InstructionsJournalCreative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the endof the fiscal year, the following balances were taken from the ledger of Creative Images Co.:Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journalexplanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.Violet Lozano, Capital$860,000Violet Lozano, Drawing12,000PAGE 11Fees Earned704,100JOURNALACCOUNTING EQUATIONWages Expense486,000Rent Expense65,500DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITYClosing EntriesSupplies Expense11,2002Miscellaneous Expense14,4003Required:Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW5journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will6automatically indent a credit entry when a credit amount is entered.7Chart of AccountsCHART OF ACCOUNTSCreative Images Co.General LedgerASSETSREVENUE11 Cash41 Fees Earned12 Accounts Receivable13 Prepaid RentEXPENSES14 Supplies51 Wages Expense52 Rent ExpenseLIABILITIES53 Supplies Expense21 Accounts Payable54 Miscellaneous Expense22 Wages Payable23 Unearned FeesEQUITY31 Violet Lozano, Capital32 Violet Lozano, Drawing

Closing entries are those entry of a company that are recorded at the end of each accounting period…

Journal Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account tles. CNOW journals do not use lines for journal explanationa. Every line on a journal page is used for debit or credit entriea CNOW journals will automatically indent a credit entry when a credt amount is entered PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTON POST RER DEIT CREDIT ASSETS LIABIUTIES EQUITY Closing Entries

Journal Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account tles. CNOW journals do not use lines for journal explanationa. Every line on a journal page is used for debit or credit entriea CNOW journals will automatically indent a credit entry when a credt amount is entered PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTON POST RER DEIT CREDIT ASSETS LIABIUTIES EQUITY Closing Entries

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 1MP

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On October 1, 2016, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2016. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?
On November 1, 2016, Patty Cosgrove established an interior decorating business, Classic Designs. During the month, Patty completed the following transactions related to the business: Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Classic Designs as of November 30, 2016. 4. Determine the excess of revenues over expenses for November. 5. Can you think of any reason why the amount determined in (4) might not be the net income for November?
After all revenue and expenses have been closed at the end of the fiscal period ended December 31, Income Summary has a debit of 45,550 and a credit of 36,520. On the same date, D. Mau, Drawing has a debit balance of 12,000 and D. Mau, Capital had a beginning credit balance of 63,410. a. Journalize the entries to close the remaining temporary accounts. b. What is the new balance of D. Mau, Capital after closing the remaining temporary accounts? Show your calculations.
Speedy Sewing Services, owned by T. Nguyen, hired a new bookkeeper who is not entirely familiar with the process of preparing a trial balance. All of the accounts have normal balances. Find the errors and prepare a corrected trial balance for December 31 of this year.
Stylist Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year the fiscal year ,the following balances were taken form the ledger of stylish services co. : Journalize the two entries required to close the accounts .
Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Creative Images Co.: Violet Lozano, Capital $934,500 Violet Lozano, Drawing 66,000 Fees Earned 545,000 Wages Expense 342,400 Rent Expense 52,900 Supplies Expense 17,200 Miscellaneous Expense 5,400 Required: Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. X Chart of Accounts
Stylist Services Co. Offers it's services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year , the following balances were taken from the Ledger of Stylist Services Co. Marlena Fenton, Capital $ 930,000 Marlena Fenton, Drawing 12,000 Fees earned 520,000 Wages expense 488,000 Rent Expense 70,000 Supplies expense 11,100 Miscellaneous expense 14,300 Required: Journalize the two entries required to close the accounts.
Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Creative Images Co.: Violet Lozano, Capital $934,500 Violet Lozano, Drawing 66,000 Fees Earned 545,000 Wages Expense 342,400 Rent Expense 52,900 Supplies Expense 17,200 Miscellaneous Expense 5,400
After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Twin Trees Landscaping Co.: Oscar Killingsworth, Capital $503,900 Oscar Killingsworth, Drawing 8,200 Fees Earned 279,100 Wages Expense 221,600 Rent Expense 43,800 Supplies Expense 9,000 Miscellaneous Expense 10,200 Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank.
After the accounts have been adjusted at January 31, the end of the year, the following balances are taken from the ledger of Harrison's Dog Walking Service Company: Harrison Taylor, Capital $348,580 Harrison Taylor, Drawing 12,760 Fees Earned 121,280 Wages Expense 42,100 Rent Expense 13,690 Supplies Expense 14,830 Miscellaneous Expense 2,150 Journalize the entries required to close the accounts. If an amount box does not require an entry, leave it blank. Jan. 31 - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - Jan. 31 - Select - - Select - - Select - - Select -
After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Twin Trees Landscaping Co.: Oscar Killingsworth, Capital $503,900 Oscar Killingsworth, Drawing 8,200 Fees Earned 279,100 Wages Expense 221,600 Rent Expense 43,800 Supplies Expense 9,000 Miscellaneous Expense 10,200 Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank. Apr. 30 Oscar Killingsworth, Capital Oscar Killingsworth, Capital Fees Earned Fees Earned Wages Expense Wages Expense Rent Expense Rent Expense Supplies Expense Supplies Expense Miscellaneous Expense Miscellaneous Expense Apr. 30 Oscar Killingsworth, Capital Oscar Killingsworth, Capital Oscar Killingsworth, Drawing Oscar Killingsworth, Drawing
Creative Solutions Company, a computer consulting firm, has decided to write off the $11,750 balance of an account owed by a customer, Wil Treadwell. On December 31, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.