Homework Answers
*All the expenses and revenues are reported on the income statement
**All the assets and liabilities are reported on the balance sheet
.
| Income Statement | Balance Sheet | |||
| Account Name | Debit | Credit | Debit | Credit |
| Cash | $7,100 | |||
| Accounts Receivable | $1,950 | |||
| Supplies | $1,800 | |||
| Prepaid Insurance | $710 | |||
| Equipment | $17,500 | |||
| Accumulated Depreciation–Equipment | $3,500 | |||
| Accounts Payable | $3,150 | |||
| Roger Dye, Capital | $15,300 | |||
| Roger Dye, Drawing | $3,600 | |||
| Fees Income | $16,800 | |||
| Supplies Expense | $760 | |||
| Insurance Expense | $610 | |||
| Depreciation Expense–Equipment | $560 | |||
| Salaries Expense | $3,150 | |||
| Utilities Expense | $1,010 | |||
| Totals | $6,090 | $16,800 | $32,660 | $21,950 |
| Net Income [$16,800 - $6,090] | $10,710 | $10,710 | ||
| $16,800 | $16,800 | $32,660 | $32,660 | |
.
| Entry to transfer fees income to income summary | |||
| Date | General Journal | Debit | Credit |
| Dec 31, 2019 | Fees Income | $16,800 | |
| Income Summary | $16,800 | ||
| (To close revenue account) | |||
.
| Entry to transfer fees expenses to income summary | |||
| Date | General Journal | Debit | Credit |
| Dec 31, 2019 | Income Summary | $6,090 | |
| Supplies Expense | $760 | ||
| Insurance Expense | $610 | ||
| Depreciation Expense–Equipment | $560 | ||
| Salaries Expense | $3,150 | ||
| Utilities Expense | $1,010 | ||
| (To close Expenses accounts) | |||
.
| Entry to transfer net income or loss from income summary to capital | |||
| Date | General Journal | Debit | Credit |
| Dec 31, 2019 | Income summary [$16,800 - $6,090] | $10,710 | |
| Roger Dye, Capital | $10,710 | ||
| (To record transfer of net income to capital) | |||
.
| Entry to transfer drawings to capital account | |||
| Date | General Journal | Debit | Credit |
| Dec 31, 2019 | Roger Dye, Capital | $3,600 | |
| Roger Dye, Drawing` | $3,600 | ||
| (To record transfer to drawings to capital account) | |||
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The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows Account Name...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $32,999 Maria Lopez, Drawing 2,850 Fees Income 2,050 Depreciation Expense 25,900 Salaries Expense 2,450 Supplies Expense 2,950 Telephone Expense 48,150 Utilities Expense $13,400 53,250 2,700 16,999 2,950 2,550 4,600 Prepare the closing entries for the above transactions, View transaction list Journal entry worksheet < 1 2 3 Prepare the closing entry for the drawing...
The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows. Balance 7,100...
The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows. Balance 7,100 1,950 1,800 710 17, 500 Account Name Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation -Equipment Accounts Payable Roger Dye, Capital Roger Dye, Drawing Fees Income Supplies Expense Insurance Expense Depreciation Expense-Equipment 42 3,500 3,150 15,300 3,600 16,800 760 610 560 < Prev 19 of 30 Next e to search
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO....
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense: 519 Telephone Expense 523 Utilities Expense BALANCE $ 67,000 36,060 9,300 23,700 105,000 40,020 11,700 117,000 11,709 316,600...
Wk 5-Apply Exercise The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as...
Wk 5-Apply Exercise The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows 6 7,409 Cash 2,100 1,958 740 Accounts Receivable Supplies Prepaid Insurance 12 19,880 3,958 3,388 15,988 points Accumulated Depreciation-Equipment Accounts Payable Roger Dye, Capital Roger Dye, Drawing Fees Income 3,980 18,380 790 Supplies Expense Insurance Expense Depreciation Expense-Equipment Salaries Expense utilities Expense 640 590 3,300 1,048 Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entr December 31,...
e camous: Login ercise Soved The adjusted ledger accounts of RD Consulting on December 31. 2019,...
e camous: Login ercise Soved The adjusted ledger accounts of RD Consulting on December 31. 2019, appear as follows. Account Name Balance 7,600 2,200 2, 050 760 20,000 4,250 3, 400 16 300 4,100 19,300 810 660 610 3, 400 1,060 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Roger Dye, Capital Roger Dye, Drawing Fees Income Supplies Expense Insurance Expense Depreclation Expense-Equipment salaries Expense Utilities xpense Prepare the Balance Sheet and Income Statement columns of the...
Danos Company's partial worksheet for the month ended December 31, 2019, is shown below. Open the...
Danos Company's partial worksheet for the month ended December 31, 2019, is shown below. Open the owner's capital account (account number 301) in the general ledger and record the December 1, 2019, balance of $78,000 shown on the worksheet ACCOUNT NAME Cash Accounts Receivable Supplies Equipment Accum. Depr. - Equip. Accounts Payable D. Danos, Capital D. Danos, Drawing Fees Income Salaries Expense Rent Expense Supplies Expense Depr. Exp. -Equip. Totals Net Income INCOME BALANCE SHEET STATEMENT DEBIT CREDIT 24,000 24,800...
On December 31, 2016, the ledger of Hernandez Company contained the following account balances: Cash $11,800...
On December 31, 2016, the ledger of Hernandez Company contained the following account balances: Cash $11,800 31,300 Maria Hernandez, Drawing 2,050 Fees Income 1,250 Depreciation Expense 45,250 O O ONO O O 1,900 15,300 V Salaries Expense Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Hernandez, Capital 1,650 Supplies Expense 2,150 Telephone Expense 46,550. Utilities Expense 1.750 2000 70,550 - Prepare the closing entries for the above transactions. D View transaction list Journal entry worksheet 1 2 3 4...
on December 31 2019 the ledger of Lopez company contained the following Knowledge Check 6 Soved...
on December 31 2019 the ledger of Lopez company contained the
following
Knowledge Check 6 Soved On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing Accounts Receivable 5,800 Fees Income Supplies 4.29 Depreciation Expense Equipment 52,000 Salaries Expense Accumulated Depreciation 5,000 Supplies Expense Accounts Payable 6,000 Telephone Expense Maria Lopez, Capital 121,500 Utilities Expense $ 52,000 107,500 5,500 34,000 6,000 5,200 9,300 Prepare the closing entries for the above...
CIL. Lue UM 1 Saved The adjusted ledger accounts of RD Consulting on December 31, 2019,...
CIL. Lue UM 1 Saved The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows. Account Name Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Roger Dye, Capital Roger Dye, Drawing Fees Income Supplies Expense Insurance Expense Depreciation Expense-Equipment Salaries Expense Utilities Expense Balance 8,000 2,400 2,250 800 22,000 4,850 3,600 17,100 4,500 21,300 850 700 650 3,600 1.100 Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 20 ACCOUNT ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 63,000 35,660 8,900 23,380 101,008 39,620...
On December 31, 2019, the ledger of Lopez Company contained the following account balances Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Lopez, Capital $32,999 Maria Lopez, Drawing 2,850 Fees Income 2,050 Depreciation Expense 25,900 Salaries Expense 2,450 Supplies Expense 2,950 Telephone Expense 48,150 Utilities Expense $13,400 53,250 2,700 16,999 2,950 2,550 4,600 Prepare the closing entries for the above transactions, View transaction list Journal entry worksheet < 1 2 3 Prepare the closing entry for the drawing...
The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows. Balance 7,100 1,950 1,800 710 17, 500 Account Name Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation -Equipment Accounts Payable Roger Dye, Capital Roger Dye, Drawing Fees Income Supplies Expense Insurance Expense Depreciation Expense-Equipment 42 3,500 3,150 15,300 3,600 16,800 760 610 560 < Prev 19 of 30 Next e to search
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense: 519 Telephone Expense 523 Utilities Expense BALANCE $ 67,000 36,060 9,300 23,700 105,000 40,020 11,700 117,000 11,709 316,600...
Wk 5-Apply Exercise The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows 6 7,409 Cash 2,100 1,958 740 Accounts Receivable Supplies Prepaid Insurance 12 19,880 3,958 3,388 15,988 points Accumulated Depreciation-Equipment Accounts Payable Roger Dye, Capital Roger Dye, Drawing Fees Income 3,980 18,380 790 Supplies Expense Insurance Expense Depreciation Expense-Equipment Salaries Expense utilities Expense 640 590 3,300 1,048 Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entr December 31,...
e camous: Login ercise Soved The adjusted ledger accounts of RD Consulting on December 31. 2019, appear as follows. Account Name Balance 7,600 2,200 2, 050 760 20,000 4,250 3, 400 16 300 4,100 19,300 810 660 610 3, 400 1,060 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Roger Dye, Capital Roger Dye, Drawing Fees Income Supplies Expense Insurance Expense Depreclation Expense-Equipment salaries Expense Utilities xpense Prepare the Balance Sheet and Income Statement columns of the...
Danos Company's partial worksheet for the month ended December 31, 2019, is shown below. Open the owner's capital account (account number 301) in the general ledger and record the December 1, 2019, balance of $78,000 shown on the worksheet ACCOUNT NAME Cash Accounts Receivable Supplies Equipment Accum. Depr. - Equip. Accounts Payable D. Danos, Capital D. Danos, Drawing Fees Income Salaries Expense Rent Expense Supplies Expense Depr. Exp. -Equip. Totals Net Income INCOME BALANCE SHEET STATEMENT DEBIT CREDIT 24,000 24,800...
On December 31, 2016, the ledger of Hernandez Company contained the following account balances: Cash $11,800 31,300 Maria Hernandez, Drawing 2,050 Fees Income 1,250 Depreciation Expense 45,250 O O ONO O O 1,900 15,300 V Salaries Expense Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Maria Hernandez, Capital 1,650 Supplies Expense 2,150 Telephone Expense 46,550. Utilities Expense 1.750 2000 70,550 - Prepare the closing entries for the above transactions. D View transaction list Journal entry worksheet 1 2 3 4...
on December 31 2019 the ledger of Lopez company contained the
following
Knowledge Check 6 Soved On December 31, 2019, the ledger of Lopez Company contained the following account balances: Cash $ 66,000 Maria Lopez, Drawing Accounts Receivable 5,800 Fees Income Supplies 4.29 Depreciation Expense Equipment 52,000 Salaries Expense Accumulated Depreciation 5,000 Supplies Expense Accounts Payable 6,000 Telephone Expense Maria Lopez, Capital 121,500 Utilities Expense $ 52,000 107,500 5,500 34,000 6,000 5,200 9,300 Prepare the closing entries for the above...
CIL. Lue UM 1 Saved The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows. Account Name Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Roger Dye, Capital Roger Dye, Drawing Fees Income Supplies Expense Insurance Expense Depreciation Expense-Equipment Salaries Expense Utilities Expense Balance 8,000 2,400 2,250 800 22,000 4,850 3,600 17,100 4,500 21,300 850 700 650 3,600 1.100 Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing...
Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 20 ACCOUNT ACCOUNT 101 Cash 111 Accounts Receivable 121 Supplies 131 Prepaid Insurance 141 Equipment 142 Accumulated Depreciation-Equipment 202 Accounts Payable 301 Aretha Hinkle, Capital 302 Aretha Hinkle, Drawing 401 Fees Income 510 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense BALANCE $ 63,000 35,660 8,900 23,380 101,008 39,620...
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