Roscoe has attempted to prepare the closing entries for Chandler Company on the Roscoe's Journal panel. He's not sure if he's entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Refer to theChart of Accounts for exact wording of account titles.Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec. 31 in the following journal. Roscoe's JournalPAGE 25JOURNALACCOUNTING EQUATIONDATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITYClosing EntriesDec. 31 Roscoe Chandler, Capital451,600.002Fees Earned165,600.003Rent Revenue92,000.005Interest Revenue17,200.006Salaries Expense71,000.007Selling Expense25,600.00Income Taxes Expense15,000.0089Depreciation Expense-Equipment47,200.00Insurance Expense17,000.0010Miscellaneous Expense1,000.00111231 Roscoe Chandler, Capital5,000.00Roscoe Chandler, Drawing5,000.0013

Roscoe has prepared two entries. If the Entry is closing entries after preparation of Profit and…

Roscoe has attempted to prepare the closing entries for Chandler Company on the Roscoe's Journal panel. He's not sure if he's entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Refer to the Chart of Accounts for exact wording of account titles. Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec. 31 in the following journal.

Roscoe has attempted to prepare the closing entries for Chandler Company on the Roscoe's Journal panel. He's not sure if he's entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Refer to the Chart of Accounts for exact wording of account titles. Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec. 31 in the following journal.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 1PB

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Roscoe has attempted to prepare the closing entries for Chandler Company on this panel. He’s not sure if he’s entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec. 31 on the Journal panel.
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The post-closing trial balance shows all the permanent accounts with their updated values after the temporary accounts have been reduced to zero balance for the next accounting cycle. Also, the post-closing trial balance is meant to ensure that debits equal credits post-close. Roscoe is very happy with your work on the closing entries for Chandler Company, and asks if you would prepare a post-closing trial balance for the company. The balances are not adding up and I dont understand
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HI I'm having trouble journalizing the closing entries for this practice question. From the partial worksheet (see screeshots attached,, journalize the closing entries for December 31 for A. Peters Co. What accounts should I post to?