Homework Answers
Income statement
| Service revenue | 19,000 | |
| Total revenue | 19,000 | |
| Expenses : | ||
| Wages expense | 11,400 | |
| rent expense | 2,800 | |
| Total expense | -14,200 | |
| Net income | $4,800 |
Journal
|
Date |
Account Title and Explanation |
Debit |
Credit |
| Dec 31 | Service revenue | 19,000 | |
| Income summary | 19,000 | ||
| (To close revenue account) | |||
| Dec 31, | Income summary | 14,200 | |
| Wages expense | 11,400 | ||
| Rent expense | 2,800 | ||
| (To close expense account) | |||
| Dec 31, | Income summary | 4,800 | |
| Retained earnings | 4,800 | ||
| (To close income summary to retained earnings) | |||
| Dec 31, | Retained earnings | 1,100 | |
| Dividends | 1,100 | ||
| (To close dividends) |
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QS 3-18 Preparing closing entries from the ledger LO P7 The ledger of Mai Company includes...
Saved The ledger of Mal Company includes the following accounts with normal balances as of December...
Saved The ledger of Mal Company includes the following accounts with normal balances as of December 31: Common Stock $10,300; Dividends $1.450, Services Revenue $26,000: Wages Expense $14.900; and Rent Expense $4,200. Prepare its December 31 closing entries. View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close revenue accounts. Note: Enter debit before credits General Journal Debit Credit Date Dec 31 Prepare its Dec closing entries. 0:57:58 View transaction is Journal entry worksheet A...
bottom row is total Exercise 3-10 Preparing closing entries and a post-closing trial balance LO P7,...
bottom row is total
Exercise 3-10 Preparing closing entries and a post-closing trial balance LO P7, P8 The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31, Credit Debit $ 18,000 11,800 2,000 23.000 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent...
HELP PLEASE !!!! Problem 4-4A Preparing closing entries and interpreting information about discounts and returns LO...
HELP PLEASE !!!!
Problem 4-4A Preparing closing entries and interpreting information about discounts and returns LO C2, P3 Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense and advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 41,400 59,270 $ 24,800 16,400 20,500 8,400 226,400 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock...
Exercise 3-10 Preparing closing entries and a post-closing trial balance LO P7, P8 The following adjusted...
Exercise 3-10 Preparing closing entries and a post-closing trial balance LO P7, P8 The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title Debit Credit 101 Cash $18,000 126 Supplies 9,800 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation-Equipment $ 6,500 307 Common stock 9,790 318 Retained earnings 35,600 319 Dividends 6,000 404 Services revenue 32,400 612 Depreciation expense-Equipment 2,000 622 salaries expense 18,889 637 Insurance expense...
On December 31, 2016, the ledger of Hernandez Company contained the following account balances: Cash $11,800...
On December 31, 2016, the ledger of Hernandez Company contained the following account balances: Cash $11,800 31,300 Maria Hernandez, Drawing 2,050 Fees Income 1,250 Depreciation Expense 45,250 O O ONO O O 1,900 15,300 V Salaries Expense Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Hernandez, Capital 1,650 Supplies Expense 2,150 Telephone Expense 46,550. Utilities Expense 1.750 2000 70,550 - Prepare the closing entries for the above transactions. D View transaction list Journal entry worksheet 1 2 3 4...
The year-end adjusted trial balance of Aggles Corporation Included the following account balances: Retained Earnings, $222,000;...
The year-end adjusted trial balance of Aggles Corporation Included the following account balances: Retained Earnings, $222,000; Service Revenue, $860,000; Salarles Expense, $382,000; Rent Expense, $142,000; Interest Expense, $77,000; and Dividends, $52,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet < 1 2 3 > Record the entry to close revenue accounts. Note: Enter debits before credits. Date December 31...
C4-3 Recording Transactions (Including Adjusting Journal Entries), Preparing Financial Statements and Closing Journal Entries, and Computing...
C4-3 Recording Transactions (Including Adjusting Journal Entries), Preparing Financial Statements and Closing Journal Entries, and Computing Net Profit Margin and Current Ratio (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, L Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 20 ACCOUNT ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 63,000 35,660 8,900 23,380 101,008 39,620...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $32,999 Maria Lopez, Drawing 2,850 Fees Income 2,050 Depreciation Expense 25,900 Salaries Expense 2,450 Supplies Expense 2,950 Telephone Expense 48,150 Utilities Expense $13,400 53,250 2,700 16,999 2,950 2,550 4,600 Prepare the closing entries for the above transactions, View transaction list Journal entry worksheet < 1 2 3 Prepare the closing entry for the drawing...
QS 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in...
QS 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in 2016 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments follow. Cost $65 Fair Value $49 Portfolio of Trading Securities December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities. Prepare journal entries to record each...
Saved The ledger of Mal Company includes the following accounts with normal balances as of December 31: Common Stock $10,300; Dividends $1.450, Services Revenue $26,000: Wages Expense $14.900; and Rent Expense $4,200. Prepare its December 31 closing entries. View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close revenue accounts. Note: Enter debit before credits General Journal Debit Credit Date Dec 31 Prepare its Dec closing entries. 0:57:58 View transaction is Journal entry worksheet A...
bottom row is total
Exercise 3-10 Preparing closing entries and a post-closing trial balance LO P7, P8 The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31, Credit Debit $ 18,000 11,800 2,000 23.000 No. Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent...
HELP PLEASE !!!!
Problem 4-4A Preparing closing entries and interpreting information about discounts and returns LO C2, P3 Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense and advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 41,400 59,270 $ 24,800 16,400 20,500 8,400 226,400 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock...
Exercise 3-10 Preparing closing entries and a post-closing trial balance LO P7, P8 The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title Debit Credit 101 Cash $18,000 126 Supplies 9,800 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation-Equipment $ 6,500 307 Common stock 9,790 318 Retained earnings 35,600 319 Dividends 6,000 404 Services revenue 32,400 612 Depreciation expense-Equipment 2,000 622 salaries expense 18,889 637 Insurance expense...
On December 31, 2016, the ledger of Hernandez Company contained the following account balances: Cash $11,800 31,300 Maria Hernandez, Drawing 2,050 Fees Income 1,250 Depreciation Expense 45,250 O O ONO O O 1,900 15,300 V Salaries Expense Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Hernandez, Capital 1,650 Supplies Expense 2,150 Telephone Expense 46,550. Utilities Expense 1.750 2000 70,550 - Prepare the closing entries for the above transactions. D View transaction list Journal entry worksheet 1 2 3 4...
The year-end adjusted trial balance of Aggles Corporation Included the following account balances: Retained Earnings, $222,000; Service Revenue, $860,000; Salarles Expense, $382,000; Rent Expense, $142,000; Interest Expense, $77,000; and Dividends, $52,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field.) View transaction list Journal entry worksheet < 1 2 3 > Record the entry to close revenue accounts. Note: Enter debits before credits. Date December 31...
C4-3 Recording Transactions (Including Adjusting Journal Entries), Preparing Financial Statements and Closing Journal Entries, and Computing Net Profit Margin and Current Ratio (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, L Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 20 ACCOUNT ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 63,000 35,660 8,900 23,380 101,008 39,620...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $32,999 Maria Lopez, Drawing 2,850 Fees Income 2,050 Depreciation Expense 25,900 Salaries Expense 2,450 Supplies Expense 2,950 Telephone Expense 48,150 Utilities Expense $13,400 53,250 2,700 16,999 2,950 2,550 4,600 Prepare the closing entries for the above transactions, View transaction list Journal entry worksheet < 1 2 3 Prepare the closing entry for the drawing...
QS 15-5 Multiyear fair value adjustments to trading securities LO P1 Kitty Company began operations in 2016 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments follow. Cost $65 Fair Value $49 Portfolio of Trading Securities December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 Prepare journal entries to record each December 31 year-end fair value adjustment for these above securities. Prepare journal entries to record each...
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