The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $230,000; Service Revenue, $900,000; Salaries Expense, $390,000; Rent Expense, $150,000; Interest Expense, $85,000; and Dividends, $60,000. Record the necessary closing entries.

Q: The following selected information is taken from the work sheet for Warton Company at its December…

A: The calculations are given below:

Q: Paloma Grooming shows the following balances in the selected accounts of its adjusted trial balance…

A: A closing entry is a journal entry to made at the end of the period to close the temporary accounts…

Q: After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances…

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…

Q: During 2022, the company had service revenue of $175,100 and interest revenue of $84,80 amount of…

A: A closing entry is a journal entry that is made at the end of the fiscal period. It entails…

Q: Oriole Company was organized on April 1, 2019. The company prepares quarterly financial statements.…

A: PARTICULARS  $ $ Revenues:     Service Revenue 12,000   Rent Revenue 1,300   (A) Total…

Q: Sunland has year-end account balances of sales revenue $795,635, interest revenue $14,740, cost of…

A: Closing entries: Closing entries are those journal entries, which are passed to transfer the final…

Q: The adjusted trial balance of Carla Vista Company at December 31, 2022, includes the following…

A: Equity statement: It is a financial statement extract that shows the total net worth owned by the…

Q: The company pays $300,000 for an insurance policy that will cover the subsequent year.  For each…

A: According to accounting equation, assets equal to sum of liabilities and shareholders equity.

Q: debit to Income Summary of:

A: It is pertinent to note that nominal accounts include incomes, expenses, losses and profits . These…

Q: These financial statement items are for Wildhorse Company at year-end, July 31, 2022. Salaries and…

A: Net Income / loss = Revenue - Expense

Q: The following account balances were taken from Calsoft Corporation’s year-end adjusted trial balance…

A: The question is based on the concept of Journal Entries.

Q: The adjusted trial balance for Pacific Consulting Company, as of December 31, 2019, is shown below.…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Tar Heel Corporation provides the following information at the end of 2021. Salaries payable to…

A: INCOME STATEMENT   Revenues:       Service Revenue   $        65,400   Expenses:…

Q: The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation:…

A:

Q: Presented below is the partial adjusted trial balance of NashvilleNets Inc. Required: Prepare the…

A: Closing entries are prepared to close the temporary account to the permanent account. The difference…

Q: The adjusted trial balance of Pharoah Company at December 31, 2022, includes the following accounts:…

A: Owner's Equity, December 31 = Owner's Equity, January 1 + Net Income - Drawings

Q: After all closing entries are recorded and posted, what is the balance of the contributed capital…

A: Answer:

Q: Assume for each of the following independent cases that the annual accounting period ends onDecember…

A: Income summary account is prepared to close all the revenue and expenses accounts of the period;…

Q: The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the…

A: Single-step income statement format in which a single subtotal of all revenue items are listed in…

Q: Required: Prepare the entry to close the firm's Income Summary account as of its December 31…

A: Partnership is a form of business where two or more partners own and manage the business. Each…

Q: The adjusted trial balance of Miller Company at December 31, 2020, includes the following accounts:…

A: Net Income = Service Revenue - Total Expenses

Q: At the beginning of the year, a company's balance sheet reported the following balances: Total…

A: Solution: Net income = revenues - expenses  = 46000 - 30000 = $16,000

Q: Assume that Teresa Schafer Inc., has revenues of $3,190,000 and total expenses of$2,350,000 for the…

A: Closing entries are prepared at the end of the accounting period, to close the temporary accounts.…

Q: Wagner

A:

Q: Use the following to answer questions 34 - 36 The year-end adjusted trial balance of the Corporation…

A: Retained earnings will be credited by service revenue.

Q: At the beginning of the year, Choice Advertising owed customers $2,200 for uneamed revenue collected…

A:

Q: Johnson Company had the following account balances at the end of the most recent fiscal year: Cash:…

A: Sometimes, two or more transactions pertaining to a single account take place on the same date. In…

Q: On May 1 of Year 1 Mills Enterprises paid $3,780 cash for an insurance policy that would provide…

A: May 1 Year 1 to Dec. 31 Year 1 = 8 months Insurance expired = $3,780*8/12 Insurance expired = $2,520…

Q: The year-end adjusted trial balance of Aggies Corporation included the following account balances:…

A: Record the entry to close revenue accounts :   DATE PARTICULARS  DEBIT ($) CREDIT ($) DEC 31…

Q: On June 1, Benson Corporation received $1,800 as advance payment for 12 months' advertising. The…

A: Fees per month = Total amount received / Total no.of months = $1800 / 12 months = $150 per month

Q: Kingbird Inc. has recorded all necessary adjusting entries, except for income tax expense, at its…

A: No. Account Titles and Explanation  Debit  Credit 1 Sales Revenue  $        661,500     Income…

Q: on december 31, the milers company had $800,000 in total assets and owed $300,000 to creditors. If…

A: Calculate the stockholder’s equity.

Q: American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: As of January 1, Retained Earnings had a credit balance of $65,000. During the year, dividends…

A: Answer 1 Retained earnings at the end of the year  = ( 27,700)    Answer 2 Yes, should be on the…

Q: closing entries

A: Closing entries are made at the end of accounting period to close all revenue , expenses and…

Q: Allen Company received $12,000 cash from Gerry Corporation for cleaning services that Allen agrees…

A: Date Particulars Debit Amount Credit Amount June 1, Year 1 Bank A/c ......................Dr…

Q: After all revenue and expense accounts have been closed at the end of the fiscal year, Income…

A: Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends

Q: The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation:…

A: Income statement: Income statement is the financial statement which shows the financial performace…

Q: The adjusted trial balance of Pharoah Company at December 31, 2020. includes the following accounts:…

A: The income statement is one of the financial statement of the business. It records the revenues and…

Q: Closing Entries The adjusted trial balance of the Petal Corporation, prepared as of December 31,…

A: General journal It is a day-book or journal used to record adjustment transactions, opening…

Q: On April 1, 2022, Lansing Corporation opened for business and paid 600 in insurance to cover the…

A: Prepaid expenses are in the nature of current assets which will bring economic benefits to the…

Q: The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the…

A: Income tax = Net income before taxes x Tax rate = $640 x 25% = $160

Q: At December 31, Rolison Consulting’s financial records show the following selected account…

A: Closing entries record all the revenue and expenses. The net effect of the closing entries is profit…

Q: The year-end adjusted trial balance of Aggies Corporation included the following account balances:…

A: Given : Service revenue = $ 845000 Salaries expense = $ 379000 Rent expense = $ 139000 Interest…

Q: High Step Shoes had annual revenues of $189,000, expenses of $105,700, and dividends of $19,600…

A: SOLUTION- INCOME STATEMENT-  IT IS A MAJOR FINANCIAL STATEMENT THAT REPORT A COMPANY FINANCIAL…

Q: Shown below in alphabetical order are the accounts for AirIndy, Inc. at the end of the company’s…

A: Current liabilities are short term obligations which will be due within 12 months or normal…

Q: After the accounts have been adjusted at December 31the end of the fiscal year , the following…

A: Closing entries are passed to transfer the temporary accounts to permanent account.

Q: The adjusted trial balance of Amborse Corporation at December 31 shows that sales revenue for the…

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is