Fill out chart for A: Record entry to close service revenue.
B: Record entry to close expenses.
C:Record entry to close Dividends.
Homework Answers
Closing entry
| No | General Journal | Debit | Credit |
| a | Service revenue | 78800 | |
| Retained earnings | 78800 | ||
| (To close service revenue) | |||
| b | Retained earnings | 44500 | |
| Operating expense | 2710 | ||
| Rent expense | 7800 | ||
| Salaries expense | 31400 | ||
| Supplies expense | 2590 | ||
| (To close expense) | |||
| c | Retained earnings | 5500 | |
| Dividends | 5500 | ||
| (To close dividend) |
Statement of retained earnings
| Retained earnings, beginning | 20200 |
| Add: Net income | 34300 |
| 54500 | |
| Less: Dividend | -5500 |
| Retained earnings, ending | 49000 |
Add Answer to:
Fill out chart for A: Record entry to close service revenue.
B: Record entry to close...
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...
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...
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...
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 $ 26,300 7,750 10,700 42,000 5,300 2,830 3,700 7,100 20,400 31,500 72,000 310 2,580 22,600 6,660 14,000 Required a. Prepare the journal entries necessary...
Record the entry to close out the revenue accounts. (Record debits first, then credits. Exclude explanations...
Record the entry to close out the revenue accounts. (Record debits first, then credits. Exclude explanations from 0 Data Table - 14,100 14,100 41,500 31,900 4,600 Cost of services sold .........$ Accumulated depreciation Selling, general, and administrative expenses Retained earnings, December 31, 2017 Service revenue........$ Service revenue.. Depreciation expense ... Other revenue .. Dividends declared Income tax expense Income tax payable .. 400 6,300 900 1.000 2,200 900 Print Done 6,300 1,000 then click Check Answer. ( E3-25A (similar to)...
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...
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...
Begin by preparing the closing entries for North Pole Services Enterprises. Record the entry to close...
Begin by preparing the closing entries for North Pole
Services Enterprises. Record the entry to close out the revenue
accounts
owing selected accounts from the records of North Pole Enterprises at December 31, 2016. on to view the selected accounts and balances) closing entries for North Pole Enterprises at December 31, 2016. How much net income did North Pole Enterprises earn d for Retained Earnings to show the December 31, 2016, balance of Retained Earnings ing the closing entries for...
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...
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...
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...
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 $ 26,300 7,750 10,700 42,000 5,300 2,830 3,700 7,100 20,400 31,500 72,000 310 2,580 22,600 6,660 14,000 Required a. Prepare the journal entries necessary...
Record the entry to close out the revenue accounts. (Record debits first, then credits. Exclude explanations from 0 Data Table - 14,100 14,100 41,500 31,900 4,600 Cost of services sold .........$ Accumulated depreciation Selling, general, and administrative expenses Retained earnings, December 31, 2017 Service revenue........$ Service revenue.. Depreciation expense ... Other revenue .. Dividends declared Income tax expense Income tax payable .. 400 6,300 900 1.000 2,200 900 Print Done 6,300 1,000 then click Check Answer. ( E3-25A (similar to)...
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...
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...
Begin by preparing the closing entries for North Pole
Services Enterprises. Record the entry to close out the revenue
accounts
owing selected accounts from the records of North Pole Enterprises at December 31, 2016. on to view the selected accounts and balances) closing entries for North Pole Enterprises at December 31, 2016. How much net income did North Pole Enterprises earn d for Retained Earnings to show the December 31, 2016, balance of Retained Earnings ing the closing entries for...
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