Homework Answers
| Answer | |||
| Date | Journal entries | Debit | Credit |
| 31-Dec | Service Revenue | $8,60,000 | |
| Retained Earnings | . | $8,60,000 | |
| (To record closing entry for Revenue Account) | |||
| 31-Dec | Retained Earnings | $6,01,000 | |
| Salaries Expense | . | $3,82,000 | |
| Rent Expense | $1,42,000 | ||
| Interest Expense | $ 77,000 | ||
| (To record closing entry for Expenses Account) | |||
| 31-Dec | Retained Earnings | $ 52,000 | |
| Dividends | . | $ 52,000 | |
| (To record closing entry for dividend Account) |
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The year-end adjusted trial balance of Aggles Corporation Included the following account balances: Retained Earnings, $222,000;...
Sori The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as...
Sori The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title Debit Credit 101 Cash $18,000 126 Supplies 13,400 128 Prepaid insurance 2,000 162 167 Equipment 23,000 168 Accumulated depreciation-Equipment $ 6,500 307 Common stock 11,960 318 Retained earnings 35,600 319 Dividends 6,000 404 revenue 37,600 612 Depreciation expense-Equipment 2,000 622 Salaries expense 637 Insurance expense 640 Rent expense 2,519 652 Supplies expense 1,241 Totals $ 91,660 $91,660 21,921...
The year end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings....
The year end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings. $220,000; Service Revenue, $850,000; Salaries Expense. $380,000; Rent Expense, $140,000: Interest Expense, $75,000; and Dividends. $50,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal y Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the entry to close revenue accounts. Note: Enter debits before credits. General Journal Debit Credit...
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...
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $210,000;...
The year-end adjusted trial balance of Aggies Corporation
included the following account balances: Retained Earnings,
$210,000; Service Revenue, $800,000; Salaries Expense, $370,000;
Rent Expense, $130,000; Interest Expense, $65,000; and Dividends,
$40,000.
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $210,000; Service Revenue, $800,000; Salaries Expense, $370,000; Rent Expense, $130,000; Interest Expense, $65,000; and Dividends, $40,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required"...
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 adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals Debit Credit $19, eee 13, eee 3,000 24,000 $ 7,5ee 10, eee 37,600 7,eee 44,00 3,000 22,000 2,500 3,400...
*This all is one question Valley Company's adjusted trial balance on August 31, its fiscal year-end,...
*This all is one question
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Merchandise inventory(ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Credit Debit $18,000 13,300 2,000 23,000 $ 6,500 45,480 Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals 6,000 44,800 2.000 26,118 1.882 3.002 1.478 $96,780 $96.780 1. Prepare the...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 39,500 62,380 $ 25,800 16,800 21,000 8,300 226,300 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent...
The year end adjusted trial balance of the Timmons Tool and Die Corporation included the following...
The year end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances retained earnings. $240.000, dividends. $20,000, sales revenue $830,000, cost of goods sold, $530,000 salaries expense, $200,000, rent expense. $44,000 and interest expense, $19,000. Prepare the necessary closing entries. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts using the...
Sori The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title Debit Credit 101 Cash $18,000 126 Supplies 13,400 128 Prepaid insurance 2,000 162 167 Equipment 23,000 168 Accumulated depreciation-Equipment $ 6,500 307 Common stock 11,960 318 Retained earnings 35,600 319 Dividends 6,000 404 revenue 37,600 612 Depreciation expense-Equipment 2,000 622 Salaries expense 637 Insurance expense 640 Rent expense 2,519 652 Supplies expense 1,241 Totals $ 91,660 $91,660 21,921...
The year end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings. $220,000; Service Revenue, $850,000; Salaries Expense. $380,000; Rent Expense, $140,000: Interest Expense, $75,000; and Dividends. $50,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal y Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the entry to close revenue accounts. Note: Enter debits before credits. General Journal Debit Credit...
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...
The year-end adjusted trial balance of Aggies Corporation
included the following account balances: Retained Earnings,
$210,000; Service Revenue, $800,000; Salaries Expense, $370,000;
Rent Expense, $130,000; Interest Expense, $65,000; and Dividends,
$40,000.
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $210,000; Service Revenue, $800,000; Salaries Expense, $370,000; Rent Expense, $130,000; Interest Expense, $65,000; and Dividends, $40,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required"...
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 adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation Equipment 307 Common stock 318 Retained earnings 319 Dividends 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals Debit Credit $19, eee 13, eee 3,000 24,000 $ 7,5ee 10, eee 37,600 7,eee 44,00 3,000 22,000 2,500 3,400...
*This all is one question
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Merchandise inventory(ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. Credit Debit $18,000 13,300 2,000 23,000 $ 6,500 45,480 Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, withdrawals 404 Services revenue 612 Depreciation expense-Equipment 622 Salaries expense 637 Insurance expense 640 Rent expense 652 Supplies expense Totals 6,000 44,800 2.000 26,118 1.882 3.002 1.478 $96,780 $96.780 1. Prepare the...
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 39,500 62,380 $ 25,800 16,800 21,000 8,300 226,300 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent...
The year end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances retained earnings. $240.000, dividends. $20,000, sales revenue $830,000, cost of goods sold, $530,000 salaries expense, $200,000, rent expense. $44,000 and interest expense, $19,000. Prepare the necessary closing entries. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the entry to close the revenue accounts using the...
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