Homework Answers
| (Amount in $) | |||
| HILLTOPPERS CORPORATION | |||
| Post Closing Trial Balance | |||
| Accounts | Debit | Credit | Classification |
| Cash | 3,800 | Assets | |
| Equipment | 15,800 | Assets | |
| Accounts Payable | 1,800 | Liability | |
| Common Stock | 10,000 | Shareholders Funds | |
| Retained Earnings | 6,600 | Shareholders Funds | |
| Dividends | 1,000 | Appropriation to Shareholders Funds | |
| Service Revenue | 14,800 | Revenue | |
| Salaries Expenses | 9,800 | Expense | |
| Utilities Expenses | 2,800 | Expense | |
| Total | 33,200 | 33,200 | |
| Notes for Preparation of Trial Balance | |||
| Assets, Expenses and Appropriation to Shareholders Funds are shown in debit balance | |||
| Liability, Revenue and Shareholder's Funds are shown in debit balance |
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Brief Exercise 3-20 Prepare a post-closing trial balance (LO3-7) The year-end adjusted trial balance of Hilltoppers...
Return to question Exercise 3-18B Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7)...
Return to question Exercise 3-18B Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) A company's fiscal year-end is December 31, Year 1. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,300 30,500 21,500 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals $ 1,300 13,000 31,500 7,300 2,300 55,700 18,300 11,300 8,300 6,300 $100,800 $...
Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal...
Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Credit Debit 10,500 31,500 22,500 $ 1,500 15,000 32,500 2,500 55,500 18,500 11,500 8,500 6,500 Totals $112,000 112,000 1. Prepare the necessary closing entries....
Exercise 3-19 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information...
Exercise 3-19 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below.,] The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Debit Credit 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 $ 11,800 148,000 5,800 29,000...
6 Prepare the closing eneries, and post to the accounts 7. Prepare a post-closing trial balance....
6 Prepare the closing eneries, and post to the accounts 7. Prepare a post-closing trial balance. 8 Caloulate the current ratio for the company 234 chapter 4 post-closing trial balance with an optional worksheet On December 1, Bob Waldo began an auto repair shop, Waldo's Quality Automoiv Learning Objectives 1, 2, 3, P4-33A Completing the accounting cycle from journal entries to 4, 5 6. Ending Retained Eamings $5,095 The following transactions occurred during December Waldo contributed $70,000 cash to the...
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker incorporated's fiscal...
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 12,000 39,000 30,000 $ Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 3,000 30,000 40,000 9,000 4,000 54,000 20,000 13,000 10,000 8.000 $136,000 $136,000 Required: 1. Prepare the...
Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The...
Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) 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 $ 11,500 145,000 5,500 27,500 350,000 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...
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) The following information...
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) The following information applies to the questions displayed below. The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Credit Debit $ 10,800 138,000 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 4,800 24,000...
1. journalize the closing entries 2. prepare a post-closing trial balance Problem 3-04 The trial balance...
1. journalize the closing entries
2. prepare a post-closing trial balance
Problem 3-04 The trial balance of Kingbird Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit KINGBIRD FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,600 Accounts Receivable 37,300 Inventory 48,600 Supplies 9,100 Equipment 140,200 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and...
Required information Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The...
Required information Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The following information applies to the questions displayed below The year-end financial statements of Rattlers Tax Services are provided below. BUTTLERS TAX SERVICES Income Statement Service revenue $ 73,500 Expenses Salaries $ 45,200 Utilities 7.400 Insurance 5,000 Supplies 1,700 59,300 Net Income $14,200 FUTTLERS TAX SERVICES Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance, Jan. $52,000 $23,700 75,700 22,000 Issue...
I need to prepare a post closing trial balance but my debits and credits are not...
I need to prepare a post closing trial balance but my
debits and credits are not equalling out.
I obtained my retained earnings by closing out service
revenue & expenses to my income summary and then closing out
income summary and dividends to retained earnings.
Matt's Bowling Alley Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash 16,500 Accounts Receivable 2,600 Office Supplies 950 Prepaid Insurance 2.900 Land 25,000 Building 155.000 Accumulated Depreciation-Building 6,500 Fouipment 42.000 Print...
Return to question Exercise 3-18B Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) A company's fiscal year-end is December 31, Year 1. The following is an adjusted trial balance as of December 31. Credit Debit $ 10,300 30,500 21,500 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals $ 1,300 13,000 31,500 7,300 2,300 55,700 18,300 11,300 8,300 6,300 $100,800 $...
Exercise 3-18 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker Incorporated's fiscal year-end is December 31, 2018. The following is an adjusted trial balance as of December 31 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Credit Debit 10,500 31,500 22,500 $ 1,500 15,000 32,500 2,500 55,500 18,500 11,500 8,500 6,500 Totals $112,000 112,000 1. Prepare the necessary closing entries....
Exercise 3-19 Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) [The following information applies to the questions displayed below.,] The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Debit Credit 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 $ 11,800 148,000 5,800 29,000...
6 Prepare the closing eneries, and post to the accounts 7. Prepare a post-closing trial balance. 8 Caloulate the current ratio for the company 234 chapter 4 post-closing trial balance with an optional worksheet On December 1, Bob Waldo began an auto repair shop, Waldo's Quality Automoiv Learning Objectives 1, 2, 3, P4-33A Completing the accounting cycle from journal entries to 4, 5 6. Ending Retained Eamings $5,095 The following transactions occurred during December Waldo contributed $70,000 cash to the...
Exercise 3-18A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) Laker incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 12,000 39,000 30,000 $ Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals 3,000 30,000 40,000 9,000 4,000 54,000 20,000 13,000 10,000 8.000 $136,000 $136,000 Required: 1. Prepare the...
Required information Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) 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 $ 11,500 145,000 5,500 27,500 350,000 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...
Required information Exercise 3-16A Prepare financial statements from an adjusted trial balance (LO3-5) The following information applies to the questions displayed below. The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Credit Debit $ 10,800 138,000 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 4,800 24,000...
1. journalize the closing entries
2. prepare a post-closing trial balance
Problem 3-04 The trial balance of Kingbird Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit KINGBIRD FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,600 Accounts Receivable 37,300 Inventory 48,600 Supplies 9,100 Equipment 140,200 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances 4,200 Cost of Goods Sold 495,400 Salaries and...
Required information Problem 3-6A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7) The following information applies to the questions displayed below The year-end financial statements of Rattlers Tax Services are provided below. BUTTLERS TAX SERVICES Income Statement Service revenue $ 73,500 Expenses Salaries $ 45,200 Utilities 7.400 Insurance 5,000 Supplies 1,700 59,300 Net Income $14,200 FUTTLERS TAX SERVICES Statement of Stockholders' Equity Total Common Retained Stockholders' Stock Earnings Equity Beginning balance, Jan. $52,000 $23,700 75,700 22,000 Issue...
I need to prepare a post closing trial balance but my
debits and credits are not equalling out.
I obtained my retained earnings by closing out service
revenue & expenses to my income summary and then closing out
income summary and dividends to retained earnings.
Matt's Bowling Alley Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash 16,500 Accounts Receivable 2,600 Office Supplies 950 Prepaid Insurance 2.900 Land 25,000 Building 155.000 Accumulated Depreciation-Building 6,500 Fouipment 42.000 Print...
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