Use the following adjusted trial balance compiled for our company on December 31 of the current...
Use the following adjusted trial balance compiled for our company on December 31 of the current year to answer these questions.
| Debit | Credit | |
| Cash | $1,000 | |
| Accounts receivable | $3,000 | |
| Equipment | $5,000 | |
| Accounts payable | $3,500 | |
| Common stock | $2,000 | |
| Retained earnings | ? | |
| Dividends | $500 | |
| Service revenue | $8,500 | |
| Salaries expense | $2,500 | |
| Advertising expense | $2,000 |
[ Select ] ["A", "B", "C", "D"] Select the correct closing entry for revenues from the table below:
| Debit | Credit | ||
| A | Service revenue | $6,000 | |
| Income summary | $6,000 | ||
| B | Income summary | $8,500 | |
| Service revenue | $8,500 | ||
| C | Income summary | $6,000 | |
| Service revenue | $6,000 | ||
| D | Service revenue | $8,500 | |
| Income summary | $8,500 |
[ Select ] ["A", "B", "C", "D"] Select the correct closing entry for expenses from the table below:
| Debit | Credit | ||
| A | Salaries expense | $2,500 | |
| Advertising expense | $2,000 | ||
| Income summary | $4,500 | ||
| B | Income summary | $4,500 | |
| Salaries expense | $2,500 | ||
| Advertising expense | $2,000 | ||
| C | Expenses | $4,500 | |
| Income summary | $4,500 | ||
| D | Income summary | $4,500 | |
| Expenses | $4,500 |
[ Select ] ["A", "B", "C", "D"] Select the correct entry to close income summary from the table below:
| Debit | Credit | ||
| A | Retained earnings | $4,000 | |
| Income summary | $4,000 | ||
| B | Income summary | $4,000 | |
| Retained earnings | $4,000 | ||
| C | Income summary | $8,500 | |
| Revenue | $8,500 | ||
| D | Net income | $6,000 | |
| Retained earnings | $6,000 |
[ Select ] ["A", "B", "C", "D"] Select the correct closing entry for dividends from the table below:
| Debit | Credit | ||
| A | Dividends | $500 | |
| Income summary | $500 | ||
| B | Dividends | $500 | |
| Retained earnings | $500 | ||
| C | Income summary | $500 | |
| Dividends | $500 | ||
| D | Retained earnings | $500 | |
| Dividends | $500 |
Homework Answers
Correct closing entry
| No | General journal | Debit | Credit |
| a | Service revenue | 8500 | |
| Income summary | 8500 | ||
| b | Income summary | 4500 | |
| Salaries expense | 2500 | ||
| Advertising expense | 2000 | ||
| c | Income summary (8500-4500) | 4000 | |
| Retained earnings | 4000 | ||
| d | Retained earnings | 500 | |
| Dividend | 500 | ||
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Use the following adjusted trial balance compiled for our
company on December 31 of the current...
Use the following adjusted trial balance compiled for our company on December 31 of the current...
Use the following adjusted trial balance compiled for our company on December 31 of the current year to answer these questions. Debit Credit Cash $1,000 Accounts receivable $2,000 Equipment $3,250 Accounts payable $2,500 Common stock $1,500 Retained earnings ? Dividends $250 Service revenue $4,500 Salaries expense $1,100 Advertising expense $900 [ Select ] ["A", "B", "C", "D"] Select the correct closing entry...
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were...
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during the current year. What account and amount would we debit when we record this adjusting entry in the general journal? Group of answer choices unearned revenue, $2,000 service revenue, $2,000 unearned revenue, $3,000 service revenue, $3,000 Question 121 pts On December 31, we had accrued taxes of $6,000. What...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $20,000 $ 2,000 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 40,000 5,000 14,000 5,000 2,000 10,000 4,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2. Calculate the ending...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of D...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $20,000 $ 2,000 40,000 5,000 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 14,000 5,000 2,000 10,000 4,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $20,000 $ 2,000 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 40,000 5,000 14,000 5,000 2,000 10,000 4,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No General Journal Debit...
Seminoles Corporation's fiscal year-end is December 31, 2018. The following is a partial adjusted trial balance...
Seminoles Corporation's fiscal year-end is December 31, 2018. The following is a partial adjusted trial balance as of December 31 Accounts Debit Credit $15,000 Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense $1,500 35,000 4,500 13,500 4,500 1,500 9,500 3,500 Required 1. Prepare the necessary closing entries. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.)
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...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Accounts Debit Credit Retained Earnings $50,000 Dividends $ 2,500 Service Revenue 45,000 Interest Revenue 3,000 Salaries Expense 23,000 Rent Expense 8,000 Show the necessary closing entries for Dividends account Debit Retained Earnings and credit Dividends for $2,500 Debit Dividends and credit Retained Earnings for $2,500 Debit Dividends and credit Cash for $2,500 Debit Cash and credit Dividends for $23,000 Seminoles...
Concord Company Adjusted Trial Balance For the Month Ended June 30, 2022 Adjusted Trial Balance Account...
Concord Company Adjusted Trial Balance For the Month Ended June 30, 2022 Adjusted Trial Balance Account Titles Debit Credit Cash $3,670 Accounts Receivable 3,780 Supplies 520 Accounts Payable $1,500 Unearned Service Revenue 140 Common Stock 3,340 Retained Earnings 2,000 Dividends 800 Service Revenue 5,100 Salaries and Wages Expense 1,300 Miscellaneous Expense 310 Supplies Expense 2,200 Salaries and Wages Payable 500 $12,580 $12,580 Prepare a post-closing trial balance, Concord Company Post-Closing Trial Balance For the Month Ended June 30, 2022 Debit...
Exercise 4-20 Selected year-end account balances from the adjusted trial balance as of December 31, 2017,...
Exercise 4-20 Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Marigold Corp. is provided below. Credit Debit $87,120 31,560 15,840 255,360 109,320 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $63,600 137,760 27,480 220,560 7,440 4,320 74,160 1,680 Your answer is partially correct. Try again. Prepare closing entries. (Credit account titles are automatically...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $20,000 $ 2,000 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 40,000 5,000 14,000 5,000 2,000 10,000 4,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2. Calculate the ending...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $20,000 $ 2,000 40,000 5,000 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 14,000 5,000 2,000 10,000 4,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Debit Credit $20,000 $ 2,000 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense 40,000 5,000 14,000 5,000 2,000 10,000 4,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No General Journal Debit...
Seminoles Corporation's fiscal year-end is December 31, 2018. The following is a partial adjusted trial balance as of December 31 Accounts Debit Credit $15,000 Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Depreciation Expense Interest Expense $1,500 35,000 4,500 13,500 4,500 1,500 9,500 3,500 Required 1. Prepare the necessary closing entries. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.)
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...
Seminoles Corporation's fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Accounts Debit Credit Retained Earnings $50,000 Dividends $ 2,500 Service Revenue 45,000 Interest Revenue 3,000 Salaries Expense 23,000 Rent Expense 8,000 Show the necessary closing entries for Dividends account Debit Retained Earnings and credit Dividends for $2,500 Debit Dividends and credit Retained Earnings for $2,500 Debit Dividends and credit Cash for $2,500 Debit Cash and credit Dividends for $23,000 Seminoles...
Concord Company Adjusted Trial Balance For the Month Ended June 30, 2022 Adjusted Trial Balance Account Titles Debit Credit Cash $3,670 Accounts Receivable 3,780 Supplies 520 Accounts Payable $1,500 Unearned Service Revenue 140 Common Stock 3,340 Retained Earnings 2,000 Dividends 800 Service Revenue 5,100 Salaries and Wages Expense 1,300 Miscellaneous Expense 310 Supplies Expense 2,200 Salaries and Wages Payable 500 $12,580 $12,580 Prepare a post-closing trial balance, Concord Company Post-Closing Trial Balance For the Month Ended June 30, 2022 Debit...
Exercise 4-20 Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Marigold Corp. is provided below. Credit Debit $87,120 31,560 15,840 255,360 109,320 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $63,600 137,760 27,480 220,560 7,440 4,320 74,160 1,680 Your answer is partially correct. Try again. Prepare closing entries. (Credit account titles are automatically...
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