23. Prepare closing entries from the following end-of-period spreadsheet.Austin EnterprisesEnd-of-Period SpreadsheetFor the Year Ended December 31Adjusted Trial BalanceBalance SheetIncome StatementCreditAccount TitleCashDebitCreditDebitDebitCredit26,5007,0001,00018,50026,5007,0001,000|18,500Accounts Receivable|SuppliesEquipmentAccumulated Depr.-Equip.Accounts PayableWages PayableCommon StockRetained EarningsDividendsFees EarnedWages ExpenseRent ExpenseDepreciationExpenseTotalsNet Income (Loss)5,0005,00011,000|1,0006,0002,00011,0001,0006,0002.0002,0002,00059,50059,50019,0007,0003,50019,0007,0003,50084,50029,50030,00059,50059,50025,00030.00055,00084,50055,00059,50055.000

Closing Journal Entries: Closing journal entries are those journal entries that are prepared at the…

Answered: 23. Prepare closing entries from the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11EB: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

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Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. amount due for employee salaries, $4,800 B. actual count of supplies inventory, $ 2,300 C. depreciation on equipment, $3,000
From the adjusting entries below, prepare the reversing entry(ies) that would be needed for January 1. GENERAL JOURNALPage 1 DateDescriptionPostRef. DebitCreditAdjusting EntriesDec.31Work in Process Inventory17,333.00Factory Overhead17,333.0031Interest Receivable2,367.00Interest Revenue2,367.0031Office Supplies Expense6,319.00Office Supplies6,319.0031Factory Overhead15,841.00Factory Supplies15,841.0031Bad Debt Expense4,320.00Allowance for Bad Debts4,320.0031Factory Overhead1,927.00Prepaid Insurance1,927.0031Factory Overhead6,210.00Accumulated Depreciation—FactoryBuilding6,210.0031Factory Overhead14,253.00Accumulated Depreciation—FactoryEquipment14,253.00
Selected accounts and related amounts for Druid Hills Co. for the fiscal year ended May 31, 20Y8, are presented in Problem 6-5A. Adjunt problem 6-5A Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 12. 2. Prepare closing entries as of May 31, 20Y8.
Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31
Use the following information to answer Exercises E5-23 through E5-25. The adjusted trial balance of Quality Office Systems at March 31, 2018, follows: Journalizing closing entries Requirements Journalize the required dosing entries at March 31, 2018. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances. How much was Quality Office’s net income or net loss?
Prepare closing entries from the following end-of-period spreadsheet. Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 26,500 26,500 Accounts Receivable 7,000 7,000 Supplies 1,000 1,000 Equipment 18,500 18,500 Accumulated Depr.-Equip. 5,000 5,000 Accounts Payable 11,000 11,000 Wages Payable 1,000 1,000 Common Stock 6,000 6,000 Retained Earnings 2,000 2,000 Dividends 2,000 2,000 Fees Earned 59,500 59,500 Wages Expense 19,000 19,000 Rent Expense 7,000 7,000 Depreciation Expense 3,500…
Closing entriesAfter the accounts have been adjusted at April 30, the end of the fiscalyear, the following balances were taken from the ledger of Nuclear Landscaping Co.: Retained EarningsDividendsFees EarnedWages ExpenseRent ExpenseSupplies ExpenseMiscellaneous Expense $643,6010,500356,500283,10056,00011,50013,000 Journalize the four entries required to close the accounts.
Closing Entries The End-of-Period Spreadsheet and partially completed Income Summary Account are shown. Gimbel's Gifts and GadgetsEnd-of-Period SpreadsheetFor Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 18,000.00 18,000.00 Accounts Receivable 12,500.00 12,500.00 Merchandise Inventory 67,600.00 (b) 76,400.00 (a) 67,600.00 76,400.00 Estimated Returns Inventory 2,880.00 (e) 3,880.00 (d) 2,880.00 3,880.00 Supplies 7,200.00 (f) 4,220.00 2,980.00 Prepaid Insurance 4,850.00 (g) 1,440.00 3,410.00 Land 117,000.00 117,000.00 Building 224,000.00 224,000.00 Accum. Depr.—Building 89,600.00 (h) 11,200.00 100,800.00 Store Equipment 90,000.00 90,000.00 Accum. Depr.—Store Equipment 36,000.00 (i) 4,500.00 40,500.00 Accounts Payable 8,650.00 8,650.00 Customer Refunds…
Use the following end-of-period spreadsheet below to answer the question that follow. Finley CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depreciation 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 C. Finley, Capital 13,250 13,250 C. Finley, Drawing 1,000 1,000 Fees Earned 45,786 45,786 Wages Expense 20,595 20,595 Rent Expense 6,952 6,952 Depreciation Expense 5,489 5,489 77,036 77,036 33,036…
Use the following information to answer Exercises E5-23 through E5-25. The adjusted trial balance of Quality Office Systems at March 31, 2018, follows: Preparing a single-step income statement Prepare Quality Office’s single-step income statement for the year ended March 31, 2018.
prepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18,000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450
Use the following end-of-period spreadsheet to answer the question that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 48,000 48,000 Accounts Receivable 18,000 18,000 Supplies 6,000 6,000 Equipment 57,000 57,000 Accumulated Depreciation 18,000 18,000 Accounts Payable 25,000 25,000 Wages Payable 6,000 6,000 C. Finley, Capital 33,000 33,000 C. Finley, Drawing 3,000 3,000 Fees Earned 155,000 155,000 Wages Expense 63,000 63,000 Rent Expense 27,000 27,000 Depreciation Expense 15,000 15,000 237,000 237,000 105,000 155,000 132,000 82,000 Net income 50,000 50,000 155,000 155,000 132,000 132,000 Use the end-of-period spreadsheet…

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