QS 3-20 (Algo) Preparing closing entries LO P6 The ledger of Mai Company includes the following accounts with normal balances as of December 31: Retained Earnings $10,800; Dividends $1,700; Services Revenue $31,000; Wages Expense $17,400; and Rent Expense $5,200. Prepare its December 31 closing entries
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QS 3-20 (Algo) Preparing closing entries LO P6
The ledger of Mai Company includes the following accounts with normal balances as of December 31:
Prepare its December 31 closing entries.
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- Brief Exercise 3-36 Preparing and Analyzing Closing Entries At December 31, 2019, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, cost of Goods sold, $31,000; Retained $20,000; Interest Expense, $3,200; Dividends, $5,000, Wages Expense $5,000, and Interest Payable, $2,100. Required: Prepare the closing entries for Aulani at December 31, 2019. How does the closing process affect Aulanis retained earnings?Closing entries with net income After all revenue and expense accounts have been closed at the end of t he fiscal year, Income Summary has a debit of 2,450,000 and a credit of 3,000,000. At the same date, Retained Earnings has a credit balance of 8,222,600 and Dividends has a balance of 125,000. (A) Journalize the entries required to complete the closing of the accounts. (B) Determine the amount of Retained. Earnings at me end of the period.T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Epicenter Laundry at June 30, 2016, the end of the fiscal year, follows: The data needed to determine year-end adjustments are as follows: a. Laundry supplies on hand at June 30 are 3,600. b. Insurance premiums expired during the year are 5,700. c. Depreciation of laundry equipment during the year is 6,500. d. Wages accrued but not paid at June 30 are 1,100. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as "June 30 Bal." In addition, add T accounts for Wages Payable, Depreciation Expense, Laundry Supplies Expense, Insurance Expense, and Income Summary. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (1) as needed. 3. Journalize and post the adjusting entries. Identify the adjustments by "Adj. and the new balances as Adj. Bal. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Identify the closing entries by Clos. 7. Prepare a post-closing trial balance.
- Exercise 3-59 Preparation of Closing Entries Grand Rapids Consulting Inc. began 2019 with a retained earnings balance of $38,100 and has the following accounts and balances at year end: Required: 1. Prepare the closing entries made by Grand Rapids Consulting at the end of 2019. 2. Prepare Grand Rapids Consultings retained earnings statement for 2019.Financial statements Padget Home Services began its operations on January 1, 20Y7 (see Problem 2-3). After its second year of operations, the following amounts were taken from the accounting records of Padget Home Services, Inc., as of December 31, 20Y8. Instuctions Prepare a balance sheet as of December 31, 20Y8.Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet The unadjusted trial balance of Lakota Freight Co. at March 31, 2018, the end of the year, follows: Lakota Freight Co. Unadjusted Trial Balance March 31, 2018 Account No. Debit Balances Credit Balances Cash................................................ 11 12,000 Supplies............................................ 13 30,000 Prepaid Insurance.................................... 14 3,600 Equipment.......................................... 16 110,000 Accumulated DepreciationEquipment............... 17 25,000 Trucks............................................... 18 60,000 Accumulated DepreciationTrucks................... 19 15,000 Accounts Payable.................................... 21 4,000 Common Stock...................................... 31 26,000 Retained Earnings................................... 32 70,000 Dividends........................................... 33 15,000 Service Revenue..................................... 41 160,000 Wages Expense...................................... 51 45,000 Rent Expense........................................ 53 10,600 Truck Expense....................................... 54 9,000 Miscellaneous Expense............................... 59 4,800 300,000 300,000 The data needed to determine year-end adjustments are as follows: (A) Supplies on hand at March 31 are 7,500. (B) Insurance premiums expired during year are 1,800. (C) Depreciation of equipment during year is 8,350. (D) Depreciation of trucks during year is 6,200. (E) Wages accrued but not paid at March 31 are 600. Instructions 1. For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spread sheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Lakota Freight Co.s chart of accounts should be used: Wages Payable, 22; Supplies Expense, 52; Depreciation ExpenseEquipment, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a retained earnings statement, and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. (Income Summary is account #34 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
- Problem 2-593 Journalizing Transactions Monilast Chemicals engaged in the following transactions during December 2019: Dec 2 Paid rent on office furniture, $1,200. 3 Borrowed $25,030 on a 9-month, 3% note. 7 Provided services on credit. $42,600. 10 Purchased supplies on credit, $2,850. 13 Collected accounts receivable, $20,150. 19 Issued common stock, $50000. 22 Paid employee wages for December. $13,825. 23 Paid accounts payable, $1,280. 25 Provided services for cash, $13,500. 30 Paid utility bills for December, $1,975. Required: Prepare a journal entry for each transaction.Financial statements Padget Home Services began its operations on January 1, 20Y7 (see Problem 2-3). After its second year of operations. the following amounts were taken from the accounting records of Padget Home Services, Inc., as of December 31, 20Y8. Instructions Prepare an income statement for the year ending December 31, 20Y8.Transactions and Financial statements James Nesbitt established Up-Date Computer Services on August 1, 20Y4. The effect of each transaction and the balances after each transaction for August are shown below in the integrated financial statement framework. Instructions Prepare a statement of stockholders’ equity for the month ended August 31, 20Y4.
- Adjusting entries Reliable Repairs Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Reliable Repairs Service Unadjusted Trial Balance April 30,2018 Debit Balances Credit Balances Cash 10,350 Accounts Receivable 67,500 Supplies 16,200 Equipment 116,100 Accounts Payable 15,750 Unearned Fees 18,000 Common Stock 10,000 Retained Earnings 111,500 Dividends 13,500 Fees Earned 294,750 Wages Expense 94,500 Rent Expense 72,000 Utilities Expense 51,750 Miscellaneous Expense 8,100 450,000 450,000 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on April 30 were 9,850. Supplies on hand on April 30 were 4,660. Depreciation of equipment was estimated to be 6,470 for the year. The balance in unearned fees represented the April 1 receipt in advance for services to be provided. During April, 15,000 of the services were provided. Unpaid wages accrued on April 30 were 5,200. Instructions 1. Journalize the adjusting entries necessary on April 30, 2018. 2. Determine the revenues, expenses, and net income of Reliable Repairs Service before the adjusting entries. 3. Determine the revenues, expense, and net income of Reliable Repairs Service after the adjusting entries. 4. Determine the effect of the adjusting entries on Retained Earnings.Financial statements Padget Home Services began its operations on January 1, 20Y7 (see Problem 2-3). After its second year of operations. the following amounts were taken from the accounting records of Padget Home Services, Inc., as of December 31, 20Y8. Instrustions Prepare a statement of stockholders’ equity for the year ending December 31, 20Y8. (Nole: The retained earnings at January 1, 20Y8. was $1 20.000.)
