Homework Answers
Preparation of closing entries for sparrow at Dec 31, 2019:
| Date | General Journal | Debit | Credit |
| Dec 31 | Revenues | $99600 | |
| Income summary | $99600 | ||
| (To record closing of revenues) | |||
| Dec 31 | Income summary | $79200 | |
| Salaries expense | $49400 | ||
| Rent expense | $17250 | ||
| Insurance expense | $2200 | ||
| Depreciation expense | $4950 | ||
| Income tax expense | $5400 | ||
| (To record closing of expenses) | |||
| Dec 31 | Income summary ($99600-$79200) | $20400 | |
| Retained Earnings | $20400 | ||
| (To record closing of income summary) | |||
| Dec 31 | Retained Earnings | $10500 | |
| Dividends | $10500 | ||
| (To record closing of dividends) |
______×________
Let me know if you have any queries, All the best,
Kindly UPVOTE,
Keep Learning
Add Answer to:
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 5,650 4,480 42,000 $24,000 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings 2,800 4,450 3,875 8,000 2,255 Dividends 10,500 99,600 Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare a single-step...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 Cash Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 10,500 Dividends Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 Totals 144,980 144,980 Required: Prepare a single-step...
Cornerstone Exercise 3-27 (Algorithmic) Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial...
Cornerstone Exercise 3-27 (Algorithmic) Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 5,650 Accounts Receivable Prepaid Insurance 4,480 42,000 Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock $24,000 2,800 4,450 3,875 8,000 2,255 Retained Earnings Dividends 10,500 99,500 Service Revenue Salaries Expense 49,400 Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 17,250 2,200...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 2,800 Accounts Payable Salaries Payable 4,450 Unearned Service Revenue 3,875 8,000 Common Stock Retained Earnings 2,255 Dividends 10,500 Service Revenue 100,000 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Taxes Expense 5,800 Totals $145,380 $145,380 Salaries Expense 49,400 Rent Expense 17,250 2,200 Insurance Expense Depreciation Expense Income Taxes Expense 4,950 5,800...
Cornerstone Exercise 3-25 Preparing a Retained Earnings Statement Sparrow Company had the following adjusted trial balance...
Cornerstone Exercise 3-25 Preparing a Retained Earnings Statement Sparrow Company had the following adjusted trial balance at December 31, 2019 Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receiva ble 5,650 Prepaid Insurance 4,480 42,000 Equipment Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax...
Cornerstone Exercise 3-27 (Algorithmic) Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial...
Cornerstone Exercise 3-27 (Algorithmic) Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 100,200 CIVIC REVENCIC TOUCOU Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense...
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019....
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,350 5,650 4,480 42,000 $24,000 3,000 4,450 3,875 8,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 2,255 10,500 99,600 49,400 17,250 2,200 4,950 5,400 Totals $145,180 $145,180...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock $24,000 2,800 4,450 3,875 8,000 2,255 Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
Cornerstone Exercise 3-26 (Algorithmic) Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance...
Cornerstone Exercise 3-26 (Algorithmic) Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 4,480 42,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue $24,000 2,700 4,450 3,875 8,000 2,255 Common Stock Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense 49,400 17,250 2,200 4,950 Required: Prepare a...
December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated...
December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 3,875 Unearned Service Revenue Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 144,980 144,980 Totals Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 5,650 4,480 42,000 $24,000 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings 2,800 4,450 3,875 8,000 2,255 Dividends 10,500 99,600 Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare a single-step...
Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit $3,150 Cash Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 10,500 Dividends Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 Totals 144,980 144,980 Required: Prepare a single-step...
Cornerstone Exercise 3-27 (Algorithmic) Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 5,650 Accounts Receivable Prepaid Insurance 4,480 42,000 Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock $24,000 2,800 4,450 3,875 8,000 2,255 Retained Earnings Dividends 10,500 99,500 Service Revenue Salaries Expense 49,400 Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 17,250 2,200...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 2,800 Accounts Payable Salaries Payable 4,450 Unearned Service Revenue 3,875 8,000 Common Stock Retained Earnings 2,255 Dividends 10,500 Service Revenue 100,000 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Taxes Expense 5,800 Totals $145,380 $145,380 Salaries Expense 49,400 Rent Expense 17,250 2,200 Insurance Expense Depreciation Expense Income Taxes Expense 4,950 5,800...
Cornerstone Exercise 3-25 Preparing a Retained Earnings Statement Sparrow Company had the following adjusted trial balance at December 31, 2019 Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receiva ble 5,650 Prepaid Insurance 4,480 42,000 Equipment Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax...
Cornerstone Exercise 3-27 (Algorithmic) Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 100,200 CIVIC REVENCIC TOUCOU Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense...
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,350 5,650 4,480 42,000 $24,000 3,000 4,450 3,875 8,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 2,255 10,500 99,600 49,400 17,250 2,200 4,950 5,400 Totals $145,180 $145,180...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock $24,000 2,800 4,450 3,875 8,000 2,255 Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
Cornerstone Exercise 3-26 (Algorithmic) Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 4,480 42,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue $24,000 2,700 4,450 3,875 8,000 2,255 Common Stock Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense 49,400 17,250 2,200 4,950 Required: Prepare a...
December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 3,875 Unearned Service Revenue Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 144,980 144,980 Totals Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
Most questions answered within 3 hours.
-
Considering gravitational time dilation, calculate the time that
passes in Earth’s surface while 1 hour passes...
asked 14 minutes ago -
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 1 hour ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 1 hour ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 1 hour ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 3 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 4 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 4 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 4 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 4 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 5 hours ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 5 hours ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 5 hours ago