Homework Answers
| Q1. | ||||||||
| Answer is Record wages expense incurred and to be paid next month | ||||||||
| Explanation: | ||||||||
| Wages expense debited for wages incurred during the month. | ||||||||
| But the payment is not yet made as cash is not credited but payable is shown as credit. | ||||||||
| Q2. | ||||||||
| Answer is Debit Fees earned $ 155,000; Credit Income Summary $155,000. | ||||||||
| Explanation: | ||||||||
| For closing the revenue having credit balance, the revenues will be debited. | ||||||||
| However, Income summary account is required to be opened for closing the temporary accounts. | ||||||||
| Hence, Income summary account is credited in the above transaction. | ||||||||
| Q3. | ||||||||
| Answer is Debit Retained earnings $3,000; Credit Dividend $3,000. | ||||||||
| Explanation: | ||||||||
| The Dividend account is credited for closing as the dividend is having debit balance. | ||||||||
| It will be closed directly in Retained earnings by debiting it. | ||||||||
| Q4. | ||||||||
| Answer is Debit Fees earned $ 155,000; Credit Income Summary $155,000. | ||||||||
| Explanation: | ||||||||
| For closing the revenue having credit balance, the revenues will be debited. | ||||||||
| However, Income summary account is required to be opened for closing the temporary accounts. | ||||||||
| Hence, Income summary account is credited in the above transaction. | ||||||||
| Q5. | ||||||||
| Answer is Debit Income Summary $50,000; Credit Retained earnings $ 50,000. | ||||||||
| Explanation: | ||||||||
| The net balance of Income summary is net income which shall be closed in Retained earnings. | ||||||||
| The Retained earnings is credited for the amount and Income summary is debited for the same. | ||||||||
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The following adjusting journal entry found in the journal is missing an explanation. Select the best...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15.000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48.000 18,000 6.000 57,000 18,000 6.00 57.000 18,000 18.000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Eamings Dividends 25,000 25,000 6,000 6,000 30,000 30,000 3.000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income Loss) 15,000...
d. $22,500 Use this end-of-period spreadsheet to answer the questions that follow Finley Company End-of-Period Spreadsheet...
d. $22,500 Use this end-of-period spreadsheet to answer the questions that follow Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Debit Credit Debit 48,000 Credit 18,000 6,000 57,000 18,000 25,000 6,00 30,0 Adjusted Trial Balance Account Title Debit Credit Cash 48,000 Accounts Receivable 18,000 Supplies 6,000 Equipment 57,000 Accumulated Depr. 18,000 Accounts Payable 25,000 Wages Payable 6,000 Common Stock 30,000 Retained Earnings 3,000 Dividends 3,000 Fees Earned 155,000 Wages xpense 63,000 ent Expense 27,000...
Question 1 Question 2 Question 3 Question 4 Question 5 Which of the following pairs of...
Question 1
Question 2
Question 3
Question 4
Question 5
Which of the following pairs of accounts could not appear in the same adjusting entry? Salaries Payable and Salaries Expense Interest Income and Interest Expense Fees Earned and Unearned Fees Rent Expense and Prepaid Rent On which financial statement will Income Summary be shown? no financial statement retained earnings statement balance sheet х income statement For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Account Title...
Grodimans Company Adjusted Trial Balnace 31-Dec-17 Debit Credit 63,000 170,000 1,600 420,000 9,400 Account Title Cash...
Grodimans Company Adjusted Trial Balnace 31-Dec-17 Debit Credit 63,000 170,000 1,600 420,000 9,400 Account Title Cash Accounts Receivable Allowance for doubtful accounts Equipment Accumulated Depreciation Accounts Payable Notes Payable J.D. Davidson, Capital J.D. Davidson, Drawing Fees Earned Wages Expense Rent Expense Depreciation Expense Totals 14,000 32,000 47,000 8,000 85,000 31,000 25,000 3,000 189,000 189,00C Using the company spreadsheet above, the entry to close expenses would be: 420,UUU Cquipment Accumulated 9,400 Depreciation Accounts Payable 14,000 Notes Payable 32,000 J.D. Davidson, Capital...
Chapter QUIZ Calculator Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance...
Chapter QUIZ Calculator Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Debit Credit Debit Credit 16,000 Account Title Balance Sheet Debit Credit 16,000 6,000 6,000 2,000 2,000 19,000 19,000 6,000 10,000 6,000 10,000 2,000 Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Eamed Wages Expense Rent Expense Depreciation Expense 5,000 1,241 1,000 1,000 21,751 5,537 5.737 $37 Totals 77,025 33.925 52,784 44,000 Net Income (Loss)...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 10,765 10,765 Dividends 1,000 1,000 Fees Earned 42,594 42,594 Wages Expense 20,402 20,402 Rent Expense 6,087 6,087 Depreciation Expense 5,870 5,870 Totals 76,359 76,359...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 6,091 6,091 Dividends 1,000 1,000 Fees Earned 45,233 45,233 Wages Expense 19,173 19,173 Rent Expense 5,949 5,949 Depreciation Expense 5,202 5,202 Totals 74,324 74,324...
Prepare closing entries from the following end-of-period spreadsheet. Refer to the Chart of Accounts for exact...
Prepare closing entries from the following end-of-period spreadsheet. Refer to the Chart of Accounts for exact wording of account titles. Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 26,500 26,500 Accounts Receivable 7,000 7,000 Supplies 1,000 1,000 Equipment 18,500 18,500 Accumulated Depr.-Equip. 5,000 5,000 Accounts Payable 11,000 11,000 Wages Payable 1,000 1,000 Common Stock 6,000 6,000 RetainedEarnings 2,000 2,000 Dividends 2,000 2,000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15.000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48.000 18,000 6.000 57,000 18,000 6.00 57.000 18,000 18.000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Eamings Dividends 25,000 25,000 6,000 6,000 30,000 30,000 3.000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income Loss) 15,000...
d. $22,500 Use this end-of-period spreadsheet to answer the questions that follow Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Debit Credit Debit 48,000 Credit 18,000 6,000 57,000 18,000 25,000 6,00 30,0 Adjusted Trial Balance Account Title Debit Credit Cash 48,000 Accounts Receivable 18,000 Supplies 6,000 Equipment 57,000 Accumulated Depr. 18,000 Accounts Payable 25,000 Wages Payable 6,000 Common Stock 30,000 Retained Earnings 3,000 Dividends 3,000 Fees Earned 155,000 Wages xpense 63,000 ent Expense 27,000...
Question 1
Question 2
Question 3
Question 4
Question 5
Which of the following pairs of accounts could not appear in the same adjusting entry? Salaries Payable and Salaries Expense Interest Income and Interest Expense Fees Earned and Unearned Fees Rent Expense and Prepaid Rent On which financial statement will Income Summary be shown? no financial statement retained earnings statement balance sheet х income statement For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Account Title...
Grodimans Company Adjusted Trial Balnace 31-Dec-17 Debit Credit 63,000 170,000 1,600 420,000 9,400 Account Title Cash Accounts Receivable Allowance for doubtful accounts Equipment Accumulated Depreciation Accounts Payable Notes Payable J.D. Davidson, Capital J.D. Davidson, Drawing Fees Earned Wages Expense Rent Expense Depreciation Expense Totals 14,000 32,000 47,000 8,000 85,000 31,000 25,000 3,000 189,000 189,00C Using the company spreadsheet above, the entry to close expenses would be: 420,UUU Cquipment Accumulated 9,400 Depreciation Accounts Payable 14,000 Notes Payable 32,000 J.D. Davidson, Capital...
Chapter QUIZ Calculator Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Debit Credit Debit Credit 16,000 Account Title Balance Sheet Debit Credit 16,000 6,000 6,000 2,000 2,000 19,000 19,000 6,000 10,000 6,000 10,000 2,000 Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Eamed Wages Expense Rent Expense Depreciation Expense 5,000 1,241 1,000 1,000 21,751 5,537 5.737 $37 Totals 77,025 33.925 52,784 44,000 Net Income (Loss)...
Prepare closing entries from the following end-of-period spreadsheet. Refer to the Chart of Accounts for exact wording of account titles. Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 26,500 26,500 Accounts Receivable 7,000 7,000 Supplies 1,000 1,000 Equipment 18,500 18,500 Accumulated Depr.-Equip. 5,000 5,000 Accounts Payable 11,000 11,000 Wages Payable 1,000 1,000 Common Stock 6,000 6,000 RetainedEarnings 2,000 2,000 Dividends 2,000 2,000...
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