Homework Answers
| 1. Date | General Journal | Debit | Credit | |
| Dec 31, 2021 | Service revenue | $ 55,400 | ||
| Retained earnings | $ 55,400 | |||
| (Being Service revenue account closed) | ||||
| Date | General Journal | Debit | Credit | |
| Dec 31, 2021 | Retained earnings | $ 45,400 | ||
| Salaries expense | $ 18,600 | |||
| Advertising expense | $ 11,600 | |||
| Rent expense | $ 8,600 | |||
| Utilities expense | $ 6,600 | |||
| (Being expense account closed) | ||||
| Date | General Journal | Debit | Credit | |
| Dec 31, 2021 | Retained earnings | $ 2,600 | ||
| Dividend | $ 2,600 | |||
| (Being dividend account closed) | ||||
| 2. | Ending Balance of: | |||
| Retained Earnings | = | $7600 + $55400 - $45400 - $2600 | ||
| = | $ 15,000 | |||
| 3. | Laker Incorporated | |||
| Post - Closing Trial Balance | ||||
| December 31, 2021 | ||||
| Accounts | Debit | Credit | ||
| Cash | $ 10,600 | |||
| Supplies | $ 32,000 | |||
| Prepaid rent | $ 23,000 | |||
| Accounts payable | $ 1,600 | |||
| Notes Payable | $ 16,000 | |||
| Common stock | $ 33,000 | |||
| Retained earnings | $ 15,000 | |||
| Total | $ 65,600 | $ 65,600 | ||
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Exercise 3-18A Record closing entries and prepare a post-closing trial balance (L03-6,3-7) Laker Incorporated's fiscal year-end...
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker incorporated's fiscal...
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...
Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal...
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....
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...
Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The...
Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 11,100 141,000 5,100 25,500 310,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in the years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation...
Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as...
Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Credit Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Eamings $ 11,300 26,500 $ 2,300 23,000 36,500 8,300 Service Revenue Salaries Expense 54,700 19,300 12,300 9,300 Rent Expense Utilities Expense Totals $124,800 $124,800 Required: 1. Prepare the necessary closing entries. (If no entry is required for a transaction/levent, select "No journal entry required" in the first account...
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 $ 10,400 31,000 22,000 $ 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 1,400 14,000 32,000 7,400 2,400 55,600 18,400 11,400 8,400 6,400 $110,400 $110,400 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
Exercise 3-19 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information...
Exercise 3-19 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below.,] The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Debit Credit Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense $ 11,800 148,000 5,800 29,000...
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 $ 11,000 34,000 25,000 $ 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 2,000 20,000 35,000 8,000 3,000 55,000 19,000 12,000 9,000 7,000 $120,000 $120,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
Part 1 of 2 Required information Exercise 3-19A Record closing entries and prepare a post-closing trial...
Part 1 of 2 Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below.) points The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit eBook Hint Debit $ 11,100 141,000 5,100 25,500 310,000 Print References Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock...
Return to question Exercise 3-18B Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7)...
Return to question Exercise 3-18B Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) A company's fiscal year-end is December 31, Year 1. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,300 30,500 21,500 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 $ 1,300 13,000 31,500 7,300 2,300 55,700 18,300 11,300 8,300 6,300 $100,800 $...
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...
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....
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...
Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 11,100 141,000 5,100 25,500 310,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in the years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation...
Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Credit Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Eamings $ 11,300 26,500 $ 2,300 23,000 36,500 8,300 Service Revenue Salaries Expense 54,700 19,300 12,300 9,300 Rent Expense Utilities Expense Totals $124,800 $124,800 Required: 1. Prepare the necessary closing entries. (If no entry is required for a transaction/levent, select "No journal entry required" in the first account...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,400 31,000 22,000 $ 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 1,400 14,000 32,000 7,400 2,400 55,600 18,400 11,400 8,400 6,400 $110,400 $110,400 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
Exercise 3-19 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below.,] The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Debit Credit Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense $ 11,800 148,000 5,800 29,000...
Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 11,000 34,000 25,000 $ 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 2,000 20,000 35,000 8,000 3,000 55,000 19,000 12,000 9,000 7,000 $120,000 $120,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select...
Part 1 of 2 Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below.) points The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit eBook Hint Debit $ 11,100 141,000 5,100 25,500 310,000 Print References Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock...
Return to question Exercise 3-18B Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) A company's fiscal year-end is December 31, Year 1. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,300 30,500 21,500 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 $ 1,300 13,000 31,500 7,300 2,300 55,700 18,300 11,300 8,300 6,300 $100,800 $...
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