $2,500 Debit Cash and credit Dividends for $23,000 Seminoles...
2. Prepare the necessary closing entries at December 31, 2021. The December 31, 2021. adjusted trial...
2. Prepare the necessary closing entries at
December 31, 2021.
The December 31, 2021. adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 49, 2ee 295,000 9,580 44,08e 54e, eee Account Title Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 226,eee...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of D...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $20,000 $ 2,000 40,000 5,000 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 14,000 5,000 2,000 10,000 4,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021 Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense Debits Credits 84,000 790,000 5,000 440,000 140,000 19,000 34,000 5,400 6,400 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first...
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2021 Debits Credits 98,000 930,000 6,500 points Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense 510,000 170.000 33,000 48,000 6.800 7,800 eBook References Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required"...
MR A newconnect.mheducation.com Saved Help Save & Exit Sub American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as of December 31. 2021. Debits Credits 100,000 950,000 7,500 Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Insurance expense 520,000 190,000 35,000 50,000 7,000 8,000 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a...
Exercise 3-17A Record closing entries (LO3-6) Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $25,000 $ 2,500 45,000 5,500 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 14,500 5,500 2,500 10,500 4,500 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
Chapter 2 HW Help Save &ExitSubmit Check my work 5 Exercise 2-13 Closing entries [LO2-7) American Chip Corporation's fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2018 92,000 870,000 3,500 eBook Hint int Retained Gas Sales revenue Interent revente Cost of goods sold Salarles expense Rent expense Depreciation expense Tnterest expense Insurance expense 80,000 110,000 27,000 42,000 6,200 7,200 References Required: Prepare the necessary closing entries at December 31, 2018. (f...
CH 1-3) Saved Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjuste Debit Credit $19,000 $ 1,900 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 39,000 4.900 13.900 4.900 1,900 9,900 3,900 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/even Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Accounts Debit Credit Retained Earnings $50,000 Dividends $ 2,500 Service Revenue 45,000 Interest Revenue 3,000 Salaries Expense 23,000 Rent Expense 8,000 Show the necessary closing entries for Dividends account Debit Retained Earnings and credit Dividends for $2,500 Debit Dividends and credit Retained Earnings for $2,500 Debit Dividends and credit Cash for $2,500 Debit Cash and credit Dividends for $23,000 Seminoles...
2. Prepare the necessary closing entries at
December 31, 2021.
The December 31, 2021. adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 49, 2ee 295,000 9,580 44,08e 54e, eee Account Title Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation Accounts payable Notes payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 226,eee...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $20,000 $ 2,000 40,000 5,000 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 14,000 5,000 2,000 10,000 4,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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