Homework Answers
Closing entries
| Date | General journal | Debit | Credit |
| Dec 31 | Repair fees earned | 11900 | |
| Income summary | 11900 | ||
| Dec 31 | Income summary | 6500 | |
| Salaries expense | 4500 | ||
| Dep exp-equip | 900 | ||
| Insurance expense | 1100 | ||
| Dec 31 | Income summary | 5400 | |
| Retained earnings | 5400 | ||
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DB 1,800 13. Baxter Corporation's adjusted trial balance on December 31 of the current year are...
Below is the adjusted trail balance for Bally Services. BALLY SERVICES Adjusted Trial Balance December 31,...
Below is the adjusted trail balance for Bally Services. BALLY SERVICES Adjusted Trial Balance December 31, 2018 DR CR Cash $ 11,000 Accounts Receivable 23,500 Supplies 3,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation- $ 33,000 Equipment Accounts Payable 5,000 Interest Payable 150 Notes Payable 5,000 Unearned Service Revenue 5,600 Salaries and Wages Payable 1,300 Common Stock 10,000 Retained Earnings 3,500 Service Revenue 63,500 Salaries and Wages Expense 11,300 Insurance Expense 850 Interest Expense 500 Depreciation Expense 5,000 Supplies Expense...
XYZ Corporation's adjusted trial balance contained the following information contained fiscal year ended December 31, 2015:...
XYZ Corporation's adjusted trial balance contained the following information contained fiscal year ended December 31, 2015: Dr Cr Sales 326,000 Sales Returns & Allowances 18,000 Sales Discounts 6,000 125,000 83,000 39,000 12,000 Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense 9,000 4,000 7,000 Interest Expense 16,000 Gain on Sale of Equipment 12,000 Income Tax Expense Net Income was:
The following is Sunlight Co. year-end adjusted trial balance dated December 31, 2018. Sunlight Co. Adjusted Trial...
The following is Sunlight Co. year-end adjusted trial balance dated December 31, 2018. Sunlight Co. Adjusted Trial Balance at 31 December 2018 Debit Credit Cash $ 5,700 Accounts Receivable 4,500 Prepaid Insurance 2,100 Office Equipment 18,300 Accumulated Depreciation: Office Equipment $ 600 Accounts Payable 3,600 Capital Stock 15,300 Retained Earnings 2,700 Dividends 1,100 Revenue 21,750 Salaries Expense Utilities Expense Rent Expense Depreciation Expense 6,600 1,800 2,700 600 552 $43.950 $43.950 Income Taxes Expense Instructions: Using Adjusted Trial Balance above: (1)...
Seminoles Corporation's fiscal year-end is December 31, 2018. The following is a partial adjusted trial balance...
Seminoles Corporation's fiscal year-end is December 31, 2018. The following is a partial adjusted trial balance as of December 31 Accounts Debit Credit $15,000 Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense $1,500 35,000 4,500 13,500 4,500 1,500 9,500 3,500 Required 1. Prepare the necessary closing entries. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.)
Use the following adjusted trial balance compiled for our company on December 31 of the current...
Use the following adjusted trial balance compiled for our company on December 31 of the current year to answer these questions. Debit Credit Cash $1,000 Accounts receivable $2,000 Equipment $3,250 Accounts payable $2,500 Common stock $1,500 Retained earnings ? Dividends $250 Service revenue $4,500 Salaries expense $1,100 Advertising expense $900 [ Select ] ["A", "B", "C", "D"] Select the correct closing entry...
XYZ Corporation's adjusted trial balance contained the following information contained the fa fiscal year ended December...
XYZ Corporation's adjusted trial balance contained the following information contained the fa fiscal year ended December 31, 2015: Dr Cr 326,000 Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense Interest Expense Gain on Sale of Equipment Income Tax Expense 18,000 6,000 125,000 83,000 39,000 12,000 9,000 4,000 7,000 16,000 12,000 Income From Operations was :
XYZ Corporation's adjusted trial balance contained the following information contained the fe fiscal year ended December...
XYZ Corporation's adjusted trial balance contained the following information contained the fe fiscal year ended December 31, 2015: Dr Cr 326,000 Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense Interest Expense Gain on Sale of Equipment Income Tax Expense 18,000 6,000 125,000 83,000 39,000 12,000 9,000 4,000 7,000 16,000 12,000 Income Before Taxes was:
BOONILICOPA 2 End-of-Perlod Spreadsheet 3 For the Year Ended December 31, 2019 4 Unadjusted Adjusted 5...
BOONILICOPA 2 End-of-Perlod Spreadsheet 3 For the Year Ended December 31, 2019 4 Unadjusted Adjusted 5 Trial Balance Adjustments Trial Balance 6 Account Title Dr. Cr. Dr. Cr. Dr. Cr. 7 B Cash 13,000 13,000 9 Accounts Receivable 40,500 (a) 12,500 53,000 10 Prepaid Insurance 4,200 (b) 3,000 1200 11 Supplies 3,000 (C) 2.250 750 12 Land 98,000 98,000 13 Building 500,000 500,000 14 Accum. Depr.-Building 255,300 (d) 9.000 264,300 15 Equipment 121,900 121,900 16 Aocum. Depr.-Equipment 100,100 (e) 4,500...
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...
The unadjusted and adjusted trial balances for Tinker Corporation on December 31, 2015, are shown below:...
The unadjusted and adjusted trial balances for Tinker Corporation on December 31, 2015, are shown below: TINKER CORPORATION TRIAL BALANCES December 31, 2015 Unadjusted Adjusted Debit Credit Debit Credit Cash $ 35,200 $ 35,200 Accounts receivable 29,120 34,120 Unexpired insurance 1,200 600 Prepaid rent 5,400 3,600 Office supplies 680 380 Equipment 60,000 60,000 Accumulated depreciation: equipment $ 49,000 $ 50,000 Accounts payable 900 900 Notes payable 5,000 5,000 Interest payable 200 250 Salaries payable — 2,100 Income taxes payable 1,570...
Below is the adjusted trail balance for Bally Services. BALLY SERVICES Adjusted Trial Balance December 31, 2018 DR CR Cash $ 11,000 Accounts Receivable 23,500 Supplies 3,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation- $ 33,000 Equipment Accounts Payable 5,000 Interest Payable 150 Notes Payable 5,000 Unearned Service Revenue 5,600 Salaries and Wages Payable 1,300 Common Stock 10,000 Retained Earnings 3,500 Service Revenue 63,500 Salaries and Wages Expense 11,300 Insurance Expense 850 Interest Expense 500 Depreciation Expense 5,000 Supplies Expense...
XYZ Corporation's adjusted trial balance contained the following information contained fiscal year ended December 31, 2015: Dr Cr Sales 326,000 Sales Returns & Allowances 18,000 Sales Discounts 6,000 125,000 83,000 39,000 12,000 Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense 9,000 4,000 7,000 Interest Expense 16,000 Gain on Sale of Equipment 12,000 Income Tax Expense Net Income was:
The following is Sunlight Co. year-end adjusted trial balance dated December 31, 2018. Sunlight Co. Adjusted Trial Balance at 31 December 2018 Debit Credit Cash $ 5,700 Accounts Receivable 4,500 Prepaid Insurance 2,100 Office Equipment 18,300 Accumulated Depreciation: Office Equipment $ 600 Accounts Payable 3,600 Capital Stock 15,300 Retained Earnings 2,700 Dividends 1,100 Revenue 21,750 Salaries Expense Utilities Expense Rent Expense Depreciation Expense 6,600 1,800 2,700 600 552 $43.950 $43.950 Income Taxes Expense Instructions: Using Adjusted Trial Balance above: (1)...
Seminoles Corporation's fiscal year-end is December 31, 2018. The following is a partial adjusted trial balance as of December 31 Accounts Debit Credit $15,000 Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense $1,500 35,000 4,500 13,500 4,500 1,500 9,500 3,500 Required 1. Prepare the necessary closing entries. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.)
XYZ Corporation's adjusted trial balance contained the following information contained the fa fiscal year ended December 31, 2015: Dr Cr 326,000 Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense Interest Expense Gain on Sale of Equipment Income Tax Expense 18,000 6,000 125,000 83,000 39,000 12,000 9,000 4,000 7,000 16,000 12,000 Income From Operations was :
XYZ Corporation's adjusted trial balance contained the following information contained the fe fiscal year ended December 31, 2015: Dr Cr 326,000 Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense Interest Expense Gain on Sale of Equipment Income Tax Expense 18,000 6,000 125,000 83,000 39,000 12,000 9,000 4,000 7,000 16,000 12,000 Income Before Taxes was:
BOONILICOPA 2 End-of-Perlod Spreadsheet 3 For the Year Ended December 31, 2019 4 Unadjusted Adjusted 5 Trial Balance Adjustments Trial Balance 6 Account Title Dr. Cr. Dr. Cr. Dr. Cr. 7 B Cash 13,000 13,000 9 Accounts Receivable 40,500 (a) 12,500 53,000 10 Prepaid Insurance 4,200 (b) 3,000 1200 11 Supplies 3,000 (C) 2.250 750 12 Land 98,000 98,000 13 Building 500,000 500,000 14 Accum. Depr.-Building 255,300 (d) 9.000 264,300 15 Equipment 121,900 121,900 16 Aocum. Depr.-Equipment 100,100 (e) 4,500...
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...
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