Homework Answers
Solution
| Date | General Journal | Debit | Credit |
| Dec 31 | Sales revenue | $ 520,000.00 | |
| Interests revenue | $ 25,000.00 | ||
| Income summery | $ 545,000.00 | ||
| (To close revenue accounts) | |||
| Dec 31 | Income summery | $ 440,000.00 | |
| Sales return and allowance | $ 20,000.00 | ||
| Cost of goods sold | $ 345,000.00 | ||
| Freight out | $ 2,000.00 | ||
| Store salaries expense | $ 45,000.00 | ||
| Utilities expense | $ 18,000.00 | ||
| Depreciation expense | $ 10,000.00 | ||
| (To close expenses accounts) | |||
| Dec 31 | Income summery | $ 105,000.00 | |
| Potts capital | $ 105,000.00 | ||
| (To close Income summery account) | |||
| Dec 31 | Potts capital | $ 30,000.00 | |
| Potts drawings | $ 30,000.00 | ||
| (To close drawings account) |
Leave the REF. column blank.
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PROBLEM 4-Closing entries The following information is available for Potts Company Debit Credit $ 50,000 $...
QUESTION 2 The following information is available for Siler Company Sd Bhd.: Credit Debit RM 20,000...
QUESTION 2 The following information is available for Siler Company Sd Bhd.: Credit Debit RM 20,000 Common Stock Retained Earnings RM 30,000 Dividends RM 32,000 Sales 510,000 Sales Returns and Allowances 7,000 20,000 Sales Discounts Cost of Goods Sold 347,000 Freight-out 2,000 Advertising Expense Interest Expense 15,000 19,000 Store Salaries Expense Utilities Expense Depreciation Expense 45,000 18,000 7,000 25,000 Interest Revenue REQUIRED: Using the above information, prepare the closing entries for Siler Company Sdn. Bhd.
From the following T accounts, journalize the closing entries dated December 31 for Baylor Company. If...
From the following T accounts, journalize the closing entries dated December 31 for Baylor Company. If an amount box does not require an entry, leave it blank. Salary Expense H. Baylor, Drawing + − + − 65,000 55,000 Purchases Returns and Allowances Purchases − + + − 8,600 235,600 Miscellaneous Expense Rent Expense + − + − 12,200 22,000 Sales Returns and Allowances Freight In + − + − 7,400 11,200 Sales Income Summary − + 87,000 103,000 502,000 H....
EXERCISE 4-Cloaing Entries (10 pts) s80.000 $15,000 $39.000 $144,000 $1.600 $2.300 J.W. Match Company had the...
EXERCISE 4-Cloaing Entries (10 pts) s80.000 $15,000 $39.000 $144,000 $1.600 $2.300 J.W. Match Company had the following account balances at year-end Cost of goods sold Merchandise inventory Operating expenses Sales Revenue Sales discounts Sales retuns and allowances A physical count of inventory determines that merchandise inventory on hand at year end is $14,400. Instructions (a) Prepare the adjusting entry necessary as a result of the physical count (b) Prepare closing entries JW. HATCH General Journal Account Titles &Explanation Date Credit...
Problem 4-02A a-e (Part Level Submission) The adjusted trial balance columns of the worksheet for Pina...
Problem 4-02A a-e (Part Level Submission) The adjusted trial balance columns of the worksheet for Pina Colada Company are as follows. Account No. 101 112 126 130 Receivable 200 Pina Colada Company Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account Titles Dr. Cash 5,200 Accounts Receivable 10,800 Supplies 1,200 Prepaid Insurance 2,100 Equipment 27,000 Accumulated Depreciation Equipment 5,600 Notes Payable 14,000 Accounts Payable 6,300 Salaries and Wages Payable 2,300 Interest Payable 600 Common Stock 9,750 Retained...
The following is information from Crystal Company's adjusted trial balance at December 31, 2021: Debit Credit...
The following is information from Crystal Company's adjusted trial balance at December 31, 2021: Debit Credit Cash $76,000 Notes receivable 101,000 Merchandise inventory 70,000 Equipment 450,600 Accumulated depreciation-equipment $135,180 Unearned revenue 8,600 Notes payable 168,880 L. Crystal, capital 235,000 L. Crystal, drawings 144,000 Interest revenue 11,000 25,000 Rent revenue Sales 1,980,000 Advertising expense 57,000 Cost of goods sold 850,000 Depreciation expense 45,060 Freight out 25,000 - BUSA-2205 NE X Chapter 5 Assignment .com / ments 657282 Unearned revenue 8,600 Notes...
The adjusted trial balance of McCoy Company included the following selected accounts: Debit Credit Sales Revenue...
The adjusted trial balance of McCoy Company included the following selected accounts: Debit Credit Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue $645,000 $50,000 9,500 396,000 2,000 15,000 19,000 84,000 23,000 3,500 25,000 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2017. (List other revenues before other expenses.) MCCOY COMPANY Income Statement For...
1. Journalize and post the closing entries ADIUSTMENTS DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT INCOME STATEMENT...
1. Journalize and post the closing entries
ADIUSTMENTS DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT INCOME STATEMENT CREDIT MALANCE SHEET Debat TRIAL RALANCE DEBIT CREDIT 43171 3165 2376 3155 2276 405 7000 7000 890 3500 3500 ACCOUNT TITLES Cash Accounts Receivable Merchandise Inventory Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Wages Payable Note Payable Capital Drawing Sales Sales Returns Sales Discounts Cost of Merchandise Sold Salaries Expense Supplies Expense Depreciation Expense Misc. Expense Freight Expense 3750 1501 1800 1000 2100...
Unit 4 Prepare for closing : This assessment addresses the following course objective(s): Describe the three...
Unit 4 Prepare for closing :
This assessment addresses the following course
objective(s):
Describe the three functions of accounting
Apply the accounting vocabulary
Record various business transactions in accordance with
generally accepted accounting principles.
Complete the steps of the Accounting Cycle.
Analyze the basic financial statements
In this assignment, we will complete the accounting cycle by
preparing closing entries that close out the balances of revenue
and expenses (temporary or nominal accounts) to the Capital
accounting using the Income Summary....
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...
O ACCOUNTING CYCLE Effects of closing entries on account balances Account Titles Debit Credit Cash $21,270...
O ACCOUNTING CYCLE Effects of closing entries on account balances Account Titles Debit Credit Cash $21,270 Accounts Receivable 17,740 Supplies 8,090 Equipment 37,200 Accumulated Depreciation $8,700 Accounts Payable 4,060 Deferred Rent Revenue 2,280 Capital 41,460 Drawing 16,100 Commission Revenue 59,900 Rent Revenue 6,300 Depreciation Expense 6,600 Explanation Check ACCOUNTING CYCLE Effects of closing entries on account balances epreciation Expense 6,600 Utilities Expense 10,100 5,600 Supplies Expense Total $ 122,700 $122,700 The president of Hayes Company has asked you to close...
QUESTION 2 The following information is available for Siler Company Sd Bhd.: Credit Debit RM 20,000 Common Stock Retained Earnings RM 30,000 Dividends RM 32,000 Sales 510,000 Sales Returns and Allowances 7,000 20,000 Sales Discounts Cost of Goods Sold 347,000 Freight-out 2,000 Advertising Expense Interest Expense 15,000 19,000 Store Salaries Expense Utilities Expense Depreciation Expense 45,000 18,000 7,000 25,000 Interest Revenue REQUIRED: Using the above information, prepare the closing entries for Siler Company Sdn. Bhd.
EXERCISE 4-Cloaing Entries (10 pts) s80.000 $15,000 $39.000 $144,000 $1.600 $2.300 J.W. Match Company had the following account balances at year-end Cost of goods sold Merchandise inventory Operating expenses Sales Revenue Sales discounts Sales retuns and allowances A physical count of inventory determines that merchandise inventory on hand at year end is $14,400. Instructions (a) Prepare the adjusting entry necessary as a result of the physical count (b) Prepare closing entries JW. HATCH General Journal Account Titles &Explanation Date Credit...
Problem 4-02A a-e (Part Level Submission) The adjusted trial balance columns of the worksheet for Pina Colada Company are as follows. Account No. 101 112 126 130 Receivable 200 Pina Colada Company Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account Titles Dr. Cash 5,200 Accounts Receivable 10,800 Supplies 1,200 Prepaid Insurance 2,100 Equipment 27,000 Accumulated Depreciation Equipment 5,600 Notes Payable 14,000 Accounts Payable 6,300 Salaries and Wages Payable 2,300 Interest Payable 600 Common Stock 9,750 Retained...
The following is information from Crystal Company's adjusted trial balance at December 31, 2021: Debit Credit Cash $76,000 Notes receivable 101,000 Merchandise inventory 70,000 Equipment 450,600 Accumulated depreciation-equipment $135,180 Unearned revenue 8,600 Notes payable 168,880 L. Crystal, capital 235,000 L. Crystal, drawings 144,000 Interest revenue 11,000 25,000 Rent revenue Sales 1,980,000 Advertising expense 57,000 Cost of goods sold 850,000 Depreciation expense 45,060 Freight out 25,000 - BUSA-2205 NE X Chapter 5 Assignment .com / ments 657282 Unearned revenue 8,600 Notes...
The adjusted trial balance of McCoy Company included the following selected accounts: Debit Credit Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue $645,000 $50,000 9,500 396,000 2,000 15,000 19,000 84,000 23,000 3,500 25,000 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2017. (List other revenues before other expenses.) MCCOY COMPANY Income Statement For...
1. Journalize and post the closing entries
ADIUSTMENTS DEBIT CREDIT ADJUSTED TRIAL BALANCE DEBIT INCOME STATEMENT CREDIT MALANCE SHEET Debat TRIAL RALANCE DEBIT CREDIT 43171 3165 2376 3155 2276 405 7000 7000 890 3500 3500 ACCOUNT TITLES Cash Accounts Receivable Merchandise Inventory Supplies Equipment Accumulated Depreciation - Equipment Accounts Payable Wages Payable Note Payable Capital Drawing Sales Sales Returns Sales Discounts Cost of Merchandise Sold Salaries Expense Supplies Expense Depreciation Expense Misc. Expense Freight Expense 3750 1501 1800 1000 2100...
Unit 4 Prepare for closing :
This assessment addresses the following course
objective(s):
Describe the three functions of accounting
Apply the accounting vocabulary
Record various business transactions in accordance with
generally accepted accounting principles.
Complete the steps of the Accounting Cycle.
Analyze the basic financial statements
In this assignment, we will complete the accounting cycle by
preparing closing entries that close out the balances of revenue
and expenses (temporary or nominal accounts) to the Capital
accounting using the Income Summary....
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...
O ACCOUNTING CYCLE Effects of closing entries on account balances Account Titles Debit Credit Cash $21,270 Accounts Receivable 17,740 Supplies 8,090 Equipment 37,200 Accumulated Depreciation $8,700 Accounts Payable 4,060 Deferred Rent Revenue 2,280 Capital 41,460 Drawing 16,100 Commission Revenue 59,900 Rent Revenue 6,300 Depreciation Expense 6,600 Explanation Check ACCOUNTING CYCLE Effects of closing entries on account balances epreciation Expense 6,600 Utilities Expense 10,100 5,600 Supplies Expense Total $ 122,700 $122,700 The president of Hayes Company has asked you to close...
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