You are at the end of the month, and you have to reset the temporary accounts prior to the new period starting. You must do the closing entries in order to complete this. Please close the appropriate accounts using the journal and ledgers again. Make sure to do a post-closing trial balance to ensure you are still in balance after the closing is finished. Continue to use the Excel templates provided. Account Debit Credit Cash Accounts Receivable Equipment Accumulated Depreciation Inventory Accounts Payable common stock COGS Sales Sales returns Sales Discounts Rent Expense Electric Expense Depreciation Shipping Expense Act. # 100640.00 3000.00 10100.00 850.00 750 500.00 60.00 2000.00 100.00 210.00 200.00 210.00 11700.00 100000.00 6500.00

You are at the end of the month, and you have to reset the temporary accounts prior to the new period starting. You must do the closing entries in order to complete this. Please close the appropriate accounts using the journal and ledgers again. Make sure to do a post-closing trial balance to ensure you are still in balance after the closing is finished. Continue to use the Excel templates provided. Account Debit Credit Cash Accounts Receivable Equipment Accumulated Depreciation Inventory Accounts Payable common stock COGS Sales Sales returns Sales Discounts Rent Expense Electric Expense Depreciation Shipping Expense Act. # 100640.00 3000.00 10100.00 850.00 750 500.00 60.00 2000.00 100.00 210.00 200.00 210.00 11700.00 100000.00 6500.00

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter6: Aging Accounts Receivable (aging)

Section: Chapter Questions

Problem 5R

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Use the following partial listing of T accounts to complete this exercise. 1. Prepare closing entries dated January 31, 20--. Do not enter the posting references until you have completed part 2. If an amount box does not require an entry, leave it blank. 2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1. Closing Entries (Net Loss) Accum. Depr.—Delivery Equip 185.1 Bal. 100 Wages Payable 219 Bal. 200 Kylea Vasquez, Capital 311 Bal. 4,000 Kylea Vasquez, Drawing 312 Bal. 800 Income Summary 313 Delivery Fees 401 Bal. 2,200 Wages Expense 511 Bal. 1,710 Advertising Expense 512 Bal. 80 Rent Expense 521 Bal. 400 Supplies Expense 523 Bal. 120 Phone Expense 525 Bal. 58…
Please verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021 trial balance before posting. There are two tabs in the Excel spreadsheet: Income Statement Accounts and Balance Sheet Accounts. You will need both tabs to post to all the accounts. Use the given information from the General Journal below to fill in the Ledger for the balance sheet and income statement account sheets through the month of June. General Journal Date Description Post Ref. Debit Credit June 3 Inventory 116 50,400 Accounts Payable 210 50,400 June 6 Accounts Receivable 111 17,400 Sales 410 17,400 Costs Of Goods Sold 510 12,000 Inventory 116 12,000 June 8 Notes Receivable 114 500 Bad Debt Expense 522 500 June 10 Cash 104 40,000 Salaries Payable 211 40,000 Cash 104 26,000 Office Salaries Expense…
You must complete the following tasks below for the month of April in the Excel workbook provided. Required: Part 1. Prepare a journal entry to record each transaction. You must provide a short explanation for each transaction. Part 2. Setup appropriate T-accounts. All accounts begin with 0 balances. Part 3. Record in the T-accounts the effects of each transaction for Sydney Stables in April, referencing each transaction in the accounts with the transaction letter. Show the ending balances in the T-accounts. Part 4. Prepare a trial balance. Part 5. Prepare a statement of earnings, a statement of shareholders’ equity and a statement of financial position for the month ended April 30, 2020.
Journalize the closing entries necessary to close out all the temporary accounts.
You can also right-click either navigation arrow to open a dialog box that lists all of the worksheets in the workbook. 7 Directions: 8 On the Accounts Receivable Ledger worksheet use the blank form to open an account for a new customer, Andrews Career Center, their customer number is 110. The opening account balance for Andrews Career Center is 1,300.00. Use February 1 for the opening balance date. Post the transactions from each journal provided, Sales, Cash Receipts and General, into the appropriate customer accounts in the Accounts Receivable Subsidiary ledger. Each journal has a separate worksheet. 9 10 HINTS: the Accounts Receivable Subsidiary Ledger deals with customers only so only post the amounts that affect a customer. How can you tell if a transaction affects a customer? 11 See if the journal transaction identifies a customer by name. If it does you need to determine if the amount is a debit or credit. How can you tell? Look at column heading, it will
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Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) to prepare closing journal entries and then post those entries to ledger accounts.
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1. Prepare closing entries in general journal form dated May 31, 20--. Do not enter the posting references until you complete part 2. If an amount box does not require an entry, leave it blank. 2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal . Then, complete the posting in part 1. Use the following partial listing of T accounts to complete this exercise. Cash 101 Bal. 600 Accounts Receivable 122 Bal. 1,800 Wages Payable 219 Bal. 500 Mark Thrasher, Capital 311 Bal. 8,000 Mark Thrasher, Drawing 312 Bal. 800 Income Summary 313 Lawn Service Fees 401 Bal. 5,000 Wages Expense 511 Bal. 400 Advertising Expense 512 Bal. 600 Travel Expense 515 Bal. 100 Supplies Expense 524 Bal. 900 Insurance Expense 535 Bal.…
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Prepare the second closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.