Prepare closing journal entries WITHOUT using income summary, as this is an intro class and we were instructed to not use that.
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Prepare closing journal entries WITHOUT using income summary, as this is an intro class and we were instructed to not us...
Credit J. O'Brien Real Estate As of August 31, 2019 Account Debit Cash 62,000 Accounts Receivable 32,000 Building...
Credit J. O'Brien Real Estate As of August 31, 2019 Account Debit Cash 62,000 Accounts Receivable 32,000 Building 675,000 Supplies 300 Prepaid Insurance 2,700 Accounts Payable Unearned Revenue Retained Earnings Common Stock Dividends 5,000 Commission Revenue 4,000 65,000 27,000 505,000 174,000 95,000 Management Revenue Marketing expense Salaries Expense Insurance Expense Supplies Expense 72.000 17,000 2,500 1,500 870,000 870,000 Prepare the closing journal entries worth 15 points) Date Account Titles and Explanation Debit Credit What is the updated value of Retained...
prepare the closing journal entries what is the updated value of retained earnings amount We were unable to transcr...
prepare the closing journal entries
what is the updated value of retained earnings amount
We were unable to transcribe this imagePrepare the closing journal entries (worth 15 points) Account Titles and Explanation Date Debit Credit What is the updated value of Retained Earnings amount? (worth 3 points) Retained Earnings
Prepare the closing journal entries. Assume the company uses the income summary account (do not post)...
Prepare the closing journal entries. Assume the company
uses the income summary account (do not post)
SPORTS RUS Retained Earnings Statement For Month Ended June 30.2019 Beginning Retained Earnings, $ 35,500 Add: Net Income $ 7.850 Subtotal Less: Dividends declared $ 2.500 Ending Retained Earnings $ 40,850 $ 43,350 SPORTS RUS Income Statement For Month Ended June 30.2019 Revenues: Service Revenue $ 24.250 Sales Revenue $ 13.500 Total Revenues $ 37,750 Operating Expenses: Cost of goods sold $ 9,200 Rent...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $25.500; Dividends $6,000; Sales $60,000, Cost of Goods Sold $24,000; Selling and Administrative Expenses $9,000; Interest Expense 54,500. Prepare the closing entries for The Century Company. Close the temporary accounts to income summary. General Journal Debit Credit + . To close the revenue account Cost of goods sold Selling and administrative expense To close the expense...
Using the Cross Corporation data from the previous problem, prepare the company's closing entries. 1. Prepare...
Using the Cross Corporation data from the previous problem, prepare the company's closing entries. 1. Prepare the journal entry required to close the revenue account 2. Prepare the journal entry required to close the expense accounts. (Remember that you must show each expense account and balance in order to close it.) 3. Prepare the Journal entry required to close the dividend account. 4. Post all closing entries to the Retained Earnings T-account below. Prove that the balance in Retained Earnings...
Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company,...
Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the following revenue and expense accounts: Debit Credit Service Fees Earned $80,300 Rent Expense $20,800 Salaries Expense 45,700 Supplies Expense 5,600 Depreciation Expense 10,200 Retained Earnings 67,000 Dividends 9,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? General Journal Description Date Debit Dec.31 To close...
Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company,...
Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the following revenue and expense accounts: Debit Credit $91,000 Service Fees Earned Rent Expense Salaries Expense Supplies Expense Depreciation Expense Retained Earnings Dividends $20,800 52,000 6,000 11,300 72,000 10,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? General Journal Description Debit Credit Date Dec.31 0...
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 $...
Please answer 1-4 > Problems GroupA in report form, preparing and posting closing entries, and preparing...
Please answer 1-4
> Problems GroupA in report form, preparing and posting closing entries, and preparing a post-closing trial balance 3,4 P4-29A Preparing financial statements including a classified balance sheet 500) The adjusted trial balance of Erickson Real Estate Appraisal at June 30, 2018, follows: ERICKSON REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2018 Balance Debit Credit Account Title $ 4,600 5,300 1,500 1,700 13,000 82,000 Cash Accounts Receivable Office Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Accounts Payable...
Using the following information, I need help posting the closing entries to the T-accounts (using "clos."...
Using the following information, I need help posting the closing
entries to the T-accounts (using "clos." and the correspondjng
number as shown in the journal entry as posting references) as well
as preparing a post-closing trial balance.
L16750 70 39,60 E 39,6 Less: (360) Acum, Depri. Truck (361) Total Plant assets 39, 400 E R _362) Total Assets Liabilities (363) Current liabilities (384) salaries pagable (365) Uncned revenue (386) total liabilities Stockholders' Equity (367) Commons to 25100 (368) Rtained earnings...
Credit J. O'Brien Real Estate As of August 31, 2019 Account Debit Cash 62,000 Accounts Receivable 32,000 Building 675,000 Supplies 300 Prepaid Insurance 2,700 Accounts Payable Unearned Revenue Retained Earnings Common Stock Dividends 5,000 Commission Revenue 4,000 65,000 27,000 505,000 174,000 95,000 Management Revenue Marketing expense Salaries Expense Insurance Expense Supplies Expense 72.000 17,000 2,500 1,500 870,000 870,000 Prepare the closing journal entries worth 15 points) Date Account Titles and Explanation Debit Credit What is the updated value of Retained...
prepare the closing journal entries
what is the updated value of retained earnings amount
We were unable to transcribe this imagePrepare the closing journal entries (worth 15 points) Account Titles and Explanation Date Debit Credit What is the updated value of Retained Earnings amount? (worth 3 points) Retained Earnings
Prepare the closing journal entries. Assume the company
uses the income summary account (do not post)
SPORTS RUS Retained Earnings Statement For Month Ended June 30.2019 Beginning Retained Earnings, $ 35,500 Add: Net Income $ 7.850 Subtotal Less: Dividends declared $ 2.500 Ending Retained Earnings $ 40,850 $ 43,350 SPORTS RUS Income Statement For Month Ended June 30.2019 Revenues: Service Revenue $ 24.250 Sales Revenue $ 13.500 Total Revenues $ 37,750 Operating Expenses: Cost of goods sold $ 9,200 Rent...
Prepare Closing Entries Using the income Summary Account The Century Company's adjusted trial balance contains the following balances as of December 31: Retained Earnings $25.500; Dividends $6,000; Sales $60,000, Cost of Goods Sold $24,000; Selling and Administrative Expenses $9,000; Interest Expense 54,500. Prepare the closing entries for The Century Company. Close the temporary accounts to income summary. General Journal Debit Credit + . To close the revenue account Cost of goods sold Selling and administrative expense To close the expense...
Using the Cross Corporation data from the previous problem, prepare the company's closing entries. 1. Prepare the journal entry required to close the revenue account 2. Prepare the journal entry required to close the expense accounts. (Remember that you must show each expense account and balance in order to close it.) 3. Prepare the Journal entry required to close the dividend account. 4. Post all closing entries to the Retained Earnings T-account below. Prove that the balance in Retained Earnings...
Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the following revenue and expense accounts: Debit Credit Service Fees Earned $80,300 Rent Expense $20,800 Salaries Expense 45,700 Supplies Expense 5,600 Depreciation Expense 10,200 Retained Earnings 67,000 Dividends 9,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? General Journal Description Date Debit Dec.31 To close...
Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the following revenue and expense accounts: Debit Credit $91,000 Service Fees Earned Rent Expense Salaries Expense Supplies Expense Depreciation Expense Retained Earnings Dividends $20,800 52,000 6,000 11,300 72,000 10,000 Prepare journal entries to close the accounts directly to Retained Earnings. After these entries are posted, what is the balance in the Retained Earnings account? General Journal Description Debit Credit Date Dec.31 0...
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 $...
Please answer 1-4
> Problems GroupA in report form, preparing and posting closing entries, and preparing a post-closing trial balance 3,4 P4-29A Preparing financial statements including a classified balance sheet 500) The adjusted trial balance of Erickson Real Estate Appraisal at June 30, 2018, follows: ERICKSON REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2018 Balance Debit Credit Account Title $ 4,600 5,300 1,500 1,700 13,000 82,000 Cash Accounts Receivable Office Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Accounts Payable...
Using the following information, I need help posting the closing
entries to the T-accounts (using "clos." and the correspondjng
number as shown in the journal entry as posting references) as well
as preparing a post-closing trial balance.
L16750 70 39,60 E 39,6 Less: (360) Acum, Depri. Truck (361) Total Plant assets 39, 400 E R _362) Total Assets Liabilities (363) Current liabilities (384) salaries pagable (365) Uncned revenue (386) total liabilities Stockholders' Equity (367) Commons to 25100 (368) Rtained earnings...
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