Presented below is income statement and dividend information of the Nebraska Corporation for the year ended...
Presented below is income statement and dividend information of
the Nebraska Corporation for the year ended December 31,
2021.
| Sales revenue | $ | 668,000 | Cost of goods sold | $ | 375,000 | ||
| Salaries expense | 94,000 | Insurance expense | 24,000 | ||||
| Dividend revenue | 3,400 | Depreciation expense | 22,000 | ||||
| Miscellaneous expense | 16,000 | Administrative expense | 39,000 | ||||
| Loss on sale of investments | 8,400 | Rent expense | 14,000 | ||||
| Dividends | 9,000 | ||||||
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 account
field.)
Homework Answers
Closing entries
| No | General Journal | Debit | Credit |
| 1 | Sales revenue | 668000 | |
| Dividend revenue | 3400 | ||
| Income summary | 671400 | ||
| 2 | Income summary | 592400 | |
| Cost of goods sold | 375000 | ||
| Salaries expense | 94000 | ||
| Insurance expense | 24000 | ||
| Depreciation expense | 22000 | ||
| Miscellaneous expense | 16000 | ||
| Administrative expense | 39000 | ||
| Loss on sale of investments | 8400 | ||
| Rent expense | 14000 | ||
| 3 | income summary | 79000 | |
| Retained earnings | 79000 | ||
| 4 | Retained earnings | 9000 | |
| Dividends | 9000 | ||
Add Answer to:
Presented below is income statement and dividend information of
the Nebraska Corporation for the year ended...
What are the closing entries? Presented below is income statement and dividend information of the Nebraska...
What are the closing
entries?
Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2021. Sales revenue Salaries expense Dividend revenue Miscellaneous expense Loss on sale of investments Dividends $824,000 107.000 4,700 29.090 9,700 22,000 Cost of goods sold Insurance expense Depreciation expense Administrative expense Rent expense $440,000 37,000 35,000 52,899 27,000 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select...
Presented below is income statement information of the Schefter Corporation for the year ended December 31,...
Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021. 11,500 Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expanse $512,000 B2,800 6,800 9,200 201,600 14,300 3,900 41,000 24,000 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 account...
8 Presented below is income statement information of the Schefter Corporation for the year ended December...
8 Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021. 10 points Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expenso $ 456,000 67,500 5,400 9,750 7,100 250, 800 21,150 3,200 30, 500 17,000 eBook Print Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select...
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. ...
The December 31, 2021, adjusted trial balance for Fightin' Blue
Hens Corporation is presented below.
Accounts
Debit
Credit
Cash
$
10,800
Accounts
Receivable
138,000
Prepaid
Rent
4,800
Supplies
24,000
Equipment
280,000
Accumulated
Depreciation
$
123,000
Accounts
Payable
10,800
Salaries
Payable
9,800
Interest
Payable
3,800
Notes Payable
(due in two years)
28,000
Common
Stock
180,000
Retained
Earnings
48,000
Service
Revenue
380,000
Salaries
Expense
280,000
Rent
Expense
14,000
Depreciation
Expense
28,000
Interest
Expense
3,800
Totals
$
783,400
$
783,400
1. Record...
December 31,2021, adjusted tria balance for Fighting blue hens corporation is presented below ! Required information...
December 31,2021, adjusted tria balance for Fighting blue hens
corporation is presented below
! Required information [The following information applies to the questions displayed below.) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,500 135,000 4,500 22,500 250,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,400 31,000 22,000 $ Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 1,400 14,000 32,000 7,400 2,400 55,600 18,400 11,400 8,400 6,400 $110,400 $110,400 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. ...
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Debit Credit Cash $ 11,200 Accounts Receivable 142,000 Prepaid Rent 5,200 Supplies 26,000 Equipment 320,000 Accumulated Depreciation $ 127,000 Accounts Payable 11,200 Salaries Payable 10,200 Interest Payable 4,200 Notes Payable (due in two years) 32,000 Common Stock 220,000 Retained Earnings 52,000 Service Revenue 420,000 Salaries Expense 320,000 Rent Expense 16,000 Depreciation Expense 32,000 Interest Expense 4,200 Totals $ 876,600 $ 876,600 Required: 1....
Required information [The following information applies to the questions displayed below.] Aubrae and Tylor Williamson began...
Required information [The following information applies to the questions displayed below.] Aubrae and Tylor Williamson began operations of their furniture repair shop (Furniture Refinishers, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1, 2020, was as follows: Furniture Refinishers, Inc. Trial Balance on January 1, 2020 Account Titles Debit Credit Cash 8,000 Accounts receivable 7,000 Supplies 2,000 Small tools 11,000 Equipment Accumulated depreciation (on equipment) Other noncurrent assets (not detailed to...
Required information (The following information applies to the questions displayed below. The December 31, 2021, adjusted...
Required information (The following information applies to the questions displayed below. The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,200 132,000 4,200 21,000 220,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense $117,000 10,200 9, 200 3,200 22,000 120,000 42,000 320,000 220,000...
The adjusted trial balance for Yondel Company at December 31, 2021 is presented below! bebit Cr...
The adjusted trial balance for Yondel Company at December 31, 2021 is presented below! bebit Cr $ 8,000 21.09 415,000 Accounts Cash Prepaid rent Land Accounts payable Salaries payable Cornon stock Retained earnings Dividends Service revenue Salaries expense Rent expense Utilities expense Totals 17.00 22.000 use.ee 102.000 15,000 330,000 200.000 28,000 134,000 $721,000 $721,000 Prepare the closing entries for Yondel Company for the year ended December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry...
What are the closing
entries?
Presented below is income statement and dividend information of the Nebraska Corporation for the year ended December 31, 2021. Sales revenue Salaries expense Dividend revenue Miscellaneous expense Loss on sale of investments Dividends $824,000 107.000 4,700 29.090 9,700 22,000 Cost of goods sold Insurance expense Depreciation expense Administrative expense Rent expense $440,000 37,000 35,000 52,899 27,000 Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select...
Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021. 11,500 Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expanse $512,000 B2,800 6,800 9,200 201,600 14,300 3,900 41,000 24,000 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 account...
8 Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2021. 10 points Sales revenue Salaries expense Interest revenue Advertising expense Gain on sale of investments Cost of goods sold Insurance expense Interest expense Income tax expense Depreciation expenso $ 456,000 67,500 5,400 9,750 7,100 250, 800 21,150 3,200 30, 500 17,000 eBook Print Required: Prepare the necessary closing entries at December 31, 2021. (If no entry is required for a transaction/event, select...
The December 31, 2021, adjusted trial balance for Fightin' Blue
Hens Corporation is presented below.
Accounts
Debit
Credit
Cash
$
10,800
Accounts
Receivable
138,000
Prepaid
Rent
4,800
Supplies
24,000
Equipment
280,000
Accumulated
Depreciation
$
123,000
Accounts
Payable
10,800
Salaries
Payable
9,800
Interest
Payable
3,800
Notes Payable
(due in two years)
28,000
Common
Stock
180,000
Retained
Earnings
48,000
Service
Revenue
380,000
Salaries
Expense
280,000
Rent
Expense
14,000
Depreciation
Expense
28,000
Interest
Expense
3,800
Totals
$
783,400
$
783,400
1. Record...
December 31,2021, adjusted tria balance for Fighting blue hens
corporation is presented below
! Required information [The following information applies to the questions displayed below.) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,500 135,000 4,500 22,500 250,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,400 31,000 22,000 $ Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 1,400 14,000 32,000 7,400 2,400 55,600 18,400 11,400 8,400 6,400 $110,400 $110,400 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
Required information (The following information applies to the questions displayed below. The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,200 132,000 4,200 21,000 220,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense $117,000 10,200 9, 200 3,200 22,000 120,000 42,000 320,000 220,000...
The adjusted trial balance for Yondel Company at December 31, 2021 is presented below! bebit Cr $ 8,000 21.09 415,000 Accounts Cash Prepaid rent Land Accounts payable Salaries payable Cornon stock Retained earnings Dividends Service revenue Salaries expense Rent expense Utilities expense Totals 17.00 22.000 use.ee 102.000 15,000 330,000 200.000 28,000 134,000 $721,000 $721,000 Prepare the closing entries for Yondel Company for the year ended December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry...
Most questions answered within 3 hours.
-
Copyright protection legislation provides protection for
original works
Select one:
a. until the author is 70...
asked 23 seconds ago -
The boards of 2 major telecommunications companies
recently agreed to a $16 billion merger that would...
asked 42 seconds from now -
What types of evidence are used to reconstruct the history of
ocean chemistry, including changes in...
asked 14 minutes ago -
It is hypothesized that when homing pigeons are disoriented in a
certain manner, they will exhibit...
asked 8 minutes ago -
Describe the steps in Project Planning and Scheduling
WBS
Network Diagram
Developing the Schedule
Preparing the...
asked 9 minutes ago -
Assume you are now 21 years old and
will start working as soon as you graduate...
asked 23 minutes ago -
In c++
What does operator overloading allow us to do
?
Why must the << and...
asked 23 minutes ago -
First, a constant force will NOT cause an object to accelerate
faster and faster; it will...
asked 27 minutes ago -
A 4.75 kg crate is suspended from the end of a short vertical
rope of negligible...
asked 37 minutes ago -
develop an automated invoice generator that helps a shop owner
to design their invoice. Problem 1...
asked 45 minutes ago -
2. Binomial Distribution Suppose I have an unfair coin, it lands
on heads 75% of the...
asked 59 minutes ago -
negotiators with absolutely no alternative to a negotiated
agreement sometimes.
a. become hostile and end the...
asked 58 minutes ago