Homework Answers
Profit and loss a/c. Dr 695500
To salaries exp. 305500
To supplies exp. 208000
To rent exp. 95000
To insurance exp. 87000
Revenue A/c Dr 839000
To profit and loss a/c 839000
Net profit a/c. Dr 143500
To profit & loss a/c. 14350
Retained Earnings = opening balance + net profit - dividend
319500+ 143500-25000 = 438000
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6. After all adjusting entries have...
can someone please explain this and provdie the correct answer. I dont understand): 6. After all...
can
someone please explain this and provdie the correct answer. I dont
understand):
6. After all adjusting entries have been made and the financial statements have been prepared at the end of the fiscal year, salaries expenses has a debit of $305,500, supplies expense has a debit of $208,000, rent expense has a debit of $95,000, insurance expense has a debit of $87,000, and revenue has a credit of $839,000. At the same date, retained earnings has a credit balance...
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...
Please help with correct answer and explaination if possible, thx!(: 3. For each of the following,...
Please help with correct answer and explaination if possible,
thx!(:
3. For each of the following, journalize the necessary adjusting entry. A. Unpaid wages accrued were $4,000 B. The balance in the prepaid insurance account before adjustment at the end of the year is $12,000. The amount of insurance expired during the year is $8,500. C. The estimated depreciation on buildings for the year is $32,000. I
Closing Entries with Net Income After all revenue and expense accounts have been closed at the...
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 $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
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...
Please help with correct answer and explaination if possible, thx!(: 1. The total assets and the...
Please help with correct answer and explaination if possible,
thx!(:
1. The total assets and the total liabilities of a particular business enterprise at the beginning and at the end of the year are stated below. During the year, dividends of $30,000 were paid and $25,000 of additional capital stock was issued. What was the amount of net income for the year? Assets Liabilities Beginning of year End of year $290,000 355,000 $190,000 220,000 1 I
Please if you can help me to fill out this table T-Accounts, Adjusting Entries, Financial Statements,...
Please if you can help me to fill out this table
T-Accounts, Adjusting Entries, Financial Statements, and closing Entries; optional end-of-period spreadsheet The unadjusted trial balance of La Mesa Laundry at August 31, 2018, the end of the fiscal year, follows: La Mesa Laundry Unadjusted Trial Balance August 31, 2018 Debit Balances Credit Balances Cash 3,800 9,000 6,000 I 180,800 49,200 7,800 15,000 Laundry Supplies Prepaid Insurance Laundry Equipment Accumulated Depreciation < Accounts Payable Common Stock Retained Earnings Dividends Laundry...
Please help with correct answer and explaination if possible, thx!(: 4. The accountant for Monroe Company...
Please help with correct answer and explaination if possible,
thx!(:
4. The accountant for Monroe Company mistakenly omitted the adjusting entry to record accrued fees of $2,000 for services provided to customers and not yet billed. Indicate the effect of the error on the income statement and the balance sheet by inserting "overstated" or "understated" in the space provided. If an item is not affected, leave the space blank. Assets Liabilities Stockholders Equity Revenues Expenses Net Income I 5. What...
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...
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...
can
someone please explain this and provdie the correct answer. I dont
understand):
6. After all adjusting entries have been made and the financial statements have been prepared at the end of the fiscal year, salaries expenses has a debit of $305,500, supplies expense has a debit of $208,000, rent expense has a debit of $95,000, insurance expense has a debit of $87,000, and revenue has a credit of $839,000. At the same date, retained earnings has a credit balance...
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...
Please help with correct answer and explaination if possible,
thx!(:
3. For each of the following, journalize the necessary adjusting entry. A. Unpaid wages accrued were $4,000 B. The balance in the prepaid insurance account before adjustment at the end of the year is $12,000. The amount of insurance expired during the year is $8,500. C. The estimated depreciation on buildings for the year is $32,000. I
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 $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
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...
Please help with correct answer and explaination if possible,
thx!(:
1. The total assets and the total liabilities of a particular business enterprise at the beginning and at the end of the year are stated below. During the year, dividends of $30,000 were paid and $25,000 of additional capital stock was issued. What was the amount of net income for the year? Assets Liabilities Beginning of year End of year $290,000 355,000 $190,000 220,000 1 I
Please if you can help me to fill out this table
T-Accounts, Adjusting Entries, Financial Statements, and closing Entries; optional end-of-period spreadsheet The unadjusted trial balance of La Mesa Laundry at August 31, 2018, the end of the fiscal year, follows: La Mesa Laundry Unadjusted Trial Balance August 31, 2018 Debit Balances Credit Balances Cash 3,800 9,000 6,000 I 180,800 49,200 7,800 15,000 Laundry Supplies Prepaid Insurance Laundry Equipment Accumulated Depreciation < Accounts Payable Common Stock Retained Earnings Dividends Laundry...
Please help with correct answer and explaination if possible,
thx!(:
4. The accountant for Monroe Company mistakenly omitted the adjusting entry to record accrued fees of $2,000 for services provided to customers and not yet billed. Indicate the effect of the error on the income statement and the balance sheet by inserting "overstated" or "understated" in the space provided. If an item is not affected, leave the space blank. Assets Liabilities Stockholders Equity Revenues Expenses Net Income I 5. What...
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...
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