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Capri Company began the current period with a $36,000 credit balance in the K. Capri, Capital...
please complete Capri Company began the current period with a $40,000 credit balance in the K....
please complete
Capri Company began the current period with a $40,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. Service fees earned $ Salaries expense Depreciation expense Interest revenue 47,500 K. Capri, Withdrawals 10, 600 Utilities expense 9,000 17,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close...
Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began...
Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began the current period with a $42.000 credit balance in the K. Capri. Capital account. At th the period, the company's adjusted account balances include the following temporary accounts with normal $112,000 $ 9,000 Service fees carned Salaries expense Depreciation expense 44,500 Interest revenue x. Capri, withdrawals Utilities expense 19,500 11,800 6,400 1. After closing the revenue and expense accounts, what will be the balance...
Check my work Exercise 4-5 Computing income summary and ending capital balance from closing entries LO...
Check my work Exercise 4-5 Computing income summary and ending capital balance from closing entries LO C1, P2 Capri Company began the current period with a $44,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. k Service fees earned Salaries expense Depreciation expense $102,000 Interest revenue 44,500 K. Capri, Withdrawals 8,400 Utilities expense $ 9,800 20,000 7,000 t nces 1. After...
QS 4-6 Effects of closing entries LO2, 3 Jontil Co. began the current period with a...
QS 4-6 Effects of closing entries LO2, 3 Jontil Co. began the current period with a $14,000 balance in the Peter Jontil, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances: Service revenue..... Salaries expense... Depreciation expense... Interest income Peter Jontil, withdrawals. Utilities expense.. $35,000 19,000 4,000 3,500 6,000 2,300 what will be the balance of the Income Summary a. After closing the revenue and expense accounts, what...
Credit $ 8,550 The adjusted trial balance at April 30, 2020, for Zhang Co. follows. Debit...
Credit $ 8,550 The adjusted trial balance at April 30, 2020, for Zhang Co. follows. Debit 101 Cash $ 3,900 106 Accounts receivable 8,800 153 Trucks 27,500 154 Accumulated depreciation, trucks 193 Franchise 13,500 201 Accounts payable 209 Salaries payable 233 Unearned revenue 301 Angel Zhang, capital 302 Angel Zhang, withdrawals 9,900 Plumbing revenue 611 Depreciation expense, trucks 5,200 622 Salaries expense 18,100 640 Rent expense 3,300 Advertising expense 7,200 901 Income summary Totals $97,400 9,900 3,500 1,300 30,600 43,550...
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1)...
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1) close credit balances in revenue (and gain) accounts to Income Summary, (2) close debit balances in expense (and loss) accounts to Income Summary, (3) close Income Summary to the capital account, and (4) close withdrawals account to owner's capital Part 2 of 2 0.5 points Closing Entries Illustration Closing Process Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts...
Requirements 1. Joumalize the required closing entries for Robins. 2. Determine the ending balance in the...
Requirements 1. Joumalize the required closing entries for Robins. 2. Determine the ending balance in the capital account. Start by closing the revenue accounts for the period. Do not close expenses; we will do this in the next step. Date Accounts and Explanation Debit Dec. 31 Credit 0 Data Table Close expenses for the period. Date Dec. 31 Accounts and Explanation Debit Credit Cost of Goods Sold Accounts Payable Rent Expense $ 48,000 55,000 670,000 Accumulated Depreciation S 370,000 -Building...
Powell Company had the following adjusted trial balance: Account Titles Credit Cash Debit $20.390 17.800 Accounts...
Powell Company had the following adjusted trial balance: Account Titles Credit Cash Debit $20.390 17.800 Accounts Receivable Supplies 7,690 44,900 Equipment $ 7,100 Accumulated Depreciation Accounts Payable Deferred Rent Revenue 4,000 1,950 36,630 21,900 Capital Stock Retained Earnings Dividends 16,000 Commission Revenue 50,400 5,200 Rent Revenue 6,100 Depreciation Expense Utilities Expense 9.200 Supplies Expense 5,100 Total $127,180 S127.180 The president of Powell Company has asked you to close the books (prepare and process the The president of Powell Company has...
Rivera Company had the following adjusted trial balance: Account Titles Debit Credit Cash $27,110 Accounts Receivable...
Rivera Company had the following adjusted trial balance: Account Titles Debit Credit Cash $27,110 Accounts Receivable 16,040 Supplies 9,930 41,800 Equipment Accumulated Depreciation $8,900 Accounts Payable Deferred Rent Revenue 3,380 1,970 32,430 23,200 Capital Stock Retained Earnings Dividends 16,200 Commission Revenue 57,400 5,200 Rent Revenue Depreciation Expense 6,800 Utilities Expense 9,500 Supplies Expense 5,100 Total $132,480 $ 132,480 The president of Rivera Company has asked you to close the books (prepare and process the closing entries). Required: After the closing...
on our balances Account Titles Debit Credit Cash $24,190 Accounts Receivable 20,000 Supplies 9,330 Equipment 38,900...
on our balances Account Titles Debit Credit Cash $24,190 Accounts Receivable 20,000 Supplies 9,330 Equipment 38,900 Accumulated Depreciation $8,400 Accounts Payable 4,390 Deferred Rent Revenue 2,240 Capital 62,290 Drawing 14,100 Commission Revenue 46,400 Rent Revenue 5.400 More Practice Effects of closing entries on account balances SISSAGELLAGELIG 2290 Capital 62,290 Drawing 14,100 Commission Revenue 46,400 5,400 Rent Revenue Depreciation Expense 7,500 Utilities Expense 9,900 Supplies Expense 5,200 Total $129,120 $129,120 e president of Roberts Company has asked you to close the...
please complete
Capri Company began the current period with a $40,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. Service fees earned $ Salaries expense Depreciation expense Interest revenue 47,500 K. Capri, Withdrawals 10, 600 Utilities expense 9,000 17,000 5,200 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close...
Exercise 4-5 Computing Income summary and ending capital balance from closing entries LO Capri Company began the current period with a $42.000 credit balance in the K. Capri. Capital account. At th the period, the company's adjusted account balances include the following temporary accounts with normal $112,000 $ 9,000 Service fees carned Salaries expense Depreciation expense 44,500 Interest revenue x. Capri, withdrawals Utilities expense 19,500 11,800 6,400 1. After closing the revenue and expense accounts, what will be the balance...
Check my work Exercise 4-5 Computing income summary and ending capital balance from closing entries LO C1, P2 Capri Company began the current period with a $44,000 credit balance in the K. Capri, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. k Service fees earned Salaries expense Depreciation expense $102,000 Interest revenue 44,500 K. Capri, Withdrawals 8,400 Utilities expense $ 9,800 20,000 7,000 t nces 1. After...
QS 4-6 Effects of closing entries LO2, 3 Jontil Co. began the current period with a $14,000 balance in the Peter Jontil, Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances: Service revenue..... Salaries expense... Depreciation expense... Interest income Peter Jontil, withdrawals. Utilities expense.. $35,000 19,000 4,000 3,500 6,000 2,300 what will be the balance of the Income Summary a. After closing the revenue and expense accounts, what...
Credit $ 8,550 The adjusted trial balance at April 30, 2020, for Zhang Co. follows. Debit 101 Cash $ 3,900 106 Accounts receivable 8,800 153 Trucks 27,500 154 Accumulated depreciation, trucks 193 Franchise 13,500 201 Accounts payable 209 Salaries payable 233 Unearned revenue 301 Angel Zhang, capital 302 Angel Zhang, withdrawals 9,900 Plumbing revenue 611 Depreciation expense, trucks 5,200 622 Salaries expense 18,100 640 Rent expense 3,300 Advertising expense 7,200 901 Income summary Totals $97,400 9,900 3,500 1,300 30,600 43,550...
Required information Learning Objective 04-P2: Describe and prepare closing entries. Closing entries involve four steps: (1) close credit balances in revenue (and gain) accounts to Income Summary, (2) close debit balances in expense (and loss) accounts to Income Summary, (3) close Income Summary to the capital account, and (4) close withdrawals account to owner's capital Part 2 of 2 0.5 points Closing Entries Illustration Closing Process Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts...
Requirements 1. Joumalize the required closing entries for Robins. 2. Determine the ending balance in the capital account. Start by closing the revenue accounts for the period. Do not close expenses; we will do this in the next step. Date Accounts and Explanation Debit Dec. 31 Credit 0 Data Table Close expenses for the period. Date Dec. 31 Accounts and Explanation Debit Credit Cost of Goods Sold Accounts Payable Rent Expense $ 48,000 55,000 670,000 Accumulated Depreciation S 370,000 -Building...
Powell Company had the following adjusted trial balance: Account Titles Credit Cash Debit $20.390 17.800 Accounts Receivable Supplies 7,690 44,900 Equipment $ 7,100 Accumulated Depreciation Accounts Payable Deferred Rent Revenue 4,000 1,950 36,630 21,900 Capital Stock Retained Earnings Dividends 16,000 Commission Revenue 50,400 5,200 Rent Revenue 6,100 Depreciation Expense Utilities Expense 9.200 Supplies Expense 5,100 Total $127,180 S127.180 The president of Powell Company has asked you to close the books (prepare and process the The president of Powell Company has...
Rivera Company had the following adjusted trial balance: Account Titles Debit Credit Cash $27,110 Accounts Receivable 16,040 Supplies 9,930 41,800 Equipment Accumulated Depreciation $8,900 Accounts Payable Deferred Rent Revenue 3,380 1,970 32,430 23,200 Capital Stock Retained Earnings Dividends 16,200 Commission Revenue 57,400 5,200 Rent Revenue Depreciation Expense 6,800 Utilities Expense 9,500 Supplies Expense 5,100 Total $132,480 $ 132,480 The president of Rivera Company has asked you to close the books (prepare and process the closing entries). Required: After the closing...
on our balances Account Titles Debit Credit Cash $24,190 Accounts Receivable 20,000 Supplies 9,330 Equipment 38,900 Accumulated Depreciation $8,400 Accounts Payable 4,390 Deferred Rent Revenue 2,240 Capital 62,290 Drawing 14,100 Commission Revenue 46,400 Rent Revenue 5.400 More Practice Effects of closing entries on account balances SISSAGELLAGELIG 2290 Capital 62,290 Drawing 14,100 Commission Revenue 46,400 5,400 Rent Revenue Depreciation Expense 7,500 Utilities Expense 9,900 Supplies Expense 5,200 Total $129,120 $129,120 e president of Roberts Company has asked you to close the...
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