Assignment 2

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Prepare Closing Journal Entries

Preparation of Closing Journal Entries (Including T-Accounts for Revenue and Expense Summary, Drawings and Capital )

Required: • Journal Entry

Prepare The Journal Entries..!

Please Introduction and explanation show work without plagiarism help me quickly please

Notes payable (due on July 1, 2026) B. Wildhorse, capital B. Wildhorse drawings 46,100 33,780 17,600 Service revenue 76,100 Interest revenue 870 Depreciation expense 3,950 Interest expense 4,100 Rent expense 19,650 Salaries expense 37,150 Supplies expense 21,950 $173,440 $173,440 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no ent required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles Debit Credit

Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content

Required information Skip to question   [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:  Accounts Debit   Credit Cash $ 27,300           Accounts Receivable   15,300           Allowance for Uncollectible Accounts         $ 4,200   Supplies   4,200           Notes Receivable (6%, due in 2 years)   21,000           Land   80,600           Accounts Payable           9,100   Common Stock           101,000   Retained Earnings           34,100   Totals $ 148,400     $ 148,400     During January 2021, the following transactions occur: January   2   Provide services to customers for cash, $52,100. January   6   Provide services to customers on account, $89,400. January   15   Write off accounts receivable as uncollectible, $3,900. January   20   Pay cash for salaries, $33,100. January   22   Receive cash on accounts receivable,…

On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $24,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. ⚫The expected useful life of the asset is nine years, and its fair value is $180,000. Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." .The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (EV of $1, PV of $1. FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of the…

Instruction: From the following partial worksheet of Atty. Villanueva for six-month period ended December 31, 2019, prepare the financial statement in good form. Income Statement Balance Sheet Trial Balance Debit 40,000 50,000 30,000 10,000 20,000 15,000 Credit Debit Credit Debit Credit Cash on Hand Cash in Bank 40,000 50,000 30,000 10,000 20,000 15,000 Accounts Receivable Note Receivable Prepaid Insurance Office Furniture Accounts Payable Notes Payable M. Capital M. Drawing Service Income Salaries Expense Supplies Expense Taxes and Licenses Rent Expense Interest Expense 20,000 10,000 77,000 20,000 10,000 77,000 5,000 5,000 150,000 150,000 36,000 8,000 5,000 24,000 2,000 3,000 36,000 8,000 5,000 24,000 2,000 3,000 Bad Debts Allowance for Bad Debts 3,000 3,000 Depreciation Expense Accumulated Depreciation - Furniture Insurance Expense Unused Supplies Interest Income 1,500 1,500 1,500 1,500 10,000 3,000 10,000 3,000 1,000 262,500 262,500 89,500 151,000 173,000 111,500 Net Income 61,500…

Prepare The Journal Entry.

Find year-end closing entries (journal and ledger).

A Pre-Closing Trial Balance for Shady Lane Senior Living Center is listed below. From the list of accounts provided, prepare an activity statement. In this instance, there are no assets released from restrictions. Download the excel file provided. Prepare the activity statement, save it on your computer, and upload your response in the drop box below.   Cash $121,000 Pledges Receivable 50,240 Interest Income Receivable 500 Inventory 1,000 Investments – long term 492,600 Land 42,000 Building 162,800 Vintage Car Collection 60,000 Allowance for Uncollectible Pledges 1,000 Accumulated Depreciation 22,600 Accounts Payable 600 Notes Payable 1,000 Deferred Revenue 400 Long Term Loans Payable 100,000 Mortgage Payable 14,000 Net Assets: UR Undesignated 100,000 Net Assets: UR Designated 60,000 Net Assets: TR 100,000 Net Assets: PR 200,000 Program Expenses 42,300 SS: Mgt & Genl Exp 9,600 SS: Fundraising Exp 3,600 Reclassifications OUT-TR 44,200 Loss on Disposal of equipment 600 Revenue:…

Your email will be recorded when you submit this form *Required Consider the following selected financial information for Aishti company. Aishti Company Income Statement For the Year Ended December 31, 2020 Aishti Company Balance Sheet For the Year Ended December 31, 2019 & 2020 2020 2019 Assets Cash $2,415 $5,040 Revenues $94,500 Accounts Receivable $5,355 $6,195 Inventories $10,290 $10,080 Less: Depreciation expense $6,825 Plant & Equipment Less: Acc. Depreciation Total Assets $22,575 ($15,960) (S9,135) S35,070 $32,970 Less: Other operating expenses 74,550 S34,755 Less: Interest Expense 3,990 Liabilities & O/E Accounts Payable Income Tax Payable Long-Term Debt Common Stock Retained Earnings Total Liabilities and O/E $3,885 $1,26 $9,555 $11,550 $8,820 S35,070 $5,775 $2,94 S8,715 $14,175 S3,150 S34,755 Income income taxes $9,135 Income tax expense $3,197 Net income $5,938 1. Using the indirect method of cash flow statement, what is the net cash provided by opera jactivities for the…

answer in text form please (without image), Note: .Every entry should have narration please

Given the following transaction of entrepreneur ark, what journal entries would you make as its accountant, to book the followig transaction? a June 23. Received a 52,000, 90 day, 8% note date 23 from BEDA express account sept 11 the note is dishonoed by BEDA Oct 2 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to BEDA express on september 21

ACTIVITY NO. 2 YR.&SEC. DATE NAME: COURSE: The following accounts were taken from the General Ledger of Kapit Tuko Pension House at the end of its 1st year of operation, December 31, 2019. P 85,000 60,000 Cash Accounts Receivable Office Supplies Office Equipment 5,000 100,000 40,000 400,000 Office Furniture Service Vehicle Accounts Payable WHT Payable SSS Payable Philhealth Payable K. Tuko, Capital K. Tuko, withdrawals Service Income earned Salaries and Wages 25,000 8,000 10,000 OKYIM 2,000 500,000 20,000 959,000 350,000 240,000 Rent Expense Advertising Expense Supplies Expense Light and Water Expense Gas and Oil Expense Repairs and Maintenance Telephone Expense Representation Expense Insurance Expense Taxes and Licenses 12,000 10,000 24,000 75,000 6,000 36,000 30,000 6,000 5,000 Required: Prepare a Trial Balance.

Given the ledger accounts of Barella Company as of January 31, 2020: Accounts Payable $3,000 Rent Expense $5,600 Accounts Receivable 4,400 Service Revenue 10,400 Cash 8,800 Supplies 2,200 Share Capital-Ordinary 5,200 Notes Payable 2,400 Compute the total of the credit side of the trial balance. (show your computation). A. 22,000 B. 28,000 C. 26,000 O D. 21,000

22 Salaries Payable 55 Insurance Expense 23 Unearmed Fees 59 Miscellaneous Expense The post-dosing trial balance as of April 30, 2019 Required: Journalize each of the May transactions using Kelly Consulling's clhar of accounts. (Do not Insert the account rumbers in the Post. Ref. colt compound transaction, if an amount box does not require an entry, leave it blank, May 3. Receved.cash fromn clients as an advance payrment for servies to be provided and recorded it as unearned fees, s1.500. Post. Ref. 4,500 May 5: Received cash from dlients on account, $2,450. Post. Ref. Debit 2,450 May 9: Paid cash for a newspaper advertisement, $225. Post. Ref. Debit DOOdODS日 May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Post. Ref. Debit 640 May 15: Provided services on accournt for the period May 1-15, $9,180. Description Post. Ref. Debit 9,180 9,180 May 16: Paid part-time receptionist for two weeks' salary induding the amount owed on April 30, $750. Description Post.…

Questions are attached in the screenshot below greatly appreciate the hlep thanks @%12512oo o--

How do I write journal entries for these separate transactions? And which are debit/credit?

Question Required information Skip to question   [The following information applies to the questions displayed below.]      The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:   Accounts Debits   Credits Cash $ 47,500           Accounts Receivable   31,700           Land   116,800           Accounts Payable           15,900   Notes Payable (due in 2 years)           36,000   Common Stock           106,000   Retained Earnings           38,100   Totals $ 196,000     $ 196,000       The following is a summary of the transactions for the year:   1.   January   12   Provide services to customers on account, $68,400. 2.   February   25   Provide services to customers for cash, $78,300. 3.   March   19   Collect on accounts receivable, $46,300. 4.   April   30   Issue shares of common stock in exchange for $36,000 cash. 5.   June   16   Purchase supplies on account, $13,300. 6.   July   7   Pay on…

Question Required information Skip to question   [The following information applies to the questions displayed below.]      The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:   Accounts Debits   Credits Cash $ 47,500           Accounts Receivable   31,700           Land   116,800           Accounts Payable           15,900   Notes Payable (due in 2 years)           36,000   Common Stock           106,000   Retained Earnings           38,100   Totals $ 196,000     $ 196,000       The following is a summary of the transactions for the year:   1.   January   12   Provide services to customers on account, $68,400. 2.   February   25   Provide services to customers for cash, $78,300. 3.   March   19   Collect on accounts receivable, $46,300. 4.   April   30   Issue shares of common stock in exchange for $36,000 cash. 5.   June   16   Purchase supplies on account, $13,300. 6.   July   7   Pay on…