HomeworkLib
Question
following are Nintendo’s

3. Following are Nintendos revenue and expense accounts for a recent calendar year. Prepare the companys closing entries for its revenues and its expenses. $160,000 Sales revenue Cost of good sold expense Rent expense 100.000 .. 2,000
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

✔ Recommended Answer
Answer #1

Closing entries:

Sl. No.

Accounts title and explanation

Debit($)

Credit($)

1.

Sales Revenue

160000

Income Summary

160000

(closing revenue account)

2.

Income Summary

102100

Cost of goods sold expense

100000

Rent expense

2000

Depreciation expense

100

(closing expense account)

3.

Income Summary

57900

Retained earnings

57900
(closing income summary account)
1 0
Add a comment
Know the answer?
Add Answer to:
following are Nintendo’s 3. Following are Nintendo's revenue and expense accounts for a recent calendar year....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Similar Homework Help Questions

  • Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end (yen in...

    Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end (yen in millions). (Enter answers in millions.) Net sales Cost of sales Advertising expense Other expense, net 1549,780 335, 196 54,834 117,907 Prepare the company's closing entries for its revenues and its expenses. View transaction list Journal entry worksheet < 1 2 Record the closure of revenue account. Note: Enter debits before credits Dato General Journal Debit Credit March 31 Following are Nintendo's revenue and expense...

  • Following are Nintendo's revenue and expense accounts for a recent March 31 fscal year end bven...

    Following are Nintendo's revenue and expense accounts for a recent March 31 fscal year end bven in millions, inter anawers i answers ln 908.622 1734,981 98.544 Prepare the companys closing entries for its revenues and ts expenses Journal entry worksheet Record the dosure of revenue account. < Prev 3 of 6 l Next

  • Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end lyen in...

    Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end lyen in millions), (Enter answers in millions.) Net sales Cont of sales Advertising expense Other expense, net V504,459 283,494 46,636 157.811 Prepare the company's closing entries for (1) its revenues and (2) its expenses 6 View transaction list Journal entry worksheet 3.35 points eBook Record the closure of revenue account. Hint Print Note: Enter debits before credits. References General Journal Debit Credit Date March 31 Record...

  • Problem 1: Based on the revenue and expense accounts from Nintendo for a recent March 31...

    Problem 1: Based on the revenue and expense accounts from Nintendo for a recent March 31 fiscal year-end (amounts in millions of dollars) shown in Figure 1, prepare the company's closing entries for its revenues and its expenses: Figure 1. Revenue an Expense Accounts, Nintendo - March 31, 2019 Account Title In Millions $549,780 335,196 Net sales Cost of sales Advertising expense Other expense, net 54,834 117,907 2 OF 3 C 3/31 Net Sales Income Summary Close Revenue Account 3/31...

  • TELL CROATA ALLAN SEO-Yo Malware Tips - Your Forum - Templari Trade-Path of Exile PoE Goods...

    TELL CROATA ALLAN SEO-Yo Malware Tips - Your Forum - Templari Trade-Path of Exile PoE Goods Chapter 3 Practice Exercises A Swed 6 Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year end lyenin millions) (Enter answers in millions) 2.5 poles Net sales Cost of sales Advertising expense Other expense, net 4504,499 283,494 46,616 157.811 Prepare the company's closing entries for ( its revenues and (2) its expenses View transaction list Journal entry worksheet <...

  • All revenue and expense accounts have been closed at the end of the calendar year for Patton Company.

    All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary account has total debits of $530,000 and total credits of $600,000. As of the same date, Owner's Capital has a balance of $115,000, and Owner's Drawings has a balance of $48,000. No new owner investments were made during the year. Journalize the entries required to complete the closing of the accounts.Prepare an owner's equity statement for the year ended December...

  • Hampton Company reports the following information for its recent calendar year. Income Statement Data Selected Year-End...

    Hampton Company reports the following information for its recent calendar year. Income Statement Data Selected Year-End Balance Sheet Data Sales $ 74,000 Accounts receivable increase $ 10,000 Expenses: Inventory decrease 3,000 Cost of goods sold 41,000 Salaries payable increase 600 Salaries expense 13,000 Depreciation expense 6,000 Net income $ 14,000 Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

  • Below you will find an adjusted trial balance. Trial Balance Accounts Debit Credit Cash 34,000 Accounts...

    Below you will find an adjusted trial balance. Trial Balance Accounts Debit Credit Cash 34,000 Accounts Receivable 15,000 23,000 100,000 40,000 6,000 Inventory Equipment Accumulated Depr. Accounts Payable Notes Payable Common Stoo's Retained Earnings Dividends 70,000 10,000 32,000 4,000 Service Revenue 110,000 Sales Revenue 215,000 Interest Revenue 2,000 Cost of Goods Sold 155,000 Salaries Expense 80,000 Tax Expense 30.000 80,000 30,000 Salaries Expense Tax Expense Interest Expense Utilities Expense Supplies Expense 8,000 25,000 11,000 Totals 485,000 485,000 Prepare the closing...

  • for question 3(a) show the closing entry, why that isn't net income (Revenue-Expense) but retained earning...

    for question 3(a) show the closing entry, why that isn't net income (Revenue-Expense) but retained earning Answer is Given below 3) credit 39. Show the closing entry for that ABC Corp makes. <10 pts> 800 2300 2 1 ABC Corp Adjusted Trial Balance 12/31/2012 debit Cash 972,000 Accounts receivable 13,000 Prepaid rent 45,000 Inventory 7,200 Machinery 62,000 Cost of goods sold Rent expense v 15,000 Interest expense 6,000 Depreciation expense 2,000 Salary expense 1,400 Accumulated depreciation Salary payable Interest payable...

  • Show Me How Calculator Common-Sted Income Statement Revenue and expense data for the current calendar year...

    Show Me How Calculator Common-Sted Income Statement Revenue and expense data for the current calendar year for t percentages h is Company and for the electronics industry are as follows. Tannenhil's data are expressed in dollars. The electronics industry everages are expressed in Electronics Sales Tannenhill Company $4,000,000 (2,120,000) Average 100.0 (600) Cost of goods sold $1.880,000 Gross profit Selling expenses Administrative expenses Total operating expenses 40.0 % (240) $(1,080,000) (640,000) $(1,720,000) $160,000 120,000 Operating income Other revenue and expense:...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT