- Record the entry to close the dividends account.
- Record the entry to close the expense accounts using the retained earnings account.
- I only need help with those two part thank you!!
Homework Answers
Solution:
| Transaction | General Journal | Debit | Credit |
| k | Retained Earnings | $ 69,480 | |
| Salaries Expense [[49000-10000]+980] | $ 39,980 | ||
| Miscellaneous Expense | $ 26,400 | ||
| Depreciation Expense | $ 3,100 | ||
| (To close Expense account ) | |||
| l | Retained Earnings | $ 3,250 | |
| Dividends | $ 3,250 | ||
| (To close dividend account to retained earnings) |
Add Answer to:
Record the entry to close the dividends account.
Record the entry to close the expense accounts...
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...
Need to: Record the entry to close the revenue accounts. Record the entry to close the expense accounts Record the en...
Need to:
Record the entry to close the revenue accounts.
Record the entry to close the expense accounts
Record the entry to close the dividends account.
Pastina Company sells varlous types of pasta to grocery chains as private label brands. The company's reporting year-end Is December 31. The unadjusted trlal balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 32,6ee 41,000 Accounts receivable Supplies Inventory 2.008 61,08e 21,08e Notes receivable Interest receivable Prepaid rent Prepaid insurance...
Entry 1: Record the entry to close revenue accounts. Entry 2: Record the entry to close...
Entry 1:
Record the entry to close revenue accounts.
Entry 2:
Record the entry to close expense accounts.
Entry 3:
Record the entry to close the income summary account.
Entry 4:
Record the entry to close the dividends account.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $10,900; Dividends $1,750; Services Revenue $32,000; Wages Expense $17,900; and Rent Expense $5,400. Prepare its December 31 closing entries. View transaction list Journal...
1. Close Revenue Accounts 2. Close expense accounts. 3. Close dividends account. Credit Debit 11,800 163,000...
1. Close Revenue Accounts
2. Close expense accounts.
3. Close dividends account.
Credit Debit 11,800 163,000 6,300 38,000 430,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 138,000 43,000 43,000 5,300 16,800 265,000 78,600 14,500 530,000 245,000 133,000 28,000 43,000 3,300 3,800 1,119,700 1,119,700
Record the entry to close out the revenue accounts. (Record debits first, then credits. Exclude explanations...
Record the entry to close out the revenue accounts. (Record debits first, then credits. Exclude explanations from 0 Data Table - 14,100 14,100 41,500 31,900 4,600 Cost of services sold .........$ Accumulated depreciation Selling, general, and administrative expenses Retained earnings, December 31, 2017 Service revenue........$ Service revenue.. Depreciation expense ... Other revenue .. Dividends declared Income tax expense Income tax payable .. 400 6,300 900 1.000 2,200 900 Print Done 6,300 1,000 then click Check Answer. ( E3-25A (similar to)...
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Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker incorporated's fiscal...
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BensonBenson Auto Repair had the following account balances after adjustments. Assume all accounts had normal balances....
BensonBenson Auto Repair had the following account balances after adjustments. Assume all accounts had normal balances. LOADING... (Click the icon to view the account balances.)14. Prepare the closing entries for BensonBenson at DecemberDecember 3131. 15. What is the balance of Retained Earnings after closing entries have been recorded? (Use a T-account to determine the balance.) 14. Prepare the closing entries for BensonBenson at DecemberDecember 3131. (Record debits first, then credits. Select the explanation on the last line of the journal...
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When preparing a post closing entry please do not use Profit
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picture.
Bramble Company had the following adjusted trial balance. Bramble Company Adjusted Trial Balance June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $3,840 Accounts Receivable 3,830 Supplies 600 Accounts Payable $1,900 Unearned Service Revenue 140 Common Stock 3,900 Retained Earnings 1,540 Dividends 570 Service Revenue 4,100 Salaries and Wages Expense 1.300 Miscellaneous...
Begin by preparing the closing entries for North Pole Services Enterprises. Record the entry to close...
Begin by preparing the closing entries for North Pole
Services Enterprises. Record the entry to close out the revenue
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owing selected accounts from the records of North Pole Enterprises at December 31, 2016. on to view the selected accounts and balances) closing entries for North Pole Enterprises at December 31, 2016. How much net income did North Pole Enterprises earn d for Retained Earnings to show the December 31, 2016, balance of Retained Earnings ing the closing entries for...
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...
Need to:
Record the entry to close the revenue accounts.
Record the entry to close the expense accounts
Record the entry to close the dividends account.
Pastina Company sells varlous types of pasta to grocery chains as private label brands. The company's reporting year-end Is December 31. The unadjusted trlal balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 32,6ee 41,000 Accounts receivable Supplies Inventory 2.008 61,08e 21,08e Notes receivable Interest receivable Prepaid rent Prepaid insurance...
Entry 1:
Record the entry to close revenue accounts.
Entry 2:
Record the entry to close expense accounts.
Entry 3:
Record the entry to close the income summary account.
Entry 4:
Record the entry to close the dividends account.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $10,900; Dividends $1,750; Services Revenue $32,000; Wages Expense $17,900; and Rent Expense $5,400. Prepare its December 31 closing entries. View transaction list Journal...
1. Close Revenue Accounts
2. Close expense accounts.
3. Close dividends account.
Credit Debit 11,800 163,000 6,300 38,000 430,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 138,000 43,000 43,000 5,300 16,800 265,000 78,600 14,500 530,000 245,000 133,000 28,000 43,000 3,300 3,800 1,119,700 1,119,700
Record the entry to close out the revenue accounts. (Record debits first, then credits. Exclude explanations from 0 Data Table - 14,100 14,100 41,500 31,900 4,600 Cost of services sold .........$ Accumulated depreciation Selling, general, and administrative expenses Retained earnings, December 31, 2017 Service revenue........$ Service revenue.. Depreciation expense ... Other revenue .. Dividends declared Income tax expense Income tax payable .. 400 6,300 900 1.000 2,200 900 Print Done 6,300 1,000 then click Check Answer. ( E3-25A (similar to)...
Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Credit Debit 10,500 31,500 22,500 $ 1,500 15,000 32,500 2,500 55,500 18,500 11,500 8,500 6,500 Totals $112,000 112,000 1. Prepare the necessary closing entries....
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 12,000 39,000 30,000 $ 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 3,000 30,000 40,000 9,000 4,000 54,000 20,000 13,000 10,000 8.000 $136,000 $136,000 Required: 1. Prepare the...
When preparing a post closing entry please do not use Profit
and Loss account as an aswer. The word bank is below for the second
picture.
Bramble Company had the following adjusted trial balance. Bramble Company Adjusted Trial Balance June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $3,840 Accounts Receivable 3,830 Supplies 600 Accounts Payable $1,900 Unearned Service Revenue 140 Common Stock 3,900 Retained Earnings 1,540 Dividends 570 Service Revenue 4,100 Salaries and Wages Expense 1.300 Miscellaneous...
Begin by preparing the closing entries for North Pole
Services Enterprises. Record the entry to close out the revenue
accounts
owing selected accounts from the records of North Pole Enterprises at December 31, 2016. on to view the selected accounts and balances) closing entries for North Pole Enterprises at December 31, 2016. How much net income did North Pole Enterprises earn d for Retained Earnings to show the December 31, 2016, balance of Retained Earnings ing the closing entries for...
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