The following financial information was taken from the books of
Zone Health Club, a small spa and fitness club:
| Account Balances as of | ||
| December 31, Year 2 | ||
| Accounts receivable | $ | 26,600 |
| Accounts payable | 7,280 | |
| Salaries payable | 11,400 | |
| Cash | 40,200 | |
| Dividends | 5,200 | |
| Operating expense | 2,270 | |
| Prepaid rent | 3,900 | |
| Rent expense | 7,400 | |
| Retained earnings, Beginning | 19,200 | |
| Salaries expense | 32,100 | |
| Service revenue | 84,300 | |
| Supplies | 530 | |
| Supplies expense | 2,890 | |
| Common stock | 22,000 | |
| Unearned revenue | 6,710 | |
| Land | 13,500 | |
Required
a. Prepare the journal entries
necessary to close the temporary accounts at December 31, Year 2,
for Zone Health Club.
b. What is the balance in the Retained Earnings
account after the closing entries are posted?
Homework Answers
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The following financial information was taken from the books of
Zone Health Club, a small spa...
The following financial information was taken from the books of Zone Health Club, a small spa...
The following financial information was taken from the books of
Zone Health Club, a small spa and fitness club:
Account Balances as of
December 31, Year 2
Accounts receivable
$
26,600
Accounts payable
7,280
Salaries payable
11,400
Cash
40,200
Dividends
5,200
Operating expense
2,270
Prepaid rent
3,900
Rent expense
7,400
Retained earnings, Beginning
19,200
Salaries expense
32,100
Service revenue
84,300
Supplies
530
Supplies expense
2,890
Common stock
22,000
Unearned revenue
6,710
Land
13,500
Required
a. Prepare the journal entries
necessary...
The following financial information was taken from the books of Zone Health Club, a small spa...
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 29,500 7,440 11,700 43,100 4,800 2,010 3,600 7,100 19,400 31,800 76,300 550 2,650 17,500 6.440 14,100 Required a. Prepare the journal entries necessary...
The following financial information was taken from the books of Zone Health Club, a small spa...
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 26,300 7,750 10,700 42,000 5,300 2,830 3,700 7,100 20,400 31,500 72,000 310 2,580 22,600 6,660 14,000 Required a. Prepare the journal entries necessary...
The following financial information was taken from the books of Zone Health Club, a small spa...
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 12,450 6, 200 3,150 36,750 2,000 35,300 1,200 8,400 41,250 14,500 65,400 650 3,150 7,000 6,400 15,000 Required a. Prepare the journal entries...
Exercise 3-21A Preparing closing entries LO 3-4 The following financial information was taken from the books...
Exercise 3-21A Preparing closing entries LO 3-4 The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 29,600 7,400 10,500 42,700 5,100 2,550 2,900 7,000 20,400 32.400 79,000 560 2.510 21,900 7,130 13,100...
Fill out chart for A: Record entry to close service revenue. B: Record entry to close...
Fill out chart for A: Record entry to close service revenue.
B: Record entry to close expenses.
C:Record entry to close Dividends.
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 25,300...
Required information [The following information applies to the questions displayed below.) The following transactions pertain to...
Required information [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $53,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,500 cash. Apr. 10 Purchased $830 of supplies on account. July 1 Received $23,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts...
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...
The following account balances were taken from the 2021 post-closing trial balance of the Bowler Corporation:...
The following account balances were taken from the 2021 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $100,000; accumulated depreciation, $40,000; accounts payable, $20,000; salaries payable, $12,000; retained earnings $9,000; and common stock, $50,000 Prepare a 12/31/2021 balance sheet. (Amounts to be deducted should be indicated by a minus sign.) BOWLER CORPORATION Balance Sheet At December 31, 2021 Assets $ $ 0 Liabilities and Shareholders' Equity d 0 ces 0 0 Saved Chapter...
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...
The following financial information was taken from the books of
Zone Health Club, a small spa and fitness club:
Account Balances as of
December 31, Year 2
Accounts receivable
$
26,600
Accounts payable
7,280
Salaries payable
11,400
Cash
40,200
Dividends
5,200
Operating expense
2,270
Prepaid rent
3,900
Rent expense
7,400
Retained earnings, Beginning
19,200
Salaries expense
32,100
Service revenue
84,300
Supplies
530
Supplies expense
2,890
Common stock
22,000
Unearned revenue
6,710
Land
13,500
Required
a. Prepare the journal entries
necessary...
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 29,500 7,440 11,700 43,100 4,800 2,010 3,600 7,100 19,400 31,800 76,300 550 2,650 17,500 6.440 14,100 Required a. Prepare the journal entries necessary...
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 26,300 7,750 10,700 42,000 5,300 2,830 3,700 7,100 20,400 31,500 72,000 310 2,580 22,600 6,660 14,000 Required a. Prepare the journal entries necessary...
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 12,450 6, 200 3,150 36,750 2,000 35,300 1,200 8,400 41,250 14,500 65,400 650 3,150 7,000 6,400 15,000 Required a. Prepare the journal entries...
Exercise 3-21A Preparing closing entries LO 3-4 The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 29,600 7,400 10,500 42,700 5,100 2,550 2,900 7,000 20,400 32.400 79,000 560 2.510 21,900 7,130 13,100...
Fill out chart for A: Record entry to close service revenue.
B: Record entry to close expenses.
C:Record entry to close Dividends.
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 25,300...
Required information [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $53,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,500 cash. Apr. 10 Purchased $830 of supplies on account. July 1 Received $23,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts...
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...
The following account balances were taken from the 2021 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; equipment, $100,000; accumulated depreciation, $40,000; accounts payable, $20,000; salaries payable, $12,000; retained earnings $9,000; and common stock, $50,000 Prepare a 12/31/2021 balance sheet. (Amounts to be deducted should be indicated by a minus sign.) BOWLER CORPORATION Balance Sheet At December 31, 2021 Assets $ $ 0 Liabilities and Shareholders' Equity d 0 ces 0 0 Saved Chapter...
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...
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