Homework Answers
Journal entries
| No | Account and explanation | debit | credit |
| 1 | Retained earnings | 23500 | |
| Dividends | 23500 | ||
| 2 | Income summary (242400-180900) | 61500 | |
| Retained earnings | 61500 | ||
2) Ending balance of retained earnings = 280000+61500-23500 = $318000
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I’m not sure if this is correct, help, Thank you Closing Entries with Net Income After...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
Understand closing entries. Net income is closed into Retained Earnings (after passing through income summary). Dividends...
Understand closing entries. Net income is closed into Retained Earnings (after passing through income summary). Dividends are closed directly to Retained Earnings.
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...
Please help with correct answer and explaination if possible, thx!(: 6. After all adjusting entries have...
Please help with correct answer and explaination if possible,
thx!(:
6. After all adjusting entries have been made and the financial statements have been prepared at the end of the fiscal year, salaries expenses has a debit of $305,500, supplies expense has a debit of $208,000, rent expense has a debit of $95,000, insurance expense has a debit of $87,000, and revenue has a credit of $839,000. At the same date, retained earnings has a credit balance of $319,500 and...
Journalize the closing entries at April 30. (Credit account titles are automatically indented when amount is...
Journalize the closing entries at April 30. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
The adjusted trial balance columns of the worksheet for Pina Colada Company are as follows. Pina Colada Company Worksheet (Partial) For the Month Ended April 30, 2019 Adjusted Trial Balance Account Titles Dr. Cr. Cash 11,400 7,900 2,000 22,800 5,000 5,600 4,800 22,740 7,010 Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation-Equip. Notes Payable Accounts Payable Common Stock Retained Earnings...
im confused on how to do the first part, preparing the 4 financial statements, if allowed...
im confused on how to do the first part, preparing the 4
financial statements, if allowed i would also Appreciate if you
would show me how to do the next step which would be preparing the
closing entries thank you in advance!
3. 3) Below are the accounts for XYZ Company: Fees Eamed 750,000 Dividends 20,000 Wages Expense 500,000 Rent Expense 30,000 Supplies Expense 15,000 Misc. Expense 5,000 Journalize the four entries to close the accounts. Font Font TODAS Closing...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December 31: BAYOU, INC. Adjusted Trial Balance December 31 Debit Credit Cash $3,500 Accounts Receivable 8,000 Prepaid Insurance 3,600 Office Equipment 72,000 Accum. Depreciation. - Equipment $12,000 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Dividends 5,000 Service Fees Earned 97,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 13,400 Insurance Expense 1,800 Depreciation expense - Equipment 8,000 Income Tax Expense 8,800 Income Tax...
The Retained earnings account has a credit balance of $44.000 before closing entries are made
The Retained earnings account has a credit balance of $44,000 before closing entries are made. Total revenues for the period are $62,200, total expenses are $43,300, and dividends are $11,800. What is the correct closing entry for the expense accounts? Multiple Choice Debit Income Summary $43,300; credit Retained earnings $43,300. Credit Expense accounts $43,300; debit Retained earnings $43,300. Debit Income Summary $43.300: credit Expense accounts $43.300. Debit Expense accounts $43,300; credit Income Summary $43,300. Debit Expense accounts $44,000; credit Retained eamings $44,000.
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
After all revenue and expense accounts have been closed at the end of the fiscal year,...
After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $796,400 and a credit of $939,300. At the same date, Retained Earnings has a credit balance of $1,433,000, and Dividends has a balance of $29,000. Required: A. Journalize the entries required to complete the closing of the accounts on December 31. Refer to the Chart of Accounts for exact wording of account titles. B. Determine the amount of...
Closing Entries with Net Income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. a. Journalize the entries required to (1) close net income or net loss and (2) close the Dividends account. 1 2 b. Determine the amount of Retained Earnings...
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...
Please help with correct answer and explaination if possible,
thx!(:
6. After all adjusting entries have been made and the financial statements have been prepared at the end of the fiscal year, salaries expenses has a debit of $305,500, supplies expense has a debit of $208,000, rent expense has a debit of $95,000, insurance expense has a debit of $87,000, and revenue has a credit of $839,000. At the same date, retained earnings has a credit balance of $319,500 and...
Journalize the closing entries at April 30. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
The adjusted trial balance columns of the worksheet for Pina Colada Company are as follows. Pina Colada Company Worksheet (Partial) For the Month Ended April 30, 2019 Adjusted Trial Balance Account Titles Dr. Cr. Cash 11,400 7,900 2,000 22,800 5,000 5,600 4,800 22,740 7,010 Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation-Equip. Notes Payable Accounts Payable Common Stock Retained Earnings...
im confused on how to do the first part, preparing the 4
financial statements, if allowed i would also Appreciate if you
would show me how to do the next step which would be preparing the
closing entries thank you in advance!
3. 3) Below are the accounts for XYZ Company: Fees Eamed 750,000 Dividends 20,000 Wages Expense 500,000 Rent Expense 30,000 Supplies Expense 15,000 Misc. Expense 5,000 Journalize the four entries to close the accounts. Font Font TODAS Closing...
Su Suur Closing Entries The adjusted trial balance shown below is for Bayou, Inc., at December 31: BAYOU, INC. Adjusted Trial Balance December 31 Debit Credit Cash $3,500 Accounts Receivable 8,000 Prepaid Insurance 3,600 Office Equipment 72,000 Accum. Depreciation. - Equipment $12,000 Accounts Payable 600 Common Stock 30,000 Retained Earnings 14,100 Dividends 5,000 Service Fees Earned 97,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent Expense 13,400 Insurance Expense 1,800 Depreciation expense - Equipment 8,000 Income Tax Expense 8,800 Income Tax...
The Retained earnings account has a credit balance of $53,000 before closing entries are made. Total revenues for the period are $71,200, total expenses are $47,800, and dividends are $15,400. What is the correct closing entry for the expense accounts? Multiple Choice Debit Expense accounts $53,000; credit Retained earnings $53,000. Debit Income Summary $47,800, credit Expense accounts $47,800. Debit Income Summary $47,800; credit Retained earnings $47,800. Credit Expense accounts $47,800, debit Retained earnings $47,800. Debit Expense accounts $47,800; credit Income Summary $47,800.
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