close solutoin list

After the adjusting entries are recorded and posted and the financial statements have been prepared, you are ready to perform the closing entries. Closing entries zero out the temporary owner’s equity accounts (revenue(s), expenses(s), and Drawing). This process transfers the net income to or deducts the net loss and the withdrawals from the Capital account. In addition, the closing process prepares the records for the new fiscal period. Required 1. Journalize the closing entries in the general journal. (If you are preparing the closing entries manually, enter your transactions beginning on page 5.) 2. Post the closing entries to the general ledger accounts. (Skip this step if you are using QuickBooks or general ledger.) 3. Prepare a post-closing trial balance as of June 30, 20--. (If using QuickBooks, select the trial balance report and modify the report name to Post-Closing Trial Balance .)

BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter
Section
Chapter 5, Problem 1CP
Textbook Problem

After the adjusting entries are recorded and posted and the financial statements have been prepared, you are ready to perform the closing entries. Closing entries zero out the temporary owner’s equity accounts (revenue(s), expenses(s), and Drawing). This process transfers the net income to or deducts the net loss and the withdrawals from the Capital account. In addition, the closing process prepares the records for the new fiscal period.

Required

  1. 1. Journalize the closing entries in the general journal.

    (If you are preparing the closing entries manually, enter your transactions beginning on page 5.)

  2. 2. Post the closing entries to the general ledger accounts.

    (Skip this step if you are using QuickBooks or general ledger.)

  3. 3. Prepare a post-closing trial balance as of June 30, 20--. (If using QuickBooks, select the trial balance report and modify the report name to Post-Closing Trial Balance.)

Expert Solution

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Solution

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 5 Solutions

College Accounting (Book Only): A Career Approach
Show all chapter solutions
Ch. 5 - What is the purpose of the Income Summary account?...Ch. 5 - What is the purpose of the post-closing trial...Ch. 5 - Write the third closing entry to transfer the net...Ch. 5 - When would revenue and expenses be recorded if a...Ch. 5 - What are interim financial statements? Why would a...Ch. 5 - Classify the following accounts as real...Ch. 5 - The ledger accounts after adjusting entries for...Ch. 5 - As of December 31, the end of the current year,...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - After all revenue and expenses have been closed at...Ch. 5 - Identify whether the following accounts would be...Ch. 5 - Considering the following events, determine which...Ch. 5 - Indicate with an X whether each of the following...Ch. 5 - Prepare a statement of owners equity for The...Ch. 5 - After the accountant posted the adjusting entries...Ch. 5 - The partial work sheet for Ho Consulting for May...Ch. 5 - The account balances of Bryan Company as of June...Ch. 5 - Williams Mechanic Services prepared the following...Ch. 5 - After the accountant posted the adjusting entries...Ch. 5 - The partial work sheet for Emil Consulting for...Ch. 5 - The account balances of Miss Beverlys Tutoring...Ch. 5 - Toms Catering Services prepared the following work...Ch. 5 - Rather than going directly to college, some...Ch. 5 - Your uncle owns a small sole proprietorship. He...Ch. 5 - The post-closing trial balance submitted to you by...Ch. 5 - You are preparing a post-closing trial balance for...Ch. 5 - The bookkeeper has completed a work sheet and has...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - After the adjusting entries are recorded and...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions
TIME VALUE OF MONEY Answer the following questions: a. Assuming a rate of 10% annually, find the FV of 1,000 af...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What rights do stockholders have?

Foundations of Business (MindTap Course List)

In what ways is economics a science?

Essentials of Economics (MindTap Course List)

PREPARE DEPOSIT TICKET Based on the following information, prepare a deposit ticket:

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)