Homework Answers
|
Transaction |
Accounts & Explanations |
Debit |
Credit |
|
1 |
Sales revenue |
$ 720,000.00 |
|
|
Interest Revenue |
$ 2,000.00 |
||
|
Income Summary |
$ 722,000.00 |
||
|
(to close revenue account) |
|||
|
2 |
Income Summary |
$ 666,900.00 |
|
|
Cost of goods sold |
$ 518,000.00 |
||
|
Depreciation expense |
$ 11,000.00 |
||
|
Insurance Expense |
$ 7,000.00 |
||
|
Interest Expense |
$ 6,400.00 |
||
|
Property tax expenses |
$ 2,500.00 |
||
|
Rent Expense |
$ 15,000.00 |
||
|
Salaries and wages expense |
$ 96,000.00 |
||
|
Sales commission expense |
$ 11,000.00 |
||
|
(to close expense accounts) |
|||
|
3 |
Income Summary |
$ 55,100.00 |
|
|
Owner's Capital |
$ 55,100.00 |
||
|
(to close Income Summary) |
|||
|
4 |
Owner's Capital |
$ 10,000.00 |
|
|
Owner's drawings |
$ 10,000.00 |
||
|
(to close Drawings) |
Add Answer to:
Journalize the closing entries
Accounts Payable Accounts Receivable Accumulated Depr.-Equip. Cash Cost of Goods Sold $...
5-48 CHAPTER 5 Accounting for Merchandising Operations Prepare financial statements and adjusting and closing entries. P5.3A...
5-48 CHAPTER 5 Accounting for Merchandising Operations Prepare financial statements and adjusting and closing entries. P5.3A (LO 4, 5) Financial Statement Big Box Store is located in past several years, net income has been declining beca the company's fiscal year on November 30, 2020, the following accounts app balances. ox Store is located in midtown Madison. During the of suburban shopping centers. At the end of wing accounts appeared in two of its trial Unadjusted $ 25,200 30,500 34,000 26,000...
Canvas Exercise on Preparation of Financial Statements I. At the end of Dec. 2019, the following...
Canvas Exercise on Preparation of Financial Statements I. At the end of Dec. 2019, the following accounts appeared in the trial balance of B Paper Company: Account Title Accounts Payable Accounts Receivable Balance P 25,200 30,500 Account Title Notes Payable Owner's Capital, Dec.1, 2019 Owner's Drawings Balance P 37,000 101,700 45,000 10,000 Accumulated Depr. - Equipment Cash Cost of Goods Sold Freight -Out Equipment Depreciation expense 26,000 518,000 6,500 146,000 11,000 3,500 2,500 2,500 15,000 96,000 1.000 Insurance Expense Interest...
closing entry The Deluxe Store is located in midtown Madison. During the past several years, net...
closing entry
The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburtban shopping centers. At the end of the company's fiscal year on November 30, 2019, the following accounts appeared in two of its trial balances. Unadjusted Adjusted Unadjusted Adjusted Accounts Payable $25,200 $25,200 Inventory $29,000 $29,000 Accounts Receivable 30,500 30,500 Notes payable 37,000 37,000 Accumulated Depr.-Equipment 34,000 45,000 Prepaid Insurance 10,500 3,500 Cash 26,000 26,000 Property Tax Expense...
Thank you. thumbs up! Problem 5-03A al-a3, b-c The Deluxe Store is located in midtown Madison....
Thank you. thumbs up!
Problem 5-03A al-a3, b-c The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances. Adjusted $25,200 30,500 45,000 26,000 40,000 507,000 Unadjusted $29,000 37,000 10,500 Unadjusted $25,200 30,500 34,000 26,000 40,000 507,000 10,000 6,500 146,000 Accounts Payable Accounts Receivable Accumulated Depr.-Equipment...
Only part c Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash...
Only part c
Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash Casuality Loss from Vandalism Cost of Goods Sold Depreciation Expense Dividend Revenue Equipment Freight-In Freight-Out Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Notes Payable Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Salaries and...
First answer were incorrect. thanks for your help in advance. Problem 5-03A al-a3, b-c The Deluxe...
First answer were incorrect. thanks for your help in advance.
Problem 5-03A al-a3, b-c The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances. Accounts Payable Accounts Receivable Accumulated Depr.--Equipment Cash Common Stock Cost of Goods Sold Dividends Freight-Out Equipment Depreciation Expense Insurance Expense Interest...
Prepare a retained earnings statement Journalize all adjusting entries at november 30 needed on the books...
Prepare a retained earnings statement
Journalize all adjusting entries at november 30 needed on the books of the company At the end of the Hope Store's fiscal year on November 30, 2019, the following accounts appeared in its trial balance. Accounts payable Accumulated Depr.- Equip. Cash Cost of Goods Sold Dividends Equipment Freight-out Interest expense Interest revenue Inventory Miscellaneous expense Unadjusted 25,200 Notes payable 22,000 Notes receivable 25,212 Prepaid insurance 507,000 Rent expense 8,000 Retained earnings 154,300 Salaries and wages...
Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation -...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable...
Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 85,100 124,400 435,100 118,800 7,800 64,500 90,000 593,100 6,600 56,700 5,400 1,880 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Revenue Cash Revenue Retained earnings Expense Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable # + Sales revenue...
Cash 11,000 Accounts Receivable 7,300 Prepaid Rent 2,200 Equipment 23,000 Accumulated Depreciation-Equip. 4,500 Notes Payable 5,700...
Cash 11,000 Accounts Receivable 7,300 Prepaid Rent 2,200 Equipment 23,000 Accumulated Depreciation-Equip. 4,500 Notes Payable 5,700 Accounts Payable 4,500 Common Stock 22,790 Retained Earnings 7,030 Dividends 3,600 Service Revenue 15,200 Salaries and Wages Expense 11,000 Rent Expense 900 Depreciation Expense Interest Expense Interest Payable Totals 59,750 59,750 NO. Date ACCOUNE Trues and explanation WEDNE (1) Apr. 30 (To dose revenue account) (2) Apr. 30 (To dose expense accounts) (3) Apr. 30 (To dose net income / (loss)) (4) Apr. 30...
5-48 CHAPTER 5 Accounting for Merchandising Operations Prepare financial statements and adjusting and closing entries. P5.3A (LO 4, 5) Financial Statement Big Box Store is located in past several years, net income has been declining beca the company's fiscal year on November 30, 2020, the following accounts app balances. ox Store is located in midtown Madison. During the of suburban shopping centers. At the end of wing accounts appeared in two of its trial Unadjusted $ 25,200 30,500 34,000 26,000...
Canvas Exercise on Preparation of Financial Statements I. At the end of Dec. 2019, the following accounts appeared in the trial balance of B Paper Company: Account Title Accounts Payable Accounts Receivable Balance P 25,200 30,500 Account Title Notes Payable Owner's Capital, Dec.1, 2019 Owner's Drawings Balance P 37,000 101,700 45,000 10,000 Accumulated Depr. - Equipment Cash Cost of Goods Sold Freight -Out Equipment Depreciation expense 26,000 518,000 6,500 146,000 11,000 3,500 2,500 2,500 15,000 96,000 1.000 Insurance Expense Interest...
closing entry
The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburtban shopping centers. At the end of the company's fiscal year on November 30, 2019, the following accounts appeared in two of its trial balances. Unadjusted Adjusted Unadjusted Adjusted Accounts Payable $25,200 $25,200 Inventory $29,000 $29,000 Accounts Receivable 30,500 30,500 Notes payable 37,000 37,000 Accumulated Depr.-Equipment 34,000 45,000 Prepaid Insurance 10,500 3,500 Cash 26,000 26,000 Property Tax Expense...
Thank you. thumbs up!
Problem 5-03A al-a3, b-c The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances. Adjusted $25,200 30,500 45,000 26,000 40,000 507,000 Unadjusted $29,000 37,000 10,500 Unadjusted $25,200 30,500 34,000 26,000 40,000 507,000 10,000 6,500 146,000 Accounts Payable Accounts Receivable Accumulated Depr.-Equipment...
Only part c
Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash Casuality Loss from Vandalism Cost of Goods Sold Depreciation Expense Dividend Revenue Equipment Freight-In Freight-Out Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Notes Payable Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Salaries and...
First answer were incorrect. thanks for your help in advance.
Problem 5-03A al-a3, b-c The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2020, the following accounts appeared in two of its trial balances. Accounts Payable Accounts Receivable Accumulated Depr.--Equipment Cash Common Stock Cost of Goods Sold Dividends Freight-Out Equipment Depreciation Expense Insurance Expense Interest...
Prepare a retained earnings statement
Journalize all adjusting entries at november 30 needed on the books of the company At the end of the Hope Store's fiscal year on November 30, 2019, the following accounts appeared in its trial balance. Accounts payable Accumulated Depr.- Equip. Cash Cost of Goods Sold Dividends Equipment Freight-out Interest expense Interest revenue Inventory Miscellaneous expense Unadjusted 25,200 Notes payable 22,000 Notes receivable 25,212 Prepaid insurance 507,000 Rent expense 8,000 Retained earnings 154,300 Salaries and wages...
Here are the accounts available:
Accounts Payable
Accounts Receivable
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated Depreciation - Leasehold Improvements
Accumulated Depreciation - Machinery
Accumulated Depreciation - Vehicles
Advertising Expense
Asset Retirement Obligation
Buildings
Cash
Common Shares
Contributed Surplus
Contributed Surplus - Donated Capital
Cost of Goods Sold
Deferred Revenue - Government Grants
Depreciation Expense
Donation Revenue
Equipment
Finance Expense
Finance Revenue
Gain on Disposal of Building
Gain on Disposal of Equipment
Gain on Disposal of Machinery
Gain...
Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 85,100 124,400 435,100 118,800 7,800 64,500 90,000 593,100 6,600 56,700 5,400 1,880 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Revenue Cash Revenue Retained earnings Expense Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable # + Sales revenue...
Cash 11,000 Accounts Receivable 7,300 Prepaid Rent 2,200 Equipment 23,000 Accumulated Depreciation-Equip. 4,500 Notes Payable 5,700 Accounts Payable 4,500 Common Stock 22,790 Retained Earnings 7,030 Dividends 3,600 Service Revenue 15,200 Salaries and Wages Expense 11,000 Rent Expense 900 Depreciation Expense Interest Expense Interest Payable Totals 59,750 59,750 NO. Date ACCOUNE Trues and explanation WEDNE (1) Apr. 30 (To dose revenue account) (2) Apr. 30 (To dose expense accounts) (3) Apr. 30 (To dose net income / (loss)) (4) Apr. 30...
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