12:34< closing entries assign...ACC 1007DR. A. FORTE7On the basis of the following data taken from the Adjusted Trial Balance columns of thework sheet for the year ended December 31 for Pavin, journalize the two closing entries.Cash.. $ 31,500Accounts Receivable..¡5,200Supplies.5,000Equipment199,900Accumulated Depreciation.$ 69,00042,500152,60030,000Accounts Payable.C. Pavin, CapitalC. Pavin, Drawing.Fee Earned....Salary Expense.Rent Expense.417,500249,50048,00026,000Depreciation Expense...Supplies Expense.......Miscellaneous Expense..7,5009,000681.600681.6004Dashboard000Calendar.......1To DoNotificationsInbox96

The closing entries are prepared at year end to close the temporary accounts of the business…

On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended December 31 for Pavin, journalize the two closing entries. $ 31,500 Cash........... Accounts Receivable.. ¡5,200 ******* Supplies. 5,000 ****** **** ************* 199,900 Equipment........ Accumulated Depreciation. $ 69,000 I Accounts Payable.... 42,500 152,600 30,000 ***** C. Pavin, Capital. C. Pavin, Drawing. Fee Earned........ Salary Expense 417,500 seba▪▪▪▪▪▪▪▪ 249,500 ********* 48,000 Rent Expense........................... Depreciation Expense.. 26,000 Supplies Expense. 7,500 ***………………………. Miscellaneous Expense.... 9,000 681.600 681.600 *********** ***************** ****** ……………………. ******************

On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended December 31 for Pavin, journalize the two closing entries. $ 31,500 Cash........... Accounts Receivable.. ¡5,200 * Supplies. 5,000 ******* 199,900 Equipment........ Accumulated Depreciation. $ 69,000 I Accounts Payable.... 42,500 152,600 30,000 * C. Pavin, Capital. C. Pavin, Drawing. Fee Earned........ Salary Expense 417,500 seba▪▪▪▪▪▪▪▪ 249,500 ***** 48,000 Rent Expense........................... Depreciation Expense.. 26,000 Supplies Expense. 7,500 *………………………. Miscellaneous Expense.... 9,000 681.600 681.600 *** * ……………………. ************

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 5E: Complete the work sheet for Ramey Company, dated December 31, 20, through the adjusted trial balance...

See similar textbooks

Similar questions

Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?
Write the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital account, assuming the following: a. A net income of 3,842 during the first quarter (Jan.Mar.) b. A net loss of 1,781 during the second quarter (Apr.Jun.)
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000
Complete the work sheet for Ramey Company, dated December 31, 20, through the adjusted trial balance using the following adjustment information: a. Expired or used-up insurance, 460. b. Depreciation expense on equipment, 870. (Remember to credit the Accumulated Depreciation account for equipment, not Equipment.) c. Wages accrued or earned since the last payday, 120 (owed and to be paid on the next payday). d. Supplies remaining, 80.
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on buildings and equipment, $17,500 B. advertising still prepaid at year end, $2,200 C. interest due on notes payable, $4,300 D. unearned rental revenue, $6,900 E. interest receivable on notes receivable, $1,200
COMPLETION OF A WORK SHEET SHOWING A NET INCOME A trial balance for the Bosket Corner, a business owned by Linda Palermo, is shown on page 557. Year-end adjustment information is provided below. (a and b)Merchandise inventory costing 24,000 is on hand as of December 31, 20--. (The periodic inventory system is used.) (c)Supplies remaining at the end of the year; 2,100. (d)Unexpired insurance on December 31, 2,600. (e)Depreciation expense on the building foe 20--, 5,300. (f)Depreciation expense on the store equipment for 20--, 3,800. (g)Unearned decorating revenue as of December 31, 1,650. (h)Wages earned but not paid as of December 31, 750. REQUIRED 1. Complete the Adjustments columns, identifying each adjustment with its corresponding letter. 2. Complete the work sheet. 3. Enter the adjustments in a general journal.
December 31, 20XX, according to the Trial Balance, the Equipment account has a balance of 37,700.00.Adjustment data reveals that Depreciation Expense is 3,500.00. Journalize the adjusting entry.
NEED ANSWER ASAP At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc. (PDF) have the followingunadjusted trial balance as at December 31, 2021.Cash 6,700Accounts Receivable 24,327Supplies 4,231Prepaid Insurance 5,700Equipment 896,000Accumulated Depreciation (Equipment) 112,600Other Assets 64,225Accounts Payable 14,327Unearned Service Revenue 16,600Note Payable (due 2026) 80,000Common Shares 289,540Retained Earnings, 12/31/2020 38,454Service Revenue 802,427Wages Expense 131,650Rent Expense 218,415Interest Expense 2,700 Total $1,353,948 $1,353,948The accounting staff have identified the following items where a year end accrual entry may be required.a. PDF purchased 12-month insurance on July 1, 2021. It is reported as prepaid insurance in the trial balanceabove.b. A physical inventory count showed that $690 of office supplies is on hand at year end.c. PDF’s equipment depreciation was $31,980 for the 2021 year.d. An analysis showed the unearned service…
At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $30,000 andzero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciationfor the period is estimated to be $6,000. Prepare the adjusting journal entry on December 31. Inseparate T-accounts for each account, enter the unadjusted balances, post the adjusting journalentry, and report the adjusted balance
The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTIONAdjusted Trial BalanceDecember 31No.Account TitleDebit Credit101Cash$5,000 104Short-term investments 23,000 126Supplies 8,100 128Prepaid insurance 7,000 167Equipment 40,000 168Accumulated depreciation—Equipment $20,000 173Building 150,000 174Accumulated depreciation—Building 50,000 183Land 55,000 201Accounts payable 16,500 203Interest payable 2,500 208Rent payable 3,500 210Wages payable 2,500 213Property taxes payable 900 236Unearned revenue 7,500 244Current portion of long-term note payable 7,000 251Long-term notes payable 60,000 307Common stock 5,000 318Retained earnings 121,400 319Dividends 13,000 404Services revenue 97,000 406Rent revenue 14,000 407Dividends revenue 2,000 409Interest revenue 2,100 606Depreciation expense—Building 11,000 612Depreciation expense—Equipment 6,000 623Wages expense 32,000 633Interest expense 5,100 637Insurance expense 10,000 640Rent expense…
P13 Presented below is the unadjusted trial balance of the CHJB Information Systems for the year ended Dec. 31, 2019 CHJB Information Systems Unadjusted Trial Balance Dec. 31, 2020 Cash P 45,000 Notes Receivable 360,000 Accounts Receivable 156,000 Office Supplies 63,000 Land 300,000 Building 1,590,000 Accumulated Depreciation – Building P 254,000 Equipment 2,150,000 Accumulated Depreciation – Equipment 612,000 Accounts Payable 213,000 Unearned Consulting Revenues 450,000 CHJB, Capital 2,655,000 CHJB, Withdrawals 600,000 Consulting Revenues 2,108,000 Salaries Expense 875,000 Repairs Expense 116,000 Miscellaneous Expense 37,000 TOTAL P P 6,292,000 6,292,000 Additional Information: (A) Office supplies on hand as at Dec. 31, 2020 is P21,000. (B) One-third of the unearned revenues has been earned as at Dec. 31, 2020. (C) Depreciation for the…
Closing entriesAfter the accounts have been adjusted at November 30, the end of thefiscal year, the following balances were taken from the ledger ofDiamond Landscaping Co.: Retained EarningsDividendsFees EarnedWages ExpenseRent ExpenseSupplies ExpenseMiscellaneous Expense $2,550,00025,0001,150,000613,750120,0009,15011,000 Journalize the two entries required to close the accounts.