Homework Answers
Closing entries are made at the end of accounting period to close out all temporary accounts and transferred them to permanent accounts.
Closing entries are
- Close revenue accounts to income summary
- Close expense accounts to income summary
- Close income summary to retained earning
- Close dividend to retained earning
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Question 3 (10%) The adjusted trial balance shown below is for Big Company at the end...
Instructions: Prepare the closing entries for the temporary accounts at August 31. RYAN COMPANY Trial Balance...
Instructions: Prepare the closing entries for
the temporary accounts at August 31.
RYAN COMPANY Trial Balance August 31, 2017 After Adjustment Cr. Dr. Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. $10,900 8,800 2,500 4,000 16,000 $ 3,600 5,800 0 1,800 10,000 5,500 2,800...
PROBLEM NO. 4 – FINANCIAL STATEMENTS The adjusted trial balance of Perez Company appears below. Using...
PROBLEM NO. 4 – FINANCIAL STATEMENTS The adjusted trial balance of Perez Company appears below. Using the information from the adjusted trial balance, you are to prepare for the quarter ending March 31, 2020: 1. an income statement. 2. an owner’s equity statement. 3. a balance sheet. Perez Company Adjusted Trial Balance March 31, 2020 Debit Credit Cash......................................................................................................... $ 17,000 Accounts Receivable.................................................................................. 4,500 Supplies.................................................................................................... 1,000 Equipment................................................................................................. 18,000 Accumulated Depreciation—Equipment........................................................ $ 6,000 Accounts Payable....................................................................................... 8,000 Unearned Service Revenue......................................................................... 7,000 Salaries and Wages Payable....................................................................... 1,000 Perez, Capital............................................................................................ 18,250 Perez, Drawings......................................................................................... 3,500 Service Revenue........................................................................................ 16,400 Salaries...
Exercise 3-18 a-c (Part Level Submission) The adjusted trial balance for Pharoah Company is given below....
Exercise 3-18 a-c (Part Level Submission) The adjusted trial balance for Pharoah Company is given below. Pharoah Company Trial Balance August 31, 2020 Before Adjustment Cr. After Adjustment Dr. Cr. Dr. $10,200 8,900 2,300 3,800 13,500 $10,200 9,900 600 2,700 13,500 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense $...
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company....
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company. Account Title Debit Credit Cash $ 9,400 Accounts receivable 18,100 Office supplies 2,300 Trucks 175,000 Accumulated depreciation—Trucks $ 34,000 Land 68,000 Accounts payable 12,900 Interest payable 3,400 Long-term notes payable 43,000 Common stock 21,200 Retained earnings, December 31, 2017 159,000 Dividends 20,100 Trucking fees earned 131,000 Depreciation expense—Trucks 23,400 Salaries expense 69,000 Office supplies expense 8,100 Repairs expense—Trucks 11,100 Totals $ 404,500 $ 404,500...
Below is the adjusted trail balance for Bally Services. BALLY SERVICES Adjusted Trial Balance December 31,...
Below is the adjusted trail balance for Bally Services. BALLY SERVICES Adjusted Trial Balance December 31, 2018 DR CR Cash $ 11,000 Accounts Receivable 23,500 Supplies 3,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation- $ 33,000 Equipment Accounts Payable 5,000 Interest Payable 150 Notes Payable 5,000 Unearned Service Revenue 5,600 Salaries and Wages Payable 1,300 Common Stock 10,000 Retained Earnings 3,500 Service Revenue 63,500 Salaries and Wages Expense 11,300 Insurance Expense 850 Interest Expense 500 Depreciation Expense 5,000 Supplies Expense...
The adjusted trial balance for Kingbird, Inc. is given below. Kingbird, Inc. Trial Balance August 31,...
The adjusted trial balance for Kingbird, Inc. is given below. Kingbird, Inc. Trial Balance August 31, 2020 Before Adjustment After Adjustment Cr. Dr. Cr. Cash $10,400 $10,400 Accounts Receivable 8,500 9,700 Supplies 2.300 600 Prepaid Insurance 4.000 2,500 Equipment 14,300 14,300 Accumulated Depreciation-Equipment $3,500 $4,500 Accounts Payable 5,800 5,800 Salaries and Wages Payable 1,400 Unearned Rent Revenue 1.600 700 008 Common Stock 11.700 11,700 Retained Earnings 3,600 3.600 Service Revenue 34,200 35,400 Rent Revenue 10,900 11,800 Salaries and Wages Expense...
The adjusted trial balance for Frinzi Company is given in below. FRINZI COMPANY Trial Balance August 31, 2015 E...
The adjusted trial balance for Frinzi Company is given in
below.
FRINZI COMPANY
Trial Balance
August 31, 2015
Exercise 3-14 (Part Level Submission) The adjusted trial balance for Frinzi Company is given in below. FRINZI COMPANY Trial Balance August 31, 2015 After Adjustment Before Adjustment Dr. Cr. Dr. Cr. Cash $10,261 $10,261 Accounts Receivable 8,657 9,881 Supplies 2,364 551 Prepaid Insurance 3,812 2,634 Equipment 14,319 14,319 Accumulated Depreciation-Equipment 3,728 $4,333 Accounts Payable 5,748 5,748 Salaries and Wages Payable 1,302 Unearned...
The trial balances before and after adjustment for Crane Company at the end of its fiscal...
The trial balances before and after adjustment for Crane Company at the end of its fiscal year are presented below. After Adjustment Dr. Cr. $10,000 9,500 700 2,700 12,400 CRANE COMPANY Trial Balance August 31, 2020 Before Adjustment Dr. Cr. Cash $10,000 Accounts Receivable 8,900 Supplies 2,400 Prepaid Insurance 3,900 Equipment 12,400 Accumulated Depreciation-Equipment $3,400 Accounts Payable 5,800 Salaries and Wages Payable 0 Unearned Rent Revenue 1.400 Owner's Capital 13,700 Service Revenue 34,000 Rent Revenue 11,100 Salaries and Wages Expense...
The adjusted trial balance for Sunland Company is given in below. Sunland Company Trial Balance August...
The adjusted trial balance for Sunland Company is given in below. Sunland Company Trial Balance August 31, 2017 Before Adjustment Dr. Cr. Cash €10,376 Accounts Receivable 8,592 Supplies 2,496 Prepaid Insurance 3,961 Equipment 12,943 Accumulated Depreciation Equipment € 3,449 Accounts Payable 5,804 Salaries and Wages Payable 0 Unearned Rent Revenue 1,327 Share Capital-Ordinary 11,621 Retained Earnings 3,070 Service Revenue 33,913 Rent Revenue 11,045 Salaries and Wages Expense 16,934 Supplies Expense 0 Rent Expense 14,927 Insurance Expense 0 Depreciation Expense 0...
CES Exercise 3-18 a-c (Part Level Submission) The adjusted trial balance for Pharoah Company is given...
CES Exercise 3-18 a-c (Part Level Submission) The adjusted trial balance for Pharoah Company is given below. Pharoah Company Trial Balance August 31, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. $10,200 8,900 2,300 3,800 13,500 $10,200 9,900 600 2,700 13,500 2 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense...
Instructions: Prepare the closing entries for
the temporary accounts at August 31.
RYAN COMPANY Trial Balance August 31, 2017 After Adjustment Cr. Dr. Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. $10,900 8,800 2,500 4,000 16,000 $ 3,600 5,800 0 1,800 10,000 5,500 2,800...
Exercise 3-18 a-c (Part Level Submission) The adjusted trial balance for Pharoah Company is given below. Pharoah Company Trial Balance August 31, 2020 Before Adjustment Cr. After Adjustment Dr. Cr. Dr. $10,200 8,900 2,300 3,800 13,500 $10,200 9,900 600 2,700 13,500 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense $...
Below is the adjusted trail balance for Bally Services. BALLY SERVICES Adjusted Trial Balance December 31, 2018 DR CR Cash $ 11,000 Accounts Receivable 23,500 Supplies 3,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation- $ 33,000 Equipment Accounts Payable 5,000 Interest Payable 150 Notes Payable 5,000 Unearned Service Revenue 5,600 Salaries and Wages Payable 1,300 Common Stock 10,000 Retained Earnings 3,500 Service Revenue 63,500 Salaries and Wages Expense 11,300 Insurance Expense 850 Interest Expense 500 Depreciation Expense 5,000 Supplies Expense...
The adjusted trial balance for Kingbird, Inc. is given below. Kingbird, Inc. Trial Balance August 31, 2020 Before Adjustment After Adjustment Cr. Dr. Cr. Cash $10,400 $10,400 Accounts Receivable 8,500 9,700 Supplies 2.300 600 Prepaid Insurance 4.000 2,500 Equipment 14,300 14,300 Accumulated Depreciation-Equipment $3,500 $4,500 Accounts Payable 5,800 5,800 Salaries and Wages Payable 1,400 Unearned Rent Revenue 1.600 700 008 Common Stock 11.700 11,700 Retained Earnings 3,600 3.600 Service Revenue 34,200 35,400 Rent Revenue 10,900 11,800 Salaries and Wages Expense...
The adjusted trial balance for Frinzi Company is given in
below.
FRINZI COMPANY
Trial Balance
August 31, 2015
Exercise 3-14 (Part Level Submission) The adjusted trial balance for Frinzi Company is given in below. FRINZI COMPANY Trial Balance August 31, 2015 After Adjustment Before Adjustment Dr. Cr. Dr. Cr. Cash $10,261 $10,261 Accounts Receivable 8,657 9,881 Supplies 2,364 551 Prepaid Insurance 3,812 2,634 Equipment 14,319 14,319 Accumulated Depreciation-Equipment 3,728 $4,333 Accounts Payable 5,748 5,748 Salaries and Wages Payable 1,302 Unearned...
The trial balances before and after adjustment for Crane Company at the end of its fiscal year are presented below. After Adjustment Dr. Cr. $10,000 9,500 700 2,700 12,400 CRANE COMPANY Trial Balance August 31, 2020 Before Adjustment Dr. Cr. Cash $10,000 Accounts Receivable 8,900 Supplies 2,400 Prepaid Insurance 3,900 Equipment 12,400 Accumulated Depreciation-Equipment $3,400 Accounts Payable 5,800 Salaries and Wages Payable 0 Unearned Rent Revenue 1.400 Owner's Capital 13,700 Service Revenue 34,000 Rent Revenue 11,100 Salaries and Wages Expense...
The adjusted trial balance for Sunland Company is given in below. Sunland Company Trial Balance August 31, 2017 Before Adjustment Dr. Cr. Cash €10,376 Accounts Receivable 8,592 Supplies 2,496 Prepaid Insurance 3,961 Equipment 12,943 Accumulated Depreciation Equipment € 3,449 Accounts Payable 5,804 Salaries and Wages Payable 0 Unearned Rent Revenue 1,327 Share Capital-Ordinary 11,621 Retained Earnings 3,070 Service Revenue 33,913 Rent Revenue 11,045 Salaries and Wages Expense 16,934 Supplies Expense 0 Rent Expense 14,927 Insurance Expense 0 Depreciation Expense 0...
CES Exercise 3-18 a-c (Part Level Submission) The adjusted trial balance for Pharoah Company is given below. Pharoah Company Trial Balance August 31, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. $10,200 8,900 2,300 3,800 13,500 $10,200 9,900 600 2,700 13,500 2 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense...
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