Homework Answers
Closing entries are made to close the temporary accounts to permanent accounts, at the end of an accounting period. The temporary account includes revenue accounts, expense accounts, etc.
Revenue, in this question includes fees earned. Expenses
include, Wages expense, Supplies expense and Depreciation
expense.
The income summary is closed by transferring the profit or net
income to owner's capital account.
Profit/ Net income = Revenue - Expenses
= 59,500 - 29,500 = 30,000
Drawings account also will be closed by transferring to Capital account.
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Account Title Cash Accounts Receivable Supplies Equipment Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Dr. cr. Dr. r. 26,500 7,000 1,000 18,500 5,000 11,000 1,000 8,000 2,000 59,500 59,500 19,000 19,000 7,000 7,000 3,500 3,500 84,500 84,500 29,500 59,500 30,000 59,500 59,500 Balance Sheet Dr. Cr. 26,500 7,000 1,000 18,500 5,000 11,000 1,000 8,000 2,000 Accumulated Depr.-Equip. Accounts Payable Wages Payable Daniel Austin, Capital Daniel Austin, Drawing Fees Earned Wages Expense Rent...
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Instructions Chart of Accounts Journal Instructions Х After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.: Kerry Buckner, Capital $3,513,000 Kerry Buckner, Drawing 42,500 Fees Earned 1,324,000 Wages Expense 749,100 Rent Expense 68,800 Supplies Expense 14,600 Miscellaneous Expense 7,350 Required: Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles....
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culator justing entries Instructions Journal Chart of Accounts HI Final Question Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty • The supplies account balance on December 31 is $5,210. The supplies on hand on December 31 are $1,135. The uneared rent account balance on December 31 is $5,600 representing the receipt of an advance payment on December 1 of four months rent from tenants. • Wages accrued but not paid at...
After the accounts have been adjusted at December 31, the end of the fiscal year, the...
After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.: Kerry Buckner, Capital $3,513,000 Kerry Buckner, Drawing 42,500 Fees Earned 1,324,000 Wages Expense 749,100 Rent Expense 68,800 Supplies Expense 14,600 Miscellaneous Expense 7,350 Required: Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Pioneer Delivery Services Co....
ppendix 1: Closing Entries From an End-of-Period Spreadsheet Alert Security Services Co. offers security services to...
ppendix 1: Closing Entries From an End-of-Period Spreadsheet Alert Security Services Co. offers security services to business dients. Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2018 Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr Dr Cr. 314 2,306 105 79 2,620 1,048 Cash Accounts Receivable Supplies Prepaid Insurance Land Equipment Accum. Depr. Equipment Accounts Payable Wages Payable Common Stock 210 943 105 80 4,478 Retained Earnings Dividends 210 fees Earned...
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Closing entries from an end-of-period spreadsheet Instructions Chart of Accounts Journal Instructions 2 Trial Balance Trial Balance Income Statement Balance Sheet В. Income Statement Credith 3 Account Title Debit Credit Debit Debit 4 Cash 18.00 $ Accounts Receivable 105.00 6 Supplies 5.00 7 Prepaid Insurance 4.00 8 Land 200.00 50.00 12.00 Equipment 10 Accumulated Depreciation-Equipment 11 Accounts Payable 12 Wages Payable 13 Brenda Schultz, Capital 14 Brenda Schultz, Drawing 36.00 200 258.00 6.00 15 Fees Earned 224.00 109.00 10.00 8.00...
Closing entries from an end-of-period spreadsheet Instructions Chart of Accounts Journal Instructions Alert Security Services Co. offers security services to business clients. Based on the end-of-period spreadsheet, prepare the two closing entries for Alert Security Services Co. Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2019 Adjusted Adjusted Income Trial Balance Trial Balance Incon Staten 2 Statement Account Title Debit Credit 3 Debit Cred 4 Cash 18.00 5 Accounts Receivable 101.00 7.00 6 Supplies 7 Prepaid...
Account Title Cash Accounts Receivable Supplies Equipment Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Dr. cr. Dr. r. 26,500 7,000 1,000 18,500 5,000 11,000 1,000 8,000 2,000 59,500 59,500 19,000 19,000 7,000 7,000 3,500 3,500 84,500 84,500 29,500 59,500 30,000 59,500 59,500 Balance Sheet Dr. Cr. 26,500 7,000 1,000 18,500 5,000 11,000 1,000 8,000 2,000 Accumulated Depr.-Equip. Accounts Payable Wages Payable Daniel Austin, Capital Daniel Austin, Drawing Fees Earned Wages Expense Rent...
Instructions Chart of Accounts Journal Instructions Х After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.: Kerry Buckner, Capital $3,513,000 Kerry Buckner, Drawing 42,500 Fees Earned 1,324,000 Wages Expense 749,100 Rent Expense 68,800 Supplies Expense 14,600 Miscellaneous Expense 7,350 Required: Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles....
Appendix 1: Closing Entries from an End-of-Period Spreadsheet Alert Security Services Co. offers security services to business dients. Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2043 Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 438 Accounts Receivable 3,212 146 Supplies Prepaid Insurance 110 Land 3,650 1,460 Equipment Accum. Depr. - Equipment Accounts Payable Wages Payable Common Stock 292 1,314 146 BO Retained Earnings 6,272 Dividends 292 Fees...
culator justing entries Instructions Journal Chart of Accounts HI Final Question Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty • The supplies account balance on December 31 is $5,210. The supplies on hand on December 31 are $1,135. The uneared rent account balance on December 31 is $5,600 representing the receipt of an advance payment on December 1 of four months rent from tenants. • Wages accrued but not paid at...
ppendix 1: Closing Entries From an End-of-Period Spreadsheet Alert Security Services Co. offers security services to business dients. Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2018 Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr Dr Cr. 314 2,306 105 79 2,620 1,048 Cash Accounts Receivable Supplies Prepaid Insurance Land Equipment Accum. Depr. Equipment Accounts Payable Wages Payable Common Stock 210 943 105 80 4,478 Retained Earnings Dividends 210 fees Earned...
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