Need to:
Record the entry to close the revenue accounts.
ADJUSTING ENTRIES: | |||
1) | Depreciation expense | $ 10,500 | |
Accumulated depreciation | $ 10,500 | ||
2) | Salaries expense | $ 1,000 | |
Salaries payable | $ 1,000 | ||
3) | Interest expense [51000*12%*3/12] | $ 1,530 | |
Interest payable | $ 1,530 | ||
4) | Interest receivable [21000*8%*10/12] | $ 1,400 | |
Interest revenue | $ 1,400 | ||
5) | Insurance expense [7000*9/24] | $ 2,625 | |
Prepaid insurance | $ 2,625 | ||
6) | Supplies expense | $ 1,380 | |
Supplies [2000-620] | $ 1,380 | ||
7) | No entry required as amount is already credite to | ||
Deferred revenue [also Unearned revenue] | |||
8) | Rent expense | $ 700 | |
Prepaid rent | $ 700 | ||
CLOSING ENTRIES: | |||
Sales revenue | $ 1,51,000 | ||
Interest revenue | $ 1,400 | ||
Income summary | $ 1,52,400 | ||
[To close revenue accounts] | |||
Income summary | $ 1,28,735 | ||
Cost of goods sold | $ 75,000 | ||
Salaries expense | $ 20,400 | ||
Rent expense | $ 12,200 | ||
Depreciation expense | $ 10,500 | ||
Interest expense | $ 1,530 | ||
Supplies expense | $ 2,980 | ||
Insurance expense | $ 2,625 | ||
Advertising expense | $ 3,500 | ||
[To close expense accounts] | |||
Income summary | $ 23,665 | ||
Retained earnings | $ 23,665 | ||
[To close income summary] | |||
Retained earnings | $ 5,000 | ||
Dividends | $ 5,000 | ||
[To close dividends account] | |||
ADJUSTING ENTRIES: | |||
1) | Depreciation expense | $ 10,500 | |
Accumulated depreciation | $ 10,500 | ||
2) | Salaries expense | $ 1,000 | |
Salaries payable | $ 1,000 | ||
3) | Interest expense [51000*12%*3/12] | $ 1,530 | |
Interest payable | $ 1,530 | ||
4) | Interest receivable [21000*8%*10/12] | $ 1,400 | |
Interest revenue | $ 1,400 | ||
5) | Insurance expense [7000*9/24] | $ 2,625 | |
Prepaid insurance | $ 2,625 | ||
6) | Supplies expense | $ 1,380 | |
Supplies [2000-620] | $ 1,380 | ||
7) | No entry required as amount is already credite to | ||
Deferred revenue [also Unearned revenue] | |||
8) | Rent expense | $ 700 | |
Prepaid rent | $ 700 | ||
CLOSING ENTRIES: | |||
Sales revenue | $ 1,51,000 | ||
Interest revenue | $ 1,400 | ||
Income summary | $ 1,52,400 | ||
[To close revenue accounts] | |||
Income summary | $ 1,28,735 | ||
Cost of goods sold | $ 75,000 | ||
Salaries expense | $ 20,400 | ||
Rent expense | $ 12,200 | ||
Depreciation expense | $ 10,500 | ||
Interest expense | $ 1,530 | ||
Supplies expense | $ 2,980 | ||
Insurance expense | $ 2,625 | ||
Advertising expense | $ 3,500 | ||
[To close expense accounts] | |||
Income summary | $ 23,665 | ||
Retained earnings | $ 23,665 | ||
[To close income summary] | |||
Retained earnings | $ 5,000 | ||
Dividends | $ 5,000 | ||
[To close dividends account] |
Need to: Record the entry to close the revenue accounts. Record the entry to close the expense accounts Record the en...
. Prepare an income statement and a statement of shareholders’ equity for the year ended December 31, 2021, and a classified balance sheet as of December 31, 2021. Assume that no common stock was issued during the year and that $5,000 in cash dividends were paid to shareholders during the year. Pastina Company sells varlous types of pasta to grocery chains as private label brands. The company's reporting year-end Is December 31. The unadjusted trlal balance as of December 31,...
Required Information [The following Information applies to the questions displayed below.) Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end Is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Credits Debits 35. See 43, eee 3,800 63,000 23,800 2,5ee 9, eee 92,000 34,5ee 34, eee 53,888 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts...
Post the unadjusted balances and adjusted entries into the appropriate t-accounts Required information [The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 32,600 41,000 2,000 61,000 Accounts receivable Supplies Inventory Notes receivable Interest receivable 21,000 Prepaid rent Prepaid insurance office equipment Accumulated depreciation...
53,480 3,700 83,800 37,000 7,400 163,000 Lares payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Advertising expense Totals 87,000 20,600 12,700 2,800 4,700 410,400 410,400 Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $11,700. 2. Employee salaries are paid twice a month, on...
Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense 30,000 31,000 0 50,000 0 2,000 60,000 28,500 4,000 146,000 0 70,000 18,900 11,000...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Credits Debits 35,500 43,000 3,000 63,000 23,000 2,500 9,000 92,000 34,500 34,000 53,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends...
Required information Problem 2-4 (Algo) Accounting cycle; adjusting entries through post-closing trial balance [LO2-4, 2-6, 2-7, 2-8] [The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 36,700 Accounts receivable 43,800 Supplies 3,400 Inventory 63,800 Notes receivable 23,800 Interest receivable 0 Prepaid rent...
Required information [The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Credits Debits 36,400 43,600 3,300 63,600 23,600 2,800 9,600 94,400 35,400 34,600 53,600 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance office equipment Accumulated depreciation Accounts payable Salaries payable Notes...
Required Information [The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021. appears below. Credits Debits 35,500 43,90 3.ee 63,000 23.000 2. See 9,690 92,000 34,5ee 34,99 53,690 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable...
Problem 2-3 (Algo) Adjusting entries [LO2-6] Pastina Company sells various types of pasta to grocery chains as private label brands. The company’s reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 33,600 Accounts receivable 41,800 Supplies 2,400 Inventory 61,800 Notes receivable 21,800 Interest receivable 0 Prepaid rent 2,000 Prepaid insurance 6,900 Office equipment 87,200 Accumulated depreciation 32,700 Accounts payable 32,800 Salaries payable 0 Notes payable 51,800 Interest payable...