Account TitleCashAccounts ReceivableOffice SuppliesPrepaid InsuranceLandBuildingAccumulated Depreciation-BuildingEquipmentAccumulated Depreciation EquipmentAccounts PayableUtilities PayableSalaries PayableUnearned RevenueCommon StockRetained EarningsDividendsService RevenueInsurance ExpenseSalaries ExpenseSupplies ExpenseUtilities ExpenseDepreciation Expense-EquipmentDepreciation Expense-BuildingTotal$BalanceDebit18,0002,5007502,40045,000128,00042,00024,000$Credit8,00017,0004,5006752,900900103,00093,450120,00032,00029,0001,40020,0005,000375$ 350,425 $ 350,425Close Income Summary. Date Accounts and Explanation Debit Credit Dec. 31 Income Summary Clos. (3) Retained EarningsTo close Income Summary. Close expenses for the period.DateDec. 31Clos. (2)DateDec. 31Clos. (3)Accounts and ExplanationIncome SummaryInsurance ExpenseSalaries ExpenseSupplies ExpenseUtilities ExpenseClose Income Summary.Depreciation Expense-EquipmentDepreciation Expense-BuildingTo close expenses.Accounts and ExplanationIncome SummaryRetained EarningsTo close Income Summary.Debit87,775DebitCredit32,00029,0001,40020,0005,000375Credit

Name: Account TitleCashAccounts ReceivableOffice SuppliesPrepaid InsuranceL
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Description: Account TitleCashAccounts ReceivableOffice SuppliesPrepaid InsuranceLandBuildingAccumulated Depreciation-BuildingEquipmentAccumulated Depreciation EquipmentAccounts PayableUtilities PayableSalaries PayableUnearned RevenueCommon StockRetained Earning

The journal entries are prepared to keep the record of day to day transactions of the business on…

Business

Accounting

Close expenses for the period. Date Dec. 31 Clos. (2) Date Dec. 31 Clos. (3) Accounts and Explanation Income Summary Insurance Expense Salaries Expense Supplies Expense Utilities Expense Close Income Summary. Depreciation Expense-Equipment Depreciation Expense-Building To close expenses. Accounts and Explanation Income Summary Retained Earnings To close Income Summary. Debit 87,775 Debit Credit 32,000 29,000 1,400 20,000 5,000 375 Credit

Close expenses for the period. Date Dec. 31 Clos. (2) Date Dec. 31 Clos. (3) Accounts and Explanation Income Summary Insurance Expense Salaries Expense Supplies Expense Utilities Expense Close Income Summary. Depreciation Expense-Equipment Depreciation Expense-Building To close expenses. Accounts and Explanation Income Summary Retained Earnings To close Income Summary. Debit 87,775 Debit Credit 32,000 29,000 1,400 20,000 5,000 375 Credit

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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You are presented with the following trial balance of Carl Ltd at 31 October 2018. DrCr R,000Building at costBuildings, accumulated depreciation, 1 November 2018 Plant at costPlant, accumulated depreciation, 1 November 2018 Land at costBank balanceRevenuePurchasesDiscounts receivedReturns inwardsWagesEnergy expensesTrade PayablesTrade ReceivablesInventory at 1 November 2018Allowance for debtors at 1 November 2018 Administrative expensesDirector's remunerationAccumulated profit at 1 November 201810% DebentureDividend paidR1 Ordinary sharesShare premium accountR,000 74060 220110 23550 1,8001,1059035 180 105250 3201601080 70306503,28080 3,280130 50Additional information as at 31 October 2019.a. Closing inventory has been counted and is valued at R75,000b. An invoice of R15 000 for energy expenses for October 2019 has not been received.c. The allowance for debtors is to be increased to 5% of trade receivable.d. Buildings are depreciated at 5% per annum on their original cost, allocated 30%…
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