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 Balance
101 Cash $62,000
111 Accounts Receivable 35,560
121 Supplies 8,800
131 Prepaid Insurance 23,200
141 Equipment 100,000
142 Accumulated Depreciation-Equipment 39,520
202 Accounts Payable 11,200
301 Aretha Hinkle, Capital 112,000
302 Aretha Hinkle, Drawing 11,200
401 Fees Income 302,600
510 Depreciation Expense-Equipment 19,360
511 Insurance Expense 9,600
514 Rent Expense 31,200
517 Salaries Expense 148,000
518 Supplies Expense 3,800
519 Telephone Expense 5,000
523 Utilities Expense 7,600
All accounts have normal balance
Prepare the closing entries
Post the transactions in to the appropriate ledger accounts.
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Homework Answers
| Closing Entries: | |||
| Date | Account Titles and Explanation | Debit | Credit |
| Mar. 31, 2019 | Fees Income | $302,600 | |
| Income Summary | $302,600 | ||
| (To close the income account) | |||
| Mar. 31, 2019 | Income Summary | $224,560 | |
| Depreciation Expense - Equipment | $19,360 | ||
| Insurance Expense | $9,600 | ||
| Rent Expense | $31,200 | ||
| Salaries Expense | $148,000 | ||
| Supplies Expense | $3,800 | ||
| Telephone Expense | $5,000 | ||
| Utilities Expense | $7,600 | ||
| (To close the expenses accounts) | |||
| Mar. 31, 2019 | Income Summary ($302,600 - $224,560) | $78,040 | |
| Retained Earnings | $78,040 | ||
| (To close the income summary account to retained earnings) | |||
Ledger Accounts:
| Posting to Appropriate Ledger Accounts | |||||
| Fees Income | |||||
| End. Bal. | Income Summary | $302,600 | Beg. Bal. | $302,600 | |
| $302,600 | $302,600 | ||||
| Depreciation Expense - Equipment | |||||
| Beg. Bal. | $19,360 | End. Bal. | Income Summary | $19,360 | |
| $19,360 | $19,360 | ||||
| Insurance Expense | |||||
| Beg. Bal. | $9,600 | End. Bal. | Income Summary | $9,600 | |
| $9,600 | $9,600 | ||||
| Rent Expense | |||||
| Beg. Bal. | $31,200 | End. Bal. | Income Summary | $31,200 | |
| $31,200 | $31,200 | ||||
| Salaries Expense | |||||
| Beg. Bal. | $148,000 | End. Bal. | Income Summary | $148,000 | |
| $148,000 | $148,000 | ||||
| Supplies Expense | |||||
| Beg. Bal. | $3,800 | End. Bal. | Income Summary | $3,800 | |
| $3,800 | $3,800 | ||||
| Telephone Expense | |||||
| Beg. Bal. | $5,000 | End. Bal. | Income Summary | $5,000 | |
| $5,000 | $5,000 | ||||
| Utilities Expense | |||||
| Beg. Bal. | $7,600 | End. Bal. | Income Summary | $7,600 | |
| $7,600 | $7,600 | ||||
| Income Summary | |||||
| Mar. 31 | Depreciation Expense - Equipment | $19,360 | Mar. 31 | Fees Income | $302,600 |
| Mar. 31 | Insurance Expense | $9,600 | |||
| Mar. 31 | Rent Expense | $31,200 | |||
| Mar. 31 | Salaries Expense | $148,000 | |||
| Mar. 31 | Supplies Expense | $3,800 | |||
| Mar. 31 | Telephone Expense | $5,000 | |||
| Mar. 31 | Utilities Expense | $7,600 | |||
| Mar. 31 | Retained Earnings | $78,040 | |||
| $302,600 | $302,600 | ||||
Add Answer to:
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....
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 76,000 111 Accounts Receivable 58,420 121 Supplies 10,200 131 Prepaid Insurance 24,600 141 Equipment 114,000 142 Accumulated Depreciation—Equipment 40,920 202 Accounts Payable 12,600 301 Aretha Hinkle, Capital 126,000 302 Aretha Hinkle, Drawing 12,600 401 Fees Income 363,260 510 Depreciation Expense—Equipment 20,760 511 Insurance Expense 11,000 514 Rent Expense 32,600 517 Salaries Expense 162,000 518 Supplies Expense 5,200 519 Telephone...
The ledger accounts of AXX Internet Company appear as follc ACCOUNT BALANCE NO. ACCOUNT $ 63,000...
The ledger accounts of AXX Internet Company appear as follc ACCOUNT BALANCE NO. ACCOUNT $ 63,000 35,660 8,900 23,300 101,000 39,620 11,300 Cash 101 Accounts Receivable 111 Supplies Prepaid Insurance 141 Equipment Accumulated Depreciation-Equipment Accounts Payable Aretha Hinkle, Capital Aretha Hinkle, Drawing 121 131 142 202 113,000 11,300 305,400 19,460 301 302 401 Fees Income 510 Depreciation Expense-Equipment Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense 9,700 31,300 149,000 511 514 517 3,900 5,100 7,700 518...
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...
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, 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 $ 61,000 35,460 8,700 23,100 99,000...
Just need the ledger accounts filled out, thanks! Exercise 6.6 Closing entries. LO 6-1 The ledger...
Just need the ledger accounts filled out, thanks!
Exercise 6.6 Closing entries. LO 6-1 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...
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...
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March...
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 NO ACCOUNT BALANCE 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, Draving 401 Fees Income 518 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense 5 40,808 29,910 5,3ee 12,s88 59,e98 28,666 7,080 65,006...
Record the closing entry for revenue. Record the closing entry for expenses. Record the closing entry...
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
summary.
Record the closing entry for the drawing account.
Exercise 6.6 Closing entries. LO 6-1 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...
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash $...
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash $ 47,200 Dr. 111 Accounts Receivable 17,800 Dr. 121 Supplies 4,000 Dr. 131 Prepaid Rent 40,600 Dr. 141 Equipment 64,000 Dr. 142 Accumulated Depreciation—Equip. 2,000 Cr. 202 Accounts Payable 8,500 Cr. 301 Emilio Gonzalez, Capital (12/1/2019) 65,620 Cr. 302 Emilio Gonzalez, Drawing 8,200 Dr. 401 Fees Income 163,600 Cr. 511 Advertising Expense 5,800 Dr. 514 Depreciation Expense—Equip. 1,000 Dr. 517 Rent Expense 4,600 Dr. 519...
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 follc ACCOUNT BALANCE NO. ACCOUNT $ 63,000 35,660 8,900 23,300 101,000 39,620 11,300 Cash 101 Accounts Receivable 111 Supplies Prepaid Insurance 141 Equipment Accumulated Depreciation-Equipment Accounts Payable Aretha Hinkle, Capital Aretha Hinkle, Drawing 121 131 142 202 113,000 11,300 305,400 19,460 301 302 401 Fees Income 510 Depreciation Expense-Equipment Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense 9,700 31,300 149,000 511 514 517 3,900 5,100 7,700 518...
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...
Exercise 6.6 Closing entries. LO 6-1 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 $ 61,000 35,460 8,700 23,100 99,000...
Just need the ledger accounts filled out, thanks!
Exercise 6.6 Closing entries. LO 6-1 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...
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...
Practice Knowledge Check Saved The ledger accounts of AXX Internet Company appear as follows on March 31, 2019 NO ACCOUNT BALANCE 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, Draving 401 Fees Income 518 Depreciation Expense-Equipment 511 Insurance Expense 514 Rent Expense 517 Salaries Expense 518 Supplies Expense 519 Telephone Expense 523 Utilities Expense 5 40,808 29,910 5,3ee 12,s88 59,e98 28,666 7,080 65,006...
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for the balance of income
summary.
Record the closing entry for the drawing account.
Exercise 6.6 Closing entries. LO 6-1 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...
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
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