1. Close Revenue Accounts
2. Close expense accounts.
3. Close dividends account.
Homework Answers
Add Answer to:
1. Close Revenue Accounts
2. Close expense accounts.
3. Close dividends account.
Credit Debit 11,800 163,000...
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...
Debit Credit $87,120 31,560 15,840 255,360 109,320 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages...
Debit Credit $87,120 31,560 15,840 255,360 109,320 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $63,600 137,760 27.480 220,560 7.440 4,320 74.160 1,680 Date Account Tities and Explanation Debit Credit Dec. 31 (To dose revenue account) Dec. 31 (To dose expense accounts) Dec. 31 Determine the post-closing balance in Retained Earnings. (Post entries in the order of Journal entries presented in...
Centre Construction Company Adjusted Trial Balance December 31, 2020 US Dollar Debit Credit $ 59.400 $...
Centre Construction Company Adjusted Trial Balance December 31, 2020 US Dollar Debit Credit $ 59.400 $ 27,000 $ 405,000 $ 129,600 $ 850,000 $ 180,900 $ 400,000 $ 121,500 $ 25,000 $ 230,000 $ 875,000 $ 43,200 $ 108,000 Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Building Cash Common Stock Depreciation Expense Dividends Equipment Fees Earned Interest Expense Insurance Expense Interest Payable Land Miscellaneous Expense Notes Payable Prepaid Insurance Expense Rent Expense Retained Earnings Sales...
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...
Credit Debit $ 7, 700 16,500 6,628 163,000 $ 33,578 46,000 Account Title Cash Accounts receivable...
Credit Debit $ 7, 700 16,500 6,628 163,000 $ 33,578 46,000 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 11, 7ee 5,000 50,000 -4,914 136, eee 24,000 126,eee 21, 658 56,515 5,000 10, 363 $ 357, 364 $ 357, 364 Use the above adjusted trial balance to prepare Wilson Trucking Company's WILSON...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock $24,000 2,800 4,450 3,875 8,000 2,255 Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
Close Dividends. Review the Balance Sheet columns of the worksheet completed in Requirement 1. Date Accounts...
Close Dividends. Review the Balance Sheet columns of the worksheet completed in Requirement 1. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (4) To close Dividends. 4 homework 2 of 5 (5 complete) HWE 1 Balance sheet columns of worksheet Investment the stateme punt format. Fuzzy Investment Advisers Worksheet (Partial) December 31, 2018 Balance Sheet Account Title Debit Credit 31.000 56,000 Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable 3.000 20,000 16 000 15.000 1500...
Refer to the following trial balance. Credit Debit $19,000 43,000 65,000 15,000 320,000 Cash Accounts Receivable...
Refer to the following trial balance. Credit Debit $19,000 43,000 65,000 15,000 320,000 Cash Accounts Receivable Merchandise Inventory Supplies Land Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Interest Expense Totals $3,000 25,000 293,000 22,000 6.00 465,000 200,000 15,000 68,000 53,000 __4.000 $808,000 $808,000 How much is the gross profit? O A. $129,000 B. $119,000 O C. $125,000 D. $265,000
Account Title Debit Credit Cash $ 8,100 Accounts receivable 27,500 Office supplies 8,030 Trucks 163,000 Accumulated...
Account Title
Debit
Credit
Cash
$
8,100
Accounts receivable
27,500
Office supplies
8,030
Trucks
163,000
Accumulated depreciation—Trucks
$
33,578
Land
47,000
Accounts payable
12,100
Interest payable
2,000
Long-term notes payable
39,000
Common stock
38,640
Retained earnings
137,000
Dividends
27,000
Trucking fees earned
130,000
Depreciation expense—Trucks
21,658
Salaries expense
68,474
Office supplies expense
9,000
Repairs expense—Trucks
12,556
Totals
$
392,318
$
392,318
Use the above adjusted trial balance to prepare Wilson Trucking
Company’s classified balance sheet as of December
31.
...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 2,800 Accounts Payable Salaries Payable 4,450 Unearned Service Revenue 3,875 8,000 Common Stock Retained Earnings 2,255 Dividends 10,500 Service Revenue 100,000 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Taxes Expense 5,800 Totals $145,380 $145,380 Salaries Expense 49,400 Rent Expense 17,250 2,200 Insurance Expense Depreciation Expense Income Taxes Expense 4,950 5,800...
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...
Debit Credit $87,120 31,560 15,840 255,360 109,320 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $63,600 137,760 27.480 220,560 7.440 4,320 74.160 1,680 Date Account Tities and Explanation Debit Credit Dec. 31 (To dose revenue account) Dec. 31 (To dose expense accounts) Dec. 31 Determine the post-closing balance in Retained Earnings. (Post entries in the order of Journal entries presented in...
Centre Construction Company Adjusted Trial Balance December 31, 2020 US Dollar Debit Credit $ 59.400 $ 27,000 $ 405,000 $ 129,600 $ 850,000 $ 180,900 $ 400,000 $ 121,500 $ 25,000 $ 230,000 $ 875,000 $ 43,200 $ 108,000 Accounts Payable Accounts Receivable Accumulated Depreciation - Building Accumulated Depreciation - Equipment Building Cash Common Stock Depreciation Expense Dividends Equipment Fees Earned Interest Expense Insurance Expense Interest Payable Land Miscellaneous Expense Notes Payable Prepaid Insurance Expense Rent Expense Retained Earnings Sales...
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...
Credit Debit $ 7, 700 16,500 6,628 163,000 $ 33,578 46,000 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 11, 7ee 5,000 50,000 -4,914 136, eee 24,000 126,eee 21, 658 56,515 5,000 10, 363 $ 357, 364 $ 357, 364 Use the above adjusted trial balance to prepare Wilson Trucking Company's WILSON...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock $24,000 2,800 4,450 3,875 8,000 2,255 Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
Close Dividends. Review the Balance Sheet columns of the worksheet completed in Requirement 1. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (4) To close Dividends. 4 homework 2 of 5 (5 complete) HWE 1 Balance sheet columns of worksheet Investment the stateme punt format. Fuzzy Investment Advisers Worksheet (Partial) December 31, 2018 Balance Sheet Account Title Debit Credit 31.000 56,000 Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable 3.000 20,000 16 000 15.000 1500...
Refer to the following trial balance. Credit Debit $19,000 43,000 65,000 15,000 320,000 Cash Accounts Receivable Merchandise Inventory Supplies Land Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Interest Expense Totals $3,000 25,000 293,000 22,000 6.00 465,000 200,000 15,000 68,000 53,000 __4.000 $808,000 $808,000 How much is the gross profit? O A. $129,000 B. $119,000 O C. $125,000 D. $265,000
Account Title
Debit
Credit
Cash
$
8,100
Accounts receivable
27,500
Office supplies
8,030
Trucks
163,000
Accumulated depreciation—Trucks
$
33,578
Land
47,000
Accounts payable
12,100
Interest payable
2,000
Long-term notes payable
39,000
Common stock
38,640
Retained earnings
137,000
Dividends
27,000
Trucking fees earned
130,000
Depreciation expense—Trucks
21,658
Salaries expense
68,474
Office supplies expense
9,000
Repairs expense—Trucks
12,556
Totals
$
392,318
$
392,318
Use the above adjusted trial balance to prepare Wilson Trucking
Company’s classified balance sheet as of December
31.
...
Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 2,800 Accounts Payable Salaries Payable 4,450 Unearned Service Revenue 3,875 8,000 Common Stock Retained Earnings 2,255 Dividends 10,500 Service Revenue 100,000 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Taxes Expense 5,800 Totals $145,380 $145,380 Salaries Expense 49,400 Rent Expense 17,250 2,200 Insurance Expense Depreciation Expense Income Taxes Expense 4,950 5,800...
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