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Closing Entries 36. Close the revenue accounts. 37. Close the expense accounts. 38. Close the income summary account. 39. Close the dividends account. Introduction FAQ Welcome Chart abc General MA Clear Y BTU D % fx 10A - A- A Computer & Consulting Revenue Wrap Text Marge B31 For Perlod Ending June 30, 2019 Unustad Tral Balance Dabit Credit 46.669 36 . 2010 1900 5,808 00 460000 0001 2351.00 Adjusting Entries Debit Credit 5,375.00 6.375.00 242.00 2.300.00 214.00 - A...
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Question 11
Our unearned revenue account had a credit balance of $5,000
before adjusting entries were recorded. On December 31, we
determined that $3,000 of the $5,000 had been earned during the
current year. What account and amount would we debit when we record
this adjusting entry in the general journal?
Group of answer choices
unearned revenue, $2,000
service revenue, $2,000
unearned revenue, $3,000
service revenue, $3,000
Question 121 pts
On December 31, we had accrued taxes of $6,000. What...
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please answer boxes
Adjusting Entries for Unearned and Accrued Fees The balance in the unearned fees account, before adjustment at the end of the year, is $110,730. Of these fees, $68,655 have been earned. In addition, $13,290 of fees have been earned but have not been billed. a. Journalize the adjusting entry to adjust the unearned fees account. If an amount box does not require an entry, leave it blank. Unearned Fees Fees Earned ✓ Feedback Check My Work Consider...
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Why are adjusting entries necessary?
To close nominal accounts at year end.
To close permanent accounts at year end.
To ensure that all revenue and expenses are recorded.
To force debits credits to be equal.
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Mastering Adjusting Entries The following information relates to questions 31 and 32: CBA Co. uses accrual basis accounting. It collects $20,000 in December for a job and credits unearned revenue. By the end of December, its year end. CBA has completed 40% of the work. 31. How much revenue has CBA earned in December? a. $20,000 b. $12,000 c. $8,000 d. $0 32. Which accounts does CBA debit and credit in the adjusting journal entry on December 31? a. Unearned...
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1. Adjusting data of CAK Intemet at June 30, 2018: a. Unearned service revenues still unearned, $800. b. Prepaid rent still in force, $2,100. c. Supplies used during the month $900. d. Depreciation for the month $400. e. Accrued salary expense, $1,500. Requirements (1) Journalize adjusting journal entries. (5 Marks) (2) Completing the following worksheet. (5 Marks) (3) Prepare closing entries. (4 Marks) (4) Prepare income statement and balance sheet. (6 Marks) CAK INTERNET Worksheet June 30,2018 TRIAL ADJUSTED TRIAL...
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1. Adjusting data of CAK Intermet at June 30, 2018: a. Unearned service revenues still unearned, $800. b. Prepaid rent still in force, $2,100. c. Supplies used during the month,$900. d. Depreciation for the month,$400. e. Accrued salary expense,$1,500. Requirements (1) Journalize adjusting journal entries. (5 Marks) (2) Completing the following worksheet. (5 Marks) (3) Prepare closing entries. (4 Marks) (4) Prepare income statement and balance sheet. (6 Marks) CAK INTERNET Worksheet June 30,2018 ADJUSTED TRIAL BALANCE DEBIT TRIAL BALANCE...
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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...
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e Accounts Instructions (a) Journalize the adjusting entries on May 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) (c) Prepare an adjusted trial balance on May 31. (d) Prepare an income statement and an owner's equity statement for the month of May and a balance sheet at May 31. 5 A. trial ba P3-2A Mac's Motel opened for business on May...
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S3-13. (Learning Objective 3: Adjust the accounts for accrued and unearned revenue) Dexter, Inc., collects cash from customers in advance and from other customers after the sale. Journalize the following transactions for Dexter: a. Accrued revenue. Some customers pay Dexter after Dexter has performed the service for the customer. During 2018, Dexter performed services for $22,000 on account and later received cash of $9,000 on account from these customers. b. Unearned revenue. A few customers pay Dexter in advance, and...
Closing Entries 36. Close the revenue accounts. 37. Close the expense accounts. 38. Close the income summary account. 39. Close the dividends account. Introduction FAQ Welcome Chart abc General MA Clear Y BTU D % fx 10A - A- A Computer & Consulting Revenue Wrap Text Marge B31 For Perlod Ending June 30, 2019 Unustad Tral Balance Dabit Credit 46.669 36 . 2010 1900 5,808 00 460000 0001 2351.00 Adjusting Entries Debit Credit 5,375.00 6.375.00 242.00 2.300.00 214.00 - A...
please answer boxes
Adjusting Entries for Unearned and Accrued Fees The balance in the unearned fees account, before adjustment at the end of the year, is $110,730. Of these fees, $68,655 have been earned. In addition, $13,290 of fees have been earned but have not been billed. a. Journalize the adjusting entry to adjust the unearned fees account. If an amount box does not require an entry, leave it blank. Unearned Fees Fees Earned ✓ Feedback Check My Work Consider...
Mastering Adjusting Entries The following information relates to questions 31 and 32: CBA Co. uses accrual basis accounting. It collects $20,000 in December for a job and credits unearned revenue. By the end of December, its year end. CBA has completed 40% of the work. 31. How much revenue has CBA earned in December? a. $20,000 b. $12,000 c. $8,000 d. $0 32. Which accounts does CBA debit and credit in the adjusting journal entry on December 31? a. Unearned...
1. Adjusting data of CAK Intemet at June 30, 2018: a. Unearned service revenues still unearned, $800. b. Prepaid rent still in force, $2,100. c. Supplies used during the month $900. d. Depreciation for the month $400. e. Accrued salary expense, $1,500. Requirements (1) Journalize adjusting journal entries. (5 Marks) (2) Completing the following worksheet. (5 Marks) (3) Prepare closing entries. (4 Marks) (4) Prepare income statement and balance sheet. (6 Marks) CAK INTERNET Worksheet June 30,2018 TRIAL ADJUSTED TRIAL...
1. Adjusting data of CAK Intermet at June 30, 2018: a. Unearned service revenues still unearned, $800. b. Prepaid rent still in force, $2,100. c. Supplies used during the month,$900. d. Depreciation for the month,$400. e. Accrued salary expense,$1,500. Requirements (1) Journalize adjusting journal entries. (5 Marks) (2) Completing the following worksheet. (5 Marks) (3) Prepare closing entries. (4 Marks) (4) Prepare income statement and balance sheet. (6 Marks) CAK INTERNET Worksheet June 30,2018 ADJUSTED TRIAL BALANCE DEBIT TRIAL BALANCE...
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...
e Accounts Instructions (a) Journalize the adjusting entries on May 31. (b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) (c) Prepare an adjusted trial balance on May 31. (d) Prepare an income statement and an owner's equity statement for the month of May and a balance sheet at May 31. 5 A. trial ba P3-2A Mac's Motel opened for business on May...
S3-13. (Learning Objective 3: Adjust the accounts for accrued and unearned revenue) Dexter, Inc., collects cash from customers in advance and from other customers after the sale. Journalize the following transactions for Dexter: a. Accrued revenue. Some customers pay Dexter after Dexter has performed the service for the customer. During 2018, Dexter performed services for $22,000 on account and later received cash of $9,000 on account from these customers. b. Unearned revenue. A few customers pay Dexter in advance, and...