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Instructions state: Prepare a post closing trail balance for the
firm on December 31, 2019.
The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional investments during the year. Accounts Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Social Security Tax Payable Medicare Tax Payable Steven Van Zant, Capital Steven Van Zant, Drawing Income Summary Sales Sales Returns and allowances Purchases Freight...
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PR 6-10A Periodic Inventory Accounts, Multiple-Step Income
Statement, Closing Entries
the Journalize the periodic inventory system Appendix PR 6-9A Sales-related and purchase-related transactions for buyer and seller using periodic inventory system Selected transactions during August between Summit Company and Beartooth Co. are listed in Problem 64A. Instructions Journalize the entries to record the transactions for (1) Summit Company and (2) Beartooth Co., assuming that both companies use the periodic inventory system. Appendix PR 6-10A Periodic inventory accounts, multiple-step income statement,...
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Problem 3 The capital, drawing, Income summary, revenue, and expense accounts for Barret Print Shop on December 31, after all adjustments have been made and posted, are presented below. Prepare the journal entries to close the books for Barret (i.e. the closing entries) $12,700 Richard Barret, Capital Richard Barret, Drawing $ 350 Income Summary (after Merchandise Inventory adjustments) 2,650 2.,400 8,200 Sales Sales Returns and Allowances Purchases 260 5,060 405 Purchases Discount Salary Expense 1,200 400 310 130 Rent Expense...
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Appendix 2 PR 5-10A Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2045, the balances of the accounts appearing in the ledger of Wyman Company are as follows: $ 13,500 72,000 257,000 35,000 3,000 4,500 150,000 270,000 Cash Accounts Receivable Inventory, January 1, 2045 Estimated Returns Inventory, January 1, 2015 Office Supplies Prepaid Insurance Land Store Equipment Accumulated Depreciation- Store Equipment Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Salaries Payable Customer Refunds Payable Unearned Rent Notes...
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On December 31, 2019, the Income Statement section of the
worksheet for Capeletti Distributors contained the following
information.
Income Statement Section
Debit
Credit
Income Summary
$
38,400
$
41,700
Sales
253,500
Sales Returns and Allowances
3,800
Sales Discounts
2,800
Interest Income
160
Purchases
134,200
Freight In
2,100
Purchases Returns and Allowances
1,900
Purchases Discounts
1,510
Rent Expense
8,400
Utilities Expense
2,910
Telephone Expense
1,520
Salaries Expense
65,900
Payroll Taxes Expense
5,250
Supplies Expense
1,680
Depreciation Expense
2,400
Interest Expense
320...
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On December 31, 2019, the Income Statement section of the
worksheet for Capeletti Distributors contained the following
information. Income Statement Section Debit Credit Income Summary $
39,300 $ 42,600 Sales 258,000 Sales Returns and Allowances 4,250
Sales Discounts 3,250 Interest Income 205 Purchases 135,100 Freight
In 2,550 Purchases Returns and Allowances 2,350 Purchases Discounts
1,600 Rent Expense 8,850 Utilities Expense 3,000 Telephone Expense
1,610 Salaries Expense 66,800 Payroll Taxes Expense 5,340 Supplies
Expense 1,770 Depreciation Expense 2,850 Interest Expense 410...
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On December 31, 2019, the Income Statement section of the
worksheet for Capeletti Distributors contained the following
information.
Income Statement Section Debit
Credit
Income Summary $ 39,200
$ 42,500
Sales
257,500
Sales Returns and Allowances
4,200
Sales Discounts 3,200
Interest Income
200
Purchases 135,000
Freight In 2,500
...
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PRACTICE PROBLEM - PERIODIC Adjustment Data: For the Year Ended December 31, 2014 1) A physical merchandise inventory taken on December 31 amounted to $8,000 2) Accrued Salesman Salary, $7,000 3) The store machinery purchased has an estimated useful life of 5 years 4) Unusued office supplies at year end $3,000. Required a) Prepare Worksheet as of December 31, 2014 - Place accounts in Financial Statement Order d) Prepare All Financial Statements (Income Statement, Capital Statement, Balance Sheet) e) Prepare...
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prepare closing entries as of December 31, 2019.
Company is presented below. The Giant Company Adjusted Trial Balance For the Year Ended December 31, 2019 $15,000 30,000 118,000 90,000 $30,000 56,000 38,000 123,000 36,000 378,000 Cash Accounts receivable Inventory Equipment Accumulated Depreciation Accounts payable Loan payable Eli Manning, capital Eli Manning, withdrawals Sales revenue Sales returns and allowances Sales discounts Cost of goods sold Rent expense Salary expense Insurance expense Utilities expense Depreciation expense Travel & Entertainment expense Interest revenue...
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The Neon Lumber Company uses the periodic inventory method, and
it has a policy of adjusting and closing its books only at year
end. The following adjusted trial balance for the company was
prepared after posting the normal adjusting entries on December 31,
2020:Account TitleDebitCreditCash66,240Accounts Receivable140,500Merchandise Inventory, January 1, 2020289,620Supplies on Hand5,200Prepaid Insurance4,800Prepaid Rent56,000Equipment92,000Accumulated Depreciation16,460Accounts Payable96,800Capital Stock50,000Retained Earnings, January 1, 2020456,210Dividends4,000Sales910,120Sales Discounts4,220Sales Returns and Allowances6,530Interest Revenue820Purchases624,440Purchase Discounts4,650Purchase Returns and Allowances2,400Transportation In9,420Advertising Expense36,840Sales Salaries Expense120,550Administrative Salaries Expense60,300Utilities Expense9,560Delivery Expenses (Freight Out)2,610Legal...
Instructions state: Prepare a post closing trail balance for the
firm on December 31, 2019.
The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional investments during the year. Accounts Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Social Security Tax Payable Medicare Tax Payable Steven Van Zant, Capital Steven Van Zant, Drawing Income Summary Sales Sales Returns and allowances Purchases Freight...
PR 6-10A Periodic Inventory Accounts, Multiple-Step Income
Statement, Closing Entries
the Journalize the periodic inventory system Appendix PR 6-9A Sales-related and purchase-related transactions for buyer and seller using periodic inventory system Selected transactions during August between Summit Company and Beartooth Co. are listed in Problem 64A. Instructions Journalize the entries to record the transactions for (1) Summit Company and (2) Beartooth Co., assuming that both companies use the periodic inventory system. Appendix PR 6-10A Periodic inventory accounts, multiple-step income statement,...
Problem 3 The capital, drawing, Income summary, revenue, and expense accounts for Barret Print Shop on December 31, after all adjustments have been made and posted, are presented below. Prepare the journal entries to close the books for Barret (i.e. the closing entries) $12,700 Richard Barret, Capital Richard Barret, Drawing $ 350 Income Summary (after Merchandise Inventory adjustments) 2,650 2.,400 8,200 Sales Sales Returns and Allowances Purchases 260 5,060 405 Purchases Discount Salary Expense 1,200 400 310 130 Rent Expense...
Appendix 2 PR 5-10A Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2045, the balances of the accounts appearing in the ledger of Wyman Company are as follows: $ 13,500 72,000 257,000 35,000 3,000 4,500 150,000 270,000 Cash Accounts Receivable Inventory, January 1, 2045 Estimated Returns Inventory, January 1, 2015 Office Supplies Prepaid Insurance Land Store Equipment Accumulated Depreciation- Store Equipment Office Equipment Accumulated Depreciation- Office Equipment Accounts Payable Salaries Payable Customer Refunds Payable Unearned Rent Notes...
PRACTICE PROBLEM - PERIODIC Adjustment Data: For the Year Ended December 31, 2014 1) A physical merchandise inventory taken on December 31 amounted to $8,000 2) Accrued Salesman Salary, $7,000 3) The store machinery purchased has an estimated useful life of 5 years 4) Unusued office supplies at year end $3,000. Required a) Prepare Worksheet as of December 31, 2014 - Place accounts in Financial Statement Order d) Prepare All Financial Statements (Income Statement, Capital Statement, Balance Sheet) e) Prepare...
prepare closing entries as of December 31, 2019.
Company is presented below. The Giant Company Adjusted Trial Balance For the Year Ended December 31, 2019 $15,000 30,000 118,000 90,000 $30,000 56,000 38,000 123,000 36,000 378,000 Cash Accounts receivable Inventory Equipment Accumulated Depreciation Accounts payable Loan payable Eli Manning, capital Eli Manning, withdrawals Sales revenue Sales returns and allowances Sales discounts Cost of goods sold Rent expense Salary expense Insurance expense Utilities expense Depreciation expense Travel & Entertainment expense Interest revenue...