Homework Answers
Explaination:-
Closing the revenue accounts with credit balances—transferring the credit balances in the revenue accounts to a clearing account called Income Summary.
Closing the expense accounts and contra-revenue accounts—transferring the debit balances in the expense accounts and contra-revenue accounts to a clearing account called Income Summary
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Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end (yen in...
Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end lyen in...
Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end lyen in millions), (Enter answers in millions.) Net sales Cont of sales Advertising expense Other expense, net V504,459 283,494 46,636 157.811 Prepare the company's closing entries for (1) its revenues and (2) its expenses 6 View transaction list Journal entry worksheet 3.35 points eBook Record the closure of revenue account. Hint Print Note: Enter debits before credits. References General Journal Debit Credit Date March 31 Record...
Following are Nintendo's revenue and expense accounts for a recent March 31 fscal year end bven...
Following are Nintendo's revenue and expense accounts for a recent March 31 fscal year end bven in millions, inter anawers i answers ln 908.622 1734,981 98.544 Prepare the companys closing entries for its revenues and ts expenses Journal entry worksheet Record the dosure of revenue account. < Prev 3 of 6 l Next
Problem 1: Based on the revenue and expense accounts from Nintendo for a recent March 31...
Problem 1: Based on the revenue and expense accounts from Nintendo for a recent March 31 fiscal year-end (amounts in millions of dollars) shown in Figure 1, prepare the company's closing entries for its revenues and its expenses: Figure 1. Revenue an Expense Accounts, Nintendo - March 31, 2019 Account Title In Millions $549,780 335,196 Net sales Cost of sales Advertising expense Other expense, net 54,834 117,907 2 OF 3 C 3/31 Net Sales Income Summary Close Revenue Account 3/31...
TELL CROATA ALLAN SEO-Yo Malware Tips - Your Forum - Templari Trade-Path of Exile PoE Goods...
TELL CROATA ALLAN SEO-Yo Malware Tips - Your Forum - Templari Trade-Path of Exile PoE Goods Chapter 3 Practice Exercises A Swed 6 Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year end lyenin millions) (Enter answers in millions) 2.5 poles Net sales Cost of sales Advertising expense Other expense, net 4504,499 283,494 46,616 157.811 Prepare the company's closing entries for ( its revenues and (2) its expenses View transaction list Journal entry worksheet <...
following are Nintendo’s 3. Following are Nintendo's revenue and expense accounts for a recent calendar year....
following are Nintendo’s
3. Following are Nintendo's revenue and expense accounts for a recent calendar year. Prepare the company's closing entries for its revenues and its expenses. $160,000 Sales revenue Cost of good sold expense Rent expense 100.000 .. 2,000
Required information Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts...
Required information Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system) Merchandise inventory Retained earnings Dividends Sales Sales discounts $39,300 Sales returns and allowances $ 6,200 105,900 10,600 34,000 5,000 118,300 Cost of goods sold 7,000 Depreciation expense 159, 600 Salaries expense 3,200 Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is...
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 $ 10,000 29,000 20,000 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 $ 1,000 10,000 30,000 7,000 2,000 56,000 18,000 11,000 8,000 6,000 $104,000 $104,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
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...
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.
Accounts
Debit
Credit
Cash
$
11,700
Supplies
37,500
Prepaid
Rent
28,500
Accounts
Payable
$
2,700
Notes
Payable
27,000
Common
Stock
38,500
Retained
Earnings
8,700
Dividends
3,700
Service
Revenue
54,300
Salaries
Expense
19,700
Advertising
Expense
12,700
Rent
Expense
9,700
Utilities
Expense
7,700
Totals
$
131,200
$
131,200
note: "income" is not an option for journal entries
Journal entry worksheet < 1...
CH 1-3) Saved Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial...
CH 1-3) Saved Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjuste Debit Credit $19,000 $ 1,900 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 39,000 4.900 13.900 4.900 1,900 9,900 3,900 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/even Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close...
Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end lyen in millions), (Enter answers in millions.) Net sales Cont of sales Advertising expense Other expense, net V504,459 283,494 46,636 157.811 Prepare the company's closing entries for (1) its revenues and (2) its expenses 6 View transaction list Journal entry worksheet 3.35 points eBook Record the closure of revenue account. Hint Print Note: Enter debits before credits. References General Journal Debit Credit Date March 31 Record...
Following are Nintendo's revenue and expense accounts for a recent March 31 fscal year end bven in millions, inter anawers i answers ln 908.622 1734,981 98.544 Prepare the companys closing entries for its revenues and ts expenses Journal entry worksheet Record the dosure of revenue account. < Prev 3 of 6 l Next
Problem 1: Based on the revenue and expense accounts from Nintendo for a recent March 31 fiscal year-end (amounts in millions of dollars) shown in Figure 1, prepare the company's closing entries for its revenues and its expenses: Figure 1. Revenue an Expense Accounts, Nintendo - March 31, 2019 Account Title In Millions $549,780 335,196 Net sales Cost of sales Advertising expense Other expense, net 54,834 117,907 2 OF 3 C 3/31 Net Sales Income Summary Close Revenue Account 3/31...
TELL CROATA ALLAN SEO-Yo Malware Tips - Your Forum - Templari Trade-Path of Exile PoE Goods Chapter 3 Practice Exercises A Swed 6 Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year end lyenin millions) (Enter answers in millions) 2.5 poles Net sales Cost of sales Advertising expense Other expense, net 4504,499 283,494 46,616 157.811 Prepare the company's closing entries for ( its revenues and (2) its expenses View transaction list Journal entry worksheet <...
following are Nintendo’s
3. Following are Nintendo's revenue and expense accounts for a recent calendar year. Prepare the company's closing entries for its revenues and its expenses. $160,000 Sales revenue Cost of good sold expense Rent expense 100.000 .. 2,000
Required information Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system) Merchandise inventory Retained earnings Dividends Sales Sales discounts $39,300 Sales returns and allowances $ 6,200 105,900 10,600 34,000 5,000 118,300 Cost of goods sold 7,000 Depreciation expense 159, 600 Salaries expense 3,200 Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,000 29,000 20,000 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 $ 1,000 10,000 30,000 7,000 2,000 56,000 18,000 11,000 8,000 6,000 $104,000 $104,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
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...
Laker Incorporated’s fiscal year-end is December 31, 2021. The
following is an adjusted trial balance as of December
31.
Accounts
Debit
Credit
Cash
$
11,700
Supplies
37,500
Prepaid
Rent
28,500
Accounts
Payable
$
2,700
Notes
Payable
27,000
Common
Stock
38,500
Retained
Earnings
8,700
Dividends
3,700
Service
Revenue
54,300
Salaries
Expense
19,700
Advertising
Expense
12,700
Rent
Expense
9,700
Utilities
Expense
7,700
Totals
$
131,200
$
131,200
note: "income" is not an option for journal entries
Journal entry worksheet < 1...
CH 1-3) Saved Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjuste Debit Credit $19,000 $ 1,900 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 39,000 4.900 13.900 4.900 1,900 9,900 3,900 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/even Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to close...
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