After all closing entries have been posted,the revenue account will have a balance of *Your answer

Closing entries are entries that are recorded at the end of the period for closing revenues,…

Answered: After all closing entries have been…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter8: Recording Closing Entries And Preparing A Post-closing Trial Balance For A Service Business

Section: Chapter Questions

Problem 1AFE

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Assume that the first two closing entries have been made and posted. Use the T-accounts provided below to: A. complete the closing entries B. determine the ending balance in the Retained Earnings account
Assume that the first two closing entries have been made and posted. Use the T-accounts provided as follows to: A. complete the closing entries B. determine the ending balance in the Retained Earnings account
The ledger accounts after adjusting entries for Cortez Services are presented below. a. Journalize the following closing entries and number as steps 1 through 4. b. What is the new balance of J. Cortez, Capital after closing? Show your calculations.
The partial work sheet for Ho Consulting for May follows: Required 1. Write the owners name on the Capital and Drawing T accounts. 2. Record the account balances in the T accounts for owners equity, revenue, and expenses. 3. Journalize the closing entries using the four steps in correct order. Number the closing entries 1 through 4. 4. Post the closing entries to the T accounts immediately after you journalize each one to see the effect of the closing entries. Number the closing entries 1 through 4. Check Figure Debit to Income Summary, second entry, 5,840
Assuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted:
After the adjusting entries are recorded and posted and the financial statements have been prepared, you are ready to record the closing entries. Closing entries zero out the temporary owners equity accounts (revenue(s), expenses(s), and Drawing). This process transfers the net income or net loss and the withdrawals to the Capital account. In addition, the closing process prepares the records for the new fiscal period. Required 1. Journalize the dosing entries in the general journal. (If you are using Working Papers to prepare the closing entries, enter your transactions beginning on page 5.) 2. Post the closing entries to the general ledger accounts. (Skip this step if you are using CLGL.) 3. Prepare a post-dosing trial balance as of October 31, 20--. Check Figures 1. Debit to Income Summary second entry, 12,023.25 2. Post-closing trial balance total, 37,420.00
Steps that begin with analyzing source documents and conclude with the post-closing trial balance are called the (a) closing process. (b) accounting cycle. (c) adjusting entries. (d) posting process.
after preparing and posting the closing entries for revenues and expenses the income summary accounts has a debit balance of 24000 the entry to close the income summary account will be?
1.What is the total of the debit column of the post-closing trial balance after all 4 closing entries have been journalized and posted? [Hint: add all accounts on the post-closing trial balance with debit balances. 2.After the first closing entry to close revenue accounts has been posted, what is the balance of the Service Revenue account? $
The account that is brought up to date after the closing entries have been journalized and posted is the ____. Select one: a. Capital Account b. Sales account c. Capital Stock account d. Purchases account
After the closing entries have been posted, all temporary accounts should have ____. Select one: a. either a debit or credit balance b. a zero balance c. a debit balance d. a credit balance
I need help with this practice problem. Put the balances from the adjusted trial balance into the T accountsCreate properly formatted income statement and balance sheet for the year and the balance sheet as of 12/31.Create the closing entries.Post the results of the closing entries into the T accountDraw off balances for the T accounts.Create the post-closing trial balance

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After all closing entries have been posted, the revenue account will have a balance of * Your answer