18. (Chapter 4) The closing process requires only temporary accounts to be adjusted. Listed below are...
18. (Chapter 4)
The closing process requires only temporary accounts to be adjusted. Listed below are both temporary and permanent accounts.
1. Owner’s drawings
2. Rent expense
3. Accounts payable
4. Cash
5. Owner’s capital
6. Prepaid expense
7. Depreciation expense
8. Land
9. Unearned revenue
10. Service revenue
11. Note payable
12. Income summary
13. Salaries expense
14. Interest payable
15. Accounts receivable
Instructions
State which accounts are permanent (P) or temporary (T).
19. (Chapter 4)
At March 31, 2014, account balances after adjustments for Maddux Cinema are as follows:
Account Balances
Accounts (After Adjustment)
Cash............................................................................................................ $ 6,000
Concession supplies.......................................................................................... 4,000
Theatre equipment.......................................................................................... 50,000
Accumulated depreciation—theatre equipment............................................. 12,000
Accounts payable.............................................................................................. 5,000
N. Maddux, capital......................................................................................... 20,000
N. Maddux, drawings..................................................................................... 12,000
Admission ticket revenues.............................................................................. 60,000
Popcorn revenues............................................................................................ 37,000
Candy revenues............................................................................................... 19,000
Advertising expense........................................................................................ 12,000
Concession supplies expense.......................................................................... 19,000
Depreciation expense........................................................................................ 4,000
Film rental expense......................................................................................... 16,000
Rent expense................................................................................................... 12,000
Salaries expense...................................................................................... ....... 13,000
Utilities expense................................................................................................ 5,000
Instructions
a. Prepare the closing journal entries for Maddux Cinema.
b. Prepare a post-closing trial balance.
Homework Answers
18) Classification
| Owner's drawing | Temporary |
| Rent expense | Temporary |
| Account payable | Permanent |
| Cash | Permanent |
| Owner's capital | Permanent |
| Prepaid expense | Permanent |
| Depreciation expense | Temporary |
| land | Permanent |
| Unearned revenue | Permanent |
| Service revenue | Temporary |
| Notes payable | Permanent |
| Income summary | Temporary |
| Salaries expense | Temporary |
| Interest payable | Permanent |
| Account receivable | Permanent |
Note : Please post each question individually as HOMEWORKLIB guidelines
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18. (Chapter 4)
The closing process requires only temporary accounts to be
adjusted. Listed below are...
Instructions: Prepare the closing entries for the temporary accounts at August 31. RYAN COMPANY Trial Balance...
Instructions: Prepare the closing entries for
the temporary accounts at August 31.
RYAN COMPANY Trial Balance August 31, 2017 After Adjustment Cr. Dr. Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. $10,900 8,800 2,500 4,000 16,000 $ 3,600 5,800 0 1,800 10,000 5,500 2,800...
9. At March 31, account balances after adjustments for Wide Screen are as follows: Account Balances...
9. At March 31, account balances after adjustments for Wide Screen are as follows: Account Balances (After Adjustment) Accounts Cash $ 11,000 Supplies 4,000 Equipment 50,000 Accumulated Depreciation-Equipment 12,000 Accounts Payable 5,000 Owner's, Capital 20,000 Owner's, Drawings 8,000 Ticket Revenue 59,000 Service Revenue Advertising Expense 55,000 Supplies Expense 18,800 Depreciation Expense 17,000 Rent Expense 4,000 Salaries and Wages Expense 26,000 Utilities Expense 24,000 5,200 Instructions Prepare the closing journal entries for Wide Screen. (20 pts) 10
The entry to close the revenue accounts includes a * Debit to income summary $32,300 Debit...
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
Debit to Revenues for $37,100
Credit to income summary $35,300
Credit to Revenues for $28,300
The entry to close the expenses accounts includes a
*
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $24,000
Credit to total expenses for $16,000
After the revenue and expense accounts have been
closed, the balance of Income Summary will be *
Credit...
Chapter Four Exercise #2: Create Financial Statements from Adjusted Trial Balance THAO COMPANY Worksheet For the...
Chapter Four Exercise #2: Create Financial Statements from Adjusted Trial Balance THAO COMPANY Worksheet For the Year Ended December 31, 2020 Adjusted Account Trial Balance No. Account Titles 101 Cash 5,300 (Dr.) 112 Accounts Receivable 10,800 (Dr.) 126 Supplies 1,500 (Dr.) 130 Prepaid Insurance 2,000 (Dr.) 157 Equipment 27,000 (Dr.) 158 Accumulated Depreciation—Equipment 5,600 (Cr.) 200 Notes Payable 15,000 (Cr.) 201 Accounts Payable 6,100 (Cr.) 212 Salaries and Wages Payable 2,400 (Cr.) 230 Interest Payable 600 (Cr.) 301 Owner’s Capital...
Closing Process Selected adjusted balances of the Rose Corporation, prepared as of December 31, are as...
Closing Process Selected adjusted balances of the Rose Corporation, prepared as of December 31, are as follows: Account Balance Account type Service fees earned 592,500 Temporary Interest income 2,200 Temporary Salaries expense 41,800 Temporary Advertising expense 4300 Temporary Depreciation expense 8,700 Temporary Income tax expense 9.900 Temporary Common stock 7,500 Permanent Retained earnings, beg, balance 57,700 Permanent Cash dividends 15,000 Temporary Identify the temporary accounts that will be closed to retained Earnings. Once the closing process is completed, what is...
Part. Closing Journal Entries The accounts of Taylor Electronics Company are listed along with their adjusted...
Part. Closing Journal Entries The accounts of Taylor Electronics Company are listed along with their adjusted balances before closing for the month ended June 30, 2019. Prepare the closing journal entries in the journal below. $ 200 39.000 46,000 2.700 Prepaid Expenses Inventory Note Payable. Long-Term Salary Payable Supplies Expense Utilities Expense Sales Revenue Rent Expense Supplies Unearned Sales Revenue Accounts payable Accounts receivable Accumulated depreciation Taylor, Capital, June 1 Taylor, Owner Withdrawals Cash Cost of Goods Sold Equipment Salaries...
Question 1: Briefly discuss the difference between “Temporary Accounts” and “Permanent Accounts”. The financial statement columns...
Question 1: Briefly
discuss the difference between “Temporary Accounts” and “Permanent
Accounts”.
The financial statement columns of the worksheet December 31, 2017, are as follows: Income Statement Debit Credit Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Note Payable (Long term) Salaries and Wages Payable Share Capital-Ordinary Retained Earnings Dividends Service Revenue Advertising Expense Depreciation Expense Insurance Expense Rent Expense Salaries and Wages Expense Supplies Expense Totals Net Income Financial Position Debit Credit 20,000 14,000 8,000...
Question 3 (10%) The adjusted trial balance shown below is for Big Company at the end...
Question 3 (10%) The adjusted trial balance shown below is for Big Company at the end of its fiscal year. BIG COMPANY Trial Balance March 31, 2017 ebit 12,900 9,400 700 Cash Accounts Receivable Supplies Prepaid Insurance. Equipment Accumulated Depreciation-Equipment. Accounts Payable Salaries and Wages Payable.... Unearned Rent Revenue Common Stock 2,500 16,000 $ 4,800 5,800 1,100 600 15,000 5,600 Retained Earnings. Dividends.. Service Revenue Rent Revenue 34,600 14,400 Salaries and Wages Expense Supplies Expense Rent Expense.. 18,100 1,800 12,000...
Exercise 194 At March 31, account balances after adjustments for Wide Screen are as follows: Accounts...
Exercise 194 At March 31, account balances after adjustments for Wide Screen are as follows: Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Owner's, Capital Owner's, Drawings Ticket Revenue Service Revenue Advertising Expense Supplies Expense Depreciation Expense Rent Expense Salaries and Wages Expense Account Balances (After Adjustment) $11,000 4,000 50,000 12,000 5,000 20,000 8,000 59,000 55,000 18,800 17,000 4,000 26,000 24,000 5,200 Utilities Expense Prepare the closing journal entries for Wide Screen. (Credit account titles are automatically indented when amount...
Below is the adjusted trail balance for Bally Services. BALLY SERVICES Adjusted Trial Balance December 31,...
Below is the adjusted trail balance for Bally Services. BALLY SERVICES Adjusted Trial Balance December 31, 2018 DR CR Cash $ 11,000 Accounts Receivable 23,500 Supplies 3,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation- $ 33,000 Equipment Accounts Payable 5,000 Interest Payable 150 Notes Payable 5,000 Unearned Service Revenue 5,600 Salaries and Wages Payable 1,300 Common Stock 10,000 Retained Earnings 3,500 Service Revenue 63,500 Salaries and Wages Expense 11,300 Insurance Expense 850 Interest Expense 500 Depreciation Expense 5,000 Supplies Expense...
Instructions: Prepare the closing entries for
the temporary accounts at August 31.
RYAN COMPANY Trial Balance August 31, 2017 After Adjustment Cr. Dr. Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. $10,900 8,800 2,500 4,000 16,000 $ 3,600 5,800 0 1,800 10,000 5,500 2,800...
9. At March 31, account balances after adjustments for Wide Screen are as follows: Account Balances (After Adjustment) Accounts Cash $ 11,000 Supplies 4,000 Equipment 50,000 Accumulated Depreciation-Equipment 12,000 Accounts Payable 5,000 Owner's, Capital 20,000 Owner's, Drawings 8,000 Ticket Revenue 59,000 Service Revenue Advertising Expense 55,000 Supplies Expense 18,800 Depreciation Expense 17,000 Rent Expense 4,000 Salaries and Wages Expense 26,000 Utilities Expense 24,000 5,200 Instructions Prepare the closing journal entries for Wide Screen. (20 pts) 10
The entry to close the revenue accounts includes a
*
Debit to income summary $32,300
Debit to Revenues for $37,100
Credit to income summary $35,300
Credit to Revenues for $28,300
The entry to close the expenses accounts includes a
*
Debit to income summary $12,900
Credit to income summary $12,900
Debit to income summary for $24,000
Credit to total expenses for $16,000
After the revenue and expense accounts have been
closed, the balance of Income Summary will be *
Credit...
Closing Process Selected adjusted balances of the Rose Corporation, prepared as of December 31, are as follows: Account Balance Account type Service fees earned 592,500 Temporary Interest income 2,200 Temporary Salaries expense 41,800 Temporary Advertising expense 4300 Temporary Depreciation expense 8,700 Temporary Income tax expense 9.900 Temporary Common stock 7,500 Permanent Retained earnings, beg, balance 57,700 Permanent Cash dividends 15,000 Temporary Identify the temporary accounts that will be closed to retained Earnings. Once the closing process is completed, what is...
Part. Closing Journal Entries The accounts of Taylor Electronics Company are listed along with their adjusted balances before closing for the month ended June 30, 2019. Prepare the closing journal entries in the journal below. $ 200 39.000 46,000 2.700 Prepaid Expenses Inventory Note Payable. Long-Term Salary Payable Supplies Expense Utilities Expense Sales Revenue Rent Expense Supplies Unearned Sales Revenue Accounts payable Accounts receivable Accumulated depreciation Taylor, Capital, June 1 Taylor, Owner Withdrawals Cash Cost of Goods Sold Equipment Salaries...
Question 1: Briefly
discuss the difference between “Temporary Accounts” and “Permanent
Accounts”.
The financial statement columns of the worksheet December 31, 2017, are as follows: Income Statement Debit Credit Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Note Payable (Long term) Salaries and Wages Payable Share Capital-Ordinary Retained Earnings Dividends Service Revenue Advertising Expense Depreciation Expense Insurance Expense Rent Expense Salaries and Wages Expense Supplies Expense Totals Net Income Financial Position Debit Credit 20,000 14,000 8,000...
Question 3 (10%) The adjusted trial balance shown below is for Big Company at the end of its fiscal year. BIG COMPANY Trial Balance March 31, 2017 ebit 12,900 9,400 700 Cash Accounts Receivable Supplies Prepaid Insurance. Equipment Accumulated Depreciation-Equipment. Accounts Payable Salaries and Wages Payable.... Unearned Rent Revenue Common Stock 2,500 16,000 $ 4,800 5,800 1,100 600 15,000 5,600 Retained Earnings. Dividends.. Service Revenue Rent Revenue 34,600 14,400 Salaries and Wages Expense Supplies Expense Rent Expense.. 18,100 1,800 12,000...
Exercise 194 At March 31, account balances after adjustments for Wide Screen are as follows: Accounts Cash Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Owner's, Capital Owner's, Drawings Ticket Revenue Service Revenue Advertising Expense Supplies Expense Depreciation Expense Rent Expense Salaries and Wages Expense Account Balances (After Adjustment) $11,000 4,000 50,000 12,000 5,000 20,000 8,000 59,000 55,000 18,800 17,000 4,000 26,000 24,000 5,200 Utilities Expense Prepare the closing journal entries for Wide Screen. (Credit account titles are automatically indented when amount...
Below is the adjusted trail balance for Bally Services. BALLY SERVICES Adjusted Trial Balance December 31, 2018 DR CR Cash $ 11,000 Accounts Receivable 23,500 Supplies 3,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation- $ 33,000 Equipment Accounts Payable 5,000 Interest Payable 150 Notes Payable 5,000 Unearned Service Revenue 5,600 Salaries and Wages Payable 1,300 Common Stock 10,000 Retained Earnings 3,500 Service Revenue 63,500 Salaries and Wages Expense 11,300 Insurance Expense 850 Interest Expense 500 Depreciation Expense 5,000 Supplies Expense...
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