CookBooks Inc.’s adjusted trial balance showed total debits and total credits of $10,000 each. The company’s...
CookBooks Inc.’s adjusted trial balance showed total debits and total credits of $10,000 each. The company’s revenues were $6,000, its expenses were $4,000, and it declared $500 in dividends during the year. What will the debits (and credits) equal on the post-closing trial balance?
Homework Answers
The debits and credits equal on the post closing trial balance will be = $5,500
Explanation: On the debit side the amount of expenses of $4,000 and dividend of $500 will be closed. Thus debit balance = 10,000 - 4000 - 500 = $5500
On the credit side revenue account will be closed and retained earnings will be added. Retained earnings = 6,000 - 4,000 - 500 = $1500. Thus balance on credit side = 10,000 - 6,000 + 1500
=$5500
Add Answer to:
CookBooks Inc.’s adjusted trial balance showed total debits and
total credits of $10,000 each. The company’s...
the adjusted trial balance verifies the total debits equal total credits before the adjusting entries are...
the adjusted trial balance verifies the total debits equal total credits before the adjusting entries are prepared true or false
Based on the following adjusted trial balance: Garnet & Gold Corporation Adjusted Trial Balance As of...
Based on the following adjusted trial balance: Garnet & Gold Corporation Adjusted Trial Balance As of December 31 Debit Credit Cash $ 800 Accounts Receivable 200 Inventory 3,000 Building 30,000 Accumulated Depreciation $ 2,000 Notes Payable 1,000 Common Stock 21,000 Retained Earnings 6,000 Dividends 2,000 Revenues 8,000 Selling and Administrative Expense 1,000 Insurance Expense 1,000 $ 38,000 $ 38,000 Determine the amount that will be reported as retained earnings on the post-closing trial balance. O $2.000 0 $14.000 O $10,000...
A trial balance taken at year-end showed total debits exceed total credits by 5,000 This descrepancy...
A trial balance taken at year-end showed total debits exceed total credits by 5,000 This descrepancy could have been caused by: a. An error in the general journal where a 2,500 increase in accounts receivable was recorded as a 2,500 increase in cash instead. b. A net loss of 2,500. C. The balance of 25,000 in accounts payable being entered in the trial balance as 2,500. d. The balance of 7,500 in accounts payable being entered in the trial balance...
Data Table Big Rita's Music Company uses a perpetual inventory system. The adjusted trial balance of...
Data Table Big Rita's Music Company uses a perpetual inventory system. The adjusted trial balance of Big Rita's Music Company at June 30, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements. Big Rita's Music Company Adjusted Trial Balance Requirement 1. Prepare Big Rita's multi-step income statement for the year ended June 30, 2024. (Use a minus sign or parentheses to show oth June 30, 2024 Big Rita's Music Company Income Statement Balance Account Title...
At year-end, a trial balance showed total credits exceeding total debits by $5,950. This difference could...
At year-end, a trial balance showed total credits exceeding total debits by $5,950. This difference could have been caused by: Multiple Choice An error in the general journal where a $5,950 increase in Accounts Receivable was recorded as an increase in Cash A net income of $5,950 The balance of $59,500 in Accounts Payable being entered in the trial balance as $5,950 The balance of $6700 in the Office Equipment account being entered on the trial balance as a debit...
hackle Locksmiths, Inc. Adjusted Trial Balance At December 31, 2018 Account Debit Credit Cash $1,720,400 Accounts...
hackle Locksmiths, Inc. Adjusted Trial Balance At December 31, 2018 Account Debit Credit Cash $1,720,400 Accounts Receivable 792,000 Supplies 210,000 Prepaid Insurance 200,000 Equipment 420,000 Accumulated Depreciation—Equipment $33,000 Accounts Payable 1,280,000 Unearned Service Revenue 39,200 Wages Payable 250,000 Interest Payable 85,000 Notes Payable 260,000 Common Stock 1,300,000 Retained Earnings 0 Dividends 10,000 Service Revenue 2,093,300 Wage Expense 1,120,000 Utilities Expense 88,900 Selling Expense 64,200 Administrative Expense 189,000 Repairs Expense 66,000 Interest Expense 55,000 Insurance Expense 135,000 Supplies Expense 210,000 Depreciation...
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...
Below you will find an adjusted trial balance. Trial Balance Accounts Debit Credit Cash 34,000 Accounts...
Below you will find an adjusted trial balance. Trial Balance Accounts Debit Credit Cash 34,000 Accounts Receivable 15,000 23,000 100,000 40,000 6,000 Inventory Equipment Accumulated Depr. Accounts Payable Notes Payable Common Stoo's Retained Earnings Dividends 70,000 10,000 32,000 4,000 Service Revenue 110,000 Sales Revenue 215,000 Interest Revenue 2,000 Cost of Goods Sold 155,000 Salaries Expense 80,000 Tax Expense 30.000 80,000 30,000 Salaries Expense Tax Expense Interest Expense Utilities Expense Supplies Expense 8,000 25,000 11,000 Totals 485,000 485,000 Prepare the closing...
I need to prepare a post closing trial balance but my debits and credits are not...
I need to prepare a post closing trial balance but my
debits and credits are not equalling out.
I obtained my retained earnings by closing out service
revenue & expenses to my income summary and then closing out
income summary and dividends to retained earnings.
Matt's Bowling Alley Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash 16,500 Accounts Receivable 2,600 Office Supplies 950 Prepaid Insurance 2.900 Land 25,000 Building 155.000 Accumulated Depreciation-Building 6,500 Fouipment 42.000 Print...
The following trial balance has been adjusted as of December 31, 20XX Debits Credits Cash $25,000...
The following trial balance has been adjusted as of December 31, 20XX Debits Credits Cash $25,000 $- Accounts Receivable 6,000 - Supplies Inventory 4,500 - Prepaid Rent 18,000 - Equipment 90,000 - Accumulated Depreciation - 2,500 Accounts Payable - 6,000 Utilities Payable - 4,000 Unearned Revenue - 1,500 Interest Payable - 150 Notes Payable - 24,000 Common Stock - 100,000 Service Revenue - 90,000 Wages Expense 35,000 - Supplies Expense 20,000 - Rent Expense 15,000 - Miscellaneous Expense 2,000 -...
Based on the following adjusted trial balance: Garnet & Gold Corporation Adjusted Trial Balance As of December 31 Debit Credit Cash $ 800 Accounts Receivable 200 Inventory 3,000 Building 30,000 Accumulated Depreciation $ 2,000 Notes Payable 1,000 Common Stock 21,000 Retained Earnings 6,000 Dividends 2,000 Revenues 8,000 Selling and Administrative Expense 1,000 Insurance Expense 1,000 $ 38,000 $ 38,000 Determine the amount that will be reported as retained earnings on the post-closing trial balance. O $2.000 0 $14.000 O $10,000...
A trial balance taken at year-end showed total debits exceed total credits by 5,000 This descrepancy could have been caused by: a. An error in the general journal where a 2,500 increase in accounts receivable was recorded as a 2,500 increase in cash instead. b. A net loss of 2,500. C. The balance of 25,000 in accounts payable being entered in the trial balance as 2,500. d. The balance of 7,500 in accounts payable being entered in the trial balance...
Data Table Big Rita's Music Company uses a perpetual inventory system. The adjusted trial balance of Big Rita's Music Company at June 30, 2024, follows: (Click the icon to view the adjusted trial balance.) Read the requirements. Big Rita's Music Company Adjusted Trial Balance Requirement 1. Prepare Big Rita's multi-step income statement for the year ended June 30, 2024. (Use a minus sign or parentheses to show oth June 30, 2024 Big Rita's Music Company Income Statement Balance Account Title...
At year-end, a trial balance showed total credits exceeding total debits by $5,950. This difference could have been caused by: Multiple Choice An error in the general journal where a $5,950 increase in Accounts Receivable was recorded as an increase in Cash A net income of $5,950 The balance of $59,500 in Accounts Payable being entered in the trial balance as $5,950 The balance of $6700 in the Office Equipment account being entered on the trial balance as a debit...
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...
Below you will find an adjusted trial balance. Trial Balance Accounts Debit Credit Cash 34,000 Accounts Receivable 15,000 23,000 100,000 40,000 6,000 Inventory Equipment Accumulated Depr. Accounts Payable Notes Payable Common Stoo's Retained Earnings Dividends 70,000 10,000 32,000 4,000 Service Revenue 110,000 Sales Revenue 215,000 Interest Revenue 2,000 Cost of Goods Sold 155,000 Salaries Expense 80,000 Tax Expense 30.000 80,000 30,000 Salaries Expense Tax Expense Interest Expense Utilities Expense Supplies Expense 8,000 25,000 11,000 Totals 485,000 485,000 Prepare the closing...
I need to prepare a post closing trial balance but my
debits and credits are not equalling out.
I obtained my retained earnings by closing out service
revenue & expenses to my income summary and then closing out
income summary and dividends to retained earnings.
Matt's Bowling Alley Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash 16,500 Accounts Receivable 2,600 Office Supplies 950 Prepaid Insurance 2.900 Land 25,000 Building 155.000 Accumulated Depreciation-Building 6,500 Fouipment 42.000 Print...
Most questions answered within 3 hours.
-
Consider a 23-year bond with 7 percent annual coupon payments.
The market rate (YTM) is 6.4...
asked 2 minutes ago -
a tuba creates a 4th harmonic of frequency 116.5 Hz. what is the
frequency of the...
asked 8 minutes ago -
A coconut mass 2kg falls from a 30m tall tree. The coconut falls
and comes to...
asked 12 minutes ago -
Group Policies
Research GROUP POLICY OBJECTS (GPO'S)
You can start in the Windows Server 2012 eBook...
asked 15 minutes ago -
software engineering
Problems.
Create a use case diagram for class registration for a
university.
Create a...
asked 15 minutes ago -
You are trying to convince your friend who wants to attend
medical school to take BY123...
asked 30 minutes ago -
Subject: C++
I have created a class called QueueOfIntegers in a file called
QueueOfIntegers.h, which is...
asked 30 minutes ago -
calculate the number of molecules of gas in a
container of 2.0 liter at 30 degrees...
asked 48 minutes ago -
1.which of the following is a phototroph?
a. sulfolobus
b. chloroflexus
c. bacteroidetes
d. deinococcus radioduran...
asked 44 minutes ago -
The group of companies LC "High-precision measuring instruments"
is the global provider of measurement, analysis and...
asked 50 minutes ago -
I want to write a python function to find the minimum
I have an nested list:...
asked 50 minutes ago -
Convert the high level language programming statementts to 80x86
assembly, Assume X=AX and y=BX
for (i=1;...
asked 59 minutes ago