Homework Answers
| Sales revenue | 150,000 | |
| Rent revenue | 30,000 | |
| Income summary | 180,000 | |
| Income summary | 155,000 | |
| Cost of Goods Sold | 100,000 | |
| Salaries expense | 50,000 | |
| Tax expense | 5,000 | |
| Income summary (180,000-155,000) | 25,000 | |
| Retained earnings | 25,000 | |
| Retained earnings | 10,00 | |
| Drawings | 10,000 | |
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#12 (8 balances) pts.) The general ledger of Big Bang, Inc. includes the following accounts (with...
The ledger of Mai Company includes the following accounts with normal balances as of December 31:
Record the entry to close revenue accounts, close expense
accounts, income summary account, dividends accountThe ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $10,500; Dividends $1,550; Services Revenue $28,000; Wages Expense $15,900; and Rent Expense $4,600. Prepare its December 31 closing entries.
Saved The ledger of Mal Company includes the following accounts with normal balances as of December...
Saved The ledger of Mal Company includes the following accounts with normal balances as of December 31: Common Stock $10,300; Dividends $1.450, Services Revenue $26,000: Wages Expense $14.900; and Rent Expense $4,200. Prepare its December 31 closing entries. View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close revenue accounts. Note: Enter debit before credits General Journal Debit Credit Date Dec 31 Prepare its Dec closing entries. 0:57:58 View transaction is Journal entry worksheet A...
PART II: PROBLEM 2 GENERAL LEDGER WITH ADJUSTED BALANCES APPEAR BELOW: FORMB Required: (1-4) Using the accounts in...
PART II: PROBLEM 2 GENERAL LEDGER WITH ADJUSTED BALANCES APPEAR BELOW: FORMB Required: (1-4) Using the accounts in the General Ledger below, prepare 4 closing entries in the General Journal Post the closing entries to the Ledger and then complete 05 (posting not graded) General Journal A CCOUNT Debit Credit ENTRYW 4 5. After CLOSING entries are posted ENDING CAPTIAL = $ indicate il CAPITAL balance is a debitor a credit GENERAL LEDGER ASSETS LIABILITIES OWNER'S EQUITY Service Revenue Z...
#2 GENERAL LEDGER LIABILITIES OWNER'S EQUITY Un Bal 10,000 Accounts Payable 3.300 Un Bal M. Capital...
#2 GENERAL LEDGER LIABILITIES OWNER'S EQUITY Un Bal 10,000 Accounts Payable 3.300 Un Bal M. Capital 22,100 Un Bal Un Ball M. Withdrawals 5,200 ACCOUNTS REC Salaries Payable Un Bal 26,900 Legal Fees Revenues 54,400 Un Bal PREPAID INSURANCE Un Ball 1,800 Uneared Legal Fees Utilities Expense S.000 Un Bal Office Supplies 2,000 Office Supplies Eup Office Equipment 5,000 Salaries Expense 26,000 Un Ball Un Bal Accumulated Depr. OE 1,500 Un Bal Insurance Expense Depreciation Expense 13 Compute balances of...
At December 31, 2019, the ledger of Aulani Company includes the following accounts, all having normal...
At December 31, 2019, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $63,400; Cost of Goods Sold, $33,300; Retained Earnings, $20,000; Interest Expense, $3,200; Dividends, $5,000; Wages Expense, $8,000, and Interest Payable, $2,100. Required: 1. Prepare the closing entries for Aulani at December 31, 2019. If an amount box does not require an entry, leave it blank. Dec. 31 (Close revenues) Dec. 31 (Close expenses) Dec. 31 < Previous Next > Check My...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,000 6,000 7,000 23,000 9,500 $53,500 $53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $65,000. 2. March 13 Collect on accounts receivable,...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 20,000 Accounts Receivable 8,000 Supplies 4,000 Equipment 15,000 Accumulated Depreciation $ 5,000 Salaries Payable 7,500 Common Stock 25,000 Retained Earnings 9,500 Totals $ 47,000 $ 47,000 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $60,000, of which $21,000 is on account. 2. May 2 Collect on accounts receivable,...
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits...
The general ledger of Zips Storage at January 1, 2021, includes
the following account balances:
Credits Debits $ 26,100 16,900 15,000 163,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8, 200 7,300 158,000 47,500 $221,000 $221,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $149, 100, and on account, $59,700. 2. February12 Collect on accounts receivable, $53,000. 3. April...
The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of...
The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31. a. Unrecorded depreciation on the trucks at the end of the year is $8,231. b. The total amount of accrued interest expense at year-end is $8,000. c. The cost of unused office supplies still available at year-end is $700. 1. Use the above information about the company's adjustments to complete a 10-column work sheet. 2a. Prepare the year-end closing entries for Dylan...
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits...
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $ 25,400 16,200 13,600 156,000 $ 7,500 6,600 151,000 46, 100 $211,200 $211,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $142,100, and on account, $56,200. 2. February 12 Collect on accounts receivable, $52,300. 3. April...
Saved The ledger of Mal Company includes the following accounts with normal balances as of December 31: Common Stock $10,300; Dividends $1.450, Services Revenue $26,000: Wages Expense $14.900; and Rent Expense $4,200. Prepare its December 31 closing entries. View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close revenue accounts. Note: Enter debit before credits General Journal Debit Credit Date Dec 31 Prepare its Dec closing entries. 0:57:58 View transaction is Journal entry worksheet A...
PART II: PROBLEM 2 GENERAL LEDGER WITH ADJUSTED BALANCES APPEAR BELOW: FORMB Required: (1-4) Using the accounts in the General Ledger below, prepare 4 closing entries in the General Journal Post the closing entries to the Ledger and then complete 05 (posting not graded) General Journal A CCOUNT Debit Credit ENTRYW 4 5. After CLOSING entries are posted ENDING CAPTIAL = $ indicate il CAPITAL balance is a debitor a credit GENERAL LEDGER ASSETS LIABILITIES OWNER'S EQUITY Service Revenue Z...
#2 GENERAL LEDGER LIABILITIES OWNER'S EQUITY Un Bal 10,000 Accounts Payable 3.300 Un Bal M. Capital 22,100 Un Bal Un Ball M. Withdrawals 5,200 ACCOUNTS REC Salaries Payable Un Bal 26,900 Legal Fees Revenues 54,400 Un Bal PREPAID INSURANCE Un Ball 1,800 Uneared Legal Fees Utilities Expense S.000 Un Bal Office Supplies 2,000 Office Supplies Eup Office Equipment 5,000 Salaries Expense 26,000 Un Ball Un Bal Accumulated Depr. OE 1,500 Un Bal Insurance Expense Depreciation Expense 13 Compute balances of...
At December 31, 2019, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $63,400; Cost of Goods Sold, $33,300; Retained Earnings, $20,000; Interest Expense, $3,200; Dividends, $5,000; Wages Expense, $8,000, and Interest Payable, $2,100. Required: 1. Prepare the closing entries for Aulani at December 31, 2019. If an amount box does not require an entry, leave it blank. Dec. 31 (Close revenues) Dec. 31 (Close expenses) Dec. 31 < Previous Next > Check My...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8,000 6,000 7,000 23,000 9,500 $53,500 $53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $65,000. 2. March 13 Collect on accounts receivable,...
The general ledger of Zips Storage at January 1, 2021, includes
the following account balances:
Credits Debits $ 26,100 16,900 15,000 163,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $ 8, 200 7,300 158,000 47,500 $221,000 $221,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $149, 100, and on account, $59,700. 2. February12 Collect on accounts receivable, $53,000. 3. April...
The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31. a. Unrecorded depreciation on the trucks at the end of the year is $8,231. b. The total amount of accrued interest expense at year-end is $8,000. c. The cost of unused office supplies still available at year-end is $700. 1. Use the above information about the company's adjustments to complete a 10-column work sheet. 2a. Prepare the year-end closing entries for Dylan...
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals Debits $ 25,400 16,200 13,600 156,000 $ 7,500 6,600 151,000 46, 100 $211,200 $211,200 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $142,100, and on account, $56,200. 2. February 12 Collect on accounts receivable, $52,300. 3. April...
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