Homework Answers
Requirement a:
| CLOSING ENTRIES | |||
| Date | Account title and explanation | Debit | Credit |
| Dec 31 | Service revenue | $ 72,000 | |
| Income summary | $ 72,000 | ||
| [To close revenue accounts] | |||
| Dec 31 | Income summary | $ 44,010 | |
| Operating expense | $ 2,830 | ||
| Rent expense | $ 7,100 | ||
| Salaries expense | $ 31,500 | ||
| Supplies expense | $ 2,580 | ||
| [To close expenses accounts] | |||
| Dec 31 | Income summary [$72,0000 - $44,010] | $ 27,990 | |
| Retained earnings | $ 27,990 | ||
| [To close income summary account] | |||
| Dec 31 | Retained earnings | $ 5,300 | |
| Dividends | $ 5,300 | ||
| [To close dividends] | |||
Requirement b: $43,090
Calculations:
| Retained earnings, beginning | $ 20,400 |
| Add: Net income | $ 27,990 |
| Less: Dividends | ($ 5,300) |
| Retained earnings, ending (after the closing entries) | $ 43,090 |
Add Answer to:
The following financial information was taken from the books of Zone Health Club, a small spa...
The following financial information was taken from the books of Zone Health Club, a small spa...
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 29,500 7,440 11,700 43,100 4,800 2,010 3,600 7,100 19,400 31,800 76,300 550 2,650 17,500 6.440 14,100 Required a. Prepare the journal entries necessary...
The following financial information was taken from the books of Zone Health Club, a small spa...
The following financial information was taken from the books of
Zone Health Club, a small spa and fitness club:
Account Balances as of
December 31, Year 2
Accounts receivable
$
26,600
Accounts payable
7,280
Salaries payable
11,400
Cash
40,200
Dividends
5,200
Operating expense
2,270
Prepaid rent
3,900
Rent expense
7,400
Retained earnings, Beginning
19,200
Salaries expense
32,100
Service revenue
84,300
Supplies
530
Supplies expense
2,890
Common stock
22,000
Unearned revenue
6,710
Land
13,500
Required
a. Prepare the journal entries
necessary...
The following financial information was taken from the books of Zone Health Club, a small spa...
The following financial information was taken from the books of
Zone Health Club, a small spa and fitness club:
Account Balances as of
December 31, Year 2
Accounts receivable
$
26,600
Accounts payable
7,280
Salaries payable
11,400
Cash
40,200
Dividends
5,200
Operating expense
2,270
Prepaid rent
3,900
Rent expense
7,400
Retained earnings, Beginning
19,200
Salaries expense
32,100
Service revenue
84,300
Supplies
530
Supplies expense
2,890
Common stock
22,000
Unearned revenue
6,710
Land
13,500
Required
a. Prepare the journal entries
necessary...
The following financial information was taken from the books of Zone Health Club, a small spa...
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 12,450 6, 200 3,150 36,750 2,000 35,300 1,200 8,400 41,250 14,500 65,400 650 3,150 7,000 6,400 15,000 Required a. Prepare the journal entries...
Exercise 3-21A Preparing closing entries LO 3-4 The following financial information was taken from the books...
Exercise 3-21A Preparing closing entries LO 3-4 The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 29,600 7,400 10,500 42,700 5,100 2,550 2,900 7,000 20,400 32.400 79,000 560 2.510 21,900 7,130 13,100...
Fill out chart for A: Record entry to close service revenue. B: Record entry to close...
Fill out chart for A: Record entry to close service revenue.
B: Record entry to close expenses.
C:Record entry to close Dividends.
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 25,300...
Required information [The following information applies to the questions displayed below.) The following transactions pertain to...
Required information [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $53,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,500 cash. Apr. 10 Purchased $830 of supplies on account. July 1 Received $23,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts...
Required information [The following information applies to the questions displayed below.) The December 31, 2021, adjusted...
Required information [The following information applies to the questions displayed below.) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit 12,000 150,000 6,000 30,000 400,000 $ Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals 135,000 12,000 11,000 5,000 40,000 300,000 60,000 500,000 400,000...
Required information [The following information applies to the questions displayed below.] The December 31, 2021, adjusted...
Required information [The following information applies to the questions displayed below.] The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Debit Credit Accounts $ 10,500 Cash Accounts Receivable 135,000 Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) 4,500 22,500 250,000 $120,000 10,500 9,500 3,500 25,000 150,000 45,000 350,000 Common Stock Retained Earnings Service Revenue Salaries Expense 250,000 12,500 25,000 Rent Expense Depreciation Expense Interest...
Required information (The following information applies to the questions displayed below. The December 31, 2021, adjusted...
Required information (The following information applies to the questions displayed below. The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,200 132,000 4,200 21,000 220,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense $117,000 10,200 9, 200 3,200 22,000 120,000 42,000 320,000 220,000...
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 29,500 7,440 11,700 43,100 4,800 2,010 3,600 7,100 19,400 31,800 76,300 550 2,650 17,500 6.440 14,100 Required a. Prepare the journal entries necessary...
The following financial information was taken from the books of
Zone Health Club, a small spa and fitness club:
Account Balances as of
December 31, Year 2
Accounts receivable
$
26,600
Accounts payable
7,280
Salaries payable
11,400
Cash
40,200
Dividends
5,200
Operating expense
2,270
Prepaid rent
3,900
Rent expense
7,400
Retained earnings, Beginning
19,200
Salaries expense
32,100
Service revenue
84,300
Supplies
530
Supplies expense
2,890
Common stock
22,000
Unearned revenue
6,710
Land
13,500
Required
a. Prepare the journal entries
necessary...
The following financial information was taken from the books of
Zone Health Club, a small spa and fitness club:
Account Balances as of
December 31, Year 2
Accounts receivable
$
26,600
Accounts payable
7,280
Salaries payable
11,400
Cash
40,200
Dividends
5,200
Operating expense
2,270
Prepaid rent
3,900
Rent expense
7,400
Retained earnings, Beginning
19,200
Salaries expense
32,100
Service revenue
84,300
Supplies
530
Supplies expense
2,890
Common stock
22,000
Unearned revenue
6,710
Land
13,500
Required
a. Prepare the journal entries
necessary...
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 12,450 6, 200 3,150 36,750 2,000 35,300 1,200 8,400 41,250 14,500 65,400 650 3,150 7,000 6,400 15,000 Required a. Prepare the journal entries...
Exercise 3-21A Preparing closing entries LO 3-4 The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 29,600 7,400 10,500 42,700 5,100 2,550 2,900 7,000 20,400 32.400 79,000 560 2.510 21,900 7,130 13,100...
Fill out chart for A: Record entry to close service revenue.
B: Record entry to close expenses.
C:Record entry to close Dividends.
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 25,300...
Required information [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $53,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $17,500 cash. Apr. 10 Purchased $830 of supplies on account. July 1 Received $23,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts...
Required information [The following information applies to the questions displayed below.) The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit 12,000 150,000 6,000 30,000 400,000 $ Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals 135,000 12,000 11,000 5,000 40,000 300,000 60,000 500,000 400,000...
Required information [The following information applies to the questions displayed below.] The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Debit Credit Accounts $ 10,500 Cash Accounts Receivable 135,000 Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) 4,500 22,500 250,000 $120,000 10,500 9,500 3,500 25,000 150,000 45,000 350,000 Common Stock Retained Earnings Service Revenue Salaries Expense 250,000 12,500 25,000 Rent Expense Depreciation Expense Interest...
Required information (The following information applies to the questions displayed below. The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,200 132,000 4,200 21,000 220,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense $117,000 10,200 9, 200 3,200 22,000 120,000 42,000 320,000 220,000...
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