to close expense accounts
Homework Answers
To close expense account we need to pay the amount of expense and so clear the unpaid ledgers of expenses from balance sheet
1. Close Revenue Accounts 2. Close expense accounts. 3. Close dividends account. Credit Debit 11,800 163,000...
1. Close Revenue Accounts
2. Close expense accounts.
3. Close dividends account.
Credit Debit 11,800 163,000 6,300 38,000 430,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 138,000 43,000 43,000 5,300 16,800 265,000 78,600 14,500 530,000 245,000 133,000 28,000 43,000 3,300 3,800 1,119,700 1,119,700
Closing Entries 36. Close the revenue accounts. 37. Close the expense accounts. 38. Close the income...
Closing Entries 36. Close the revenue accounts. 37. Close the expense accounts. 38. Close the income summary account. 39. Close the dividends account. Introduction FAQ Welcome Chart abc General MA Clear Y BTU D % fx 10A - A- A Computer & Consulting Revenue Wrap Text Marge B31 For Perlod Ending June 30, 2019 Unustad Tral Balance Dabit Credit 46.669 36 . 2010 1900 5,808 00 460000 0001 2351.00 Adjusting Entries Debit Credit 5,375.00 6.375.00 242.00 2.300.00 214.00 - A...
The entry to close the expense accounts includes: 4 Multiple Choice A credit to Retained Earnings....
The entry to close the expense accounts includes: 4 Multiple Choice A credit to Retained Earnings. A debit to all expense accounts. A debit to Retained Earnings. A debit to all expense accounts and a credit to Retained Earnings.
Record the entry to close the dividends account. Record the entry to close the expense accounts...
Record the entry to close the dividends account.
Record the entry to close the expense accounts using the
retained earnings account.
I only need help with those two part thank you!!
Credits Debits 28,700 18, see 31,00 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 9, 3ee 10, see 49, see 9,400 77, 7ee 77,700 The following is a summary of the transactions for the year: a. Service revenue, $134,000, of which $40,200...
Need to: Record the entry to close the revenue accounts. Record the entry to close the expense accounts Record the en...
Need to:
Record the entry to close the revenue accounts.
Record the entry to close the expense accounts
Record the entry to close the dividends account.
Pastina Company sells varlous types of pasta to grocery chains as private label brands. The company's reporting year-end Is December 31. The unadjusted trlal balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 32,6ee 41,000 Accounts receivable Supplies Inventory 2.008 61,08e 21,08e Notes receivable Interest receivable Prepaid rent Prepaid insurance...
Entry 1: Record the entry to close revenue accounts. Entry 2: Record the entry to close...
Entry 1:
Record the entry to close revenue accounts.
Entry 2:
Record the entry to close expense accounts.
Entry 3:
Record the entry to close the income summary account.
Entry 4:
Record the entry to close the dividends account.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $10,900; Dividends $1,750; Services Revenue $32,000; Wages Expense $17,900; and Rent Expense $5,400. Prepare its December 31 closing entries. View transaction list Journal...
Adjusting entries: Question 36 options: A) adjust Unearned Revenue. B) close the revenue accounts. C) close...
Adjusting entries: Question 36 options: A) adjust Unearned Revenue. B) close the revenue accounts. C) close the expense accounts. D) adjust Cash.
Why are adjusting entries necessary? To close nominal accounts at year end. To close permanent accounts...
Why are adjusting entries necessary? To close nominal accounts at year end. To close permanent accounts at year end. To ensure that all revenue and expenses are recorded. To force debits credits to be equal.
PART 10: Post and Close All Accounts Post the closing entries to the general ledger in...
PART 10: Post and Close All Accounts Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Date Accounts Debit Credit Dec. 31 Service Revenue 22,700 Retained Earnings 22,700 Date Accounts Debit Credit Dec. 31 Retained Earnings 8,385 Salaries Expense 5,500 Depreciation Expense - Furniture 300 Insurance Expense 375 Utilities Expense 240 Rent Expense 1,900 Supplies Expense...
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...
1. Close Revenue Accounts
2. Close expense accounts.
3. Close dividends account.
Credit Debit 11,800 163,000 6,300 38,000 430,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 138,000 43,000 43,000 5,300 16,800 265,000 78,600 14,500 530,000 245,000 133,000 28,000 43,000 3,300 3,800 1,119,700 1,119,700
Closing Entries 36. Close the revenue accounts. 37. Close the expense accounts. 38. Close the income summary account. 39. Close the dividends account. Introduction FAQ Welcome Chart abc General MA Clear Y BTU D % fx 10A - A- A Computer & Consulting Revenue Wrap Text Marge B31 For Perlod Ending June 30, 2019 Unustad Tral Balance Dabit Credit 46.669 36 . 2010 1900 5,808 00 460000 0001 2351.00 Adjusting Entries Debit Credit 5,375.00 6.375.00 242.00 2.300.00 214.00 - A...
The entry to close the expense accounts includes: 4 Multiple Choice A credit to Retained Earnings. A debit to all expense accounts. A debit to Retained Earnings. A debit to all expense accounts and a credit to Retained Earnings.
Record the entry to close the dividends account.
Record the entry to close the expense accounts using the
retained earnings account.
I only need help with those two part thank you!!
Credits Debits 28,700 18, see 31,00 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 9, 3ee 10, see 49, see 9,400 77, 7ee 77,700 The following is a summary of the transactions for the year: a. Service revenue, $134,000, of which $40,200...
Need to:
Record the entry to close the revenue accounts.
Record the entry to close the expense accounts
Record the entry to close the dividends account.
Pastina Company sells varlous types of pasta to grocery chains as private label brands. The company's reporting year-end Is December 31. The unadjusted trlal balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 32,6ee 41,000 Accounts receivable Supplies Inventory 2.008 61,08e 21,08e Notes receivable Interest receivable Prepaid rent Prepaid insurance...
Entry 1:
Record the entry to close revenue accounts.
Entry 2:
Record the entry to close expense accounts.
Entry 3:
Record the entry to close the income summary account.
Entry 4:
Record the entry to close the dividends account.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Common Stock $10,900; Dividends $1,750; Services Revenue $32,000; Wages Expense $17,900; and Rent Expense $5,400. Prepare its December 31 closing entries. View transaction list Journal...
PART 10: Post and Close All Accounts Post the closing entries to the general ledger in RED order and calculate ending balances for each account. For accounts that have a zero balance, enter the zero on the normal balance side. Date Accounts Debit Credit Dec. 31 Service Revenue 22,700 Retained Earnings 22,700 Date Accounts Debit Credit Dec. 31 Retained Earnings 8,385 Salaries Expense 5,500 Depreciation Expense - Furniture 300 Insurance Expense 375 Utilities Expense 240 Rent Expense 1,900 Supplies Expense...
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...
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