COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Question
Chapter 6, Problem 2PA
2.
To determine
Journalize the
3.
To determine
Journalize the closing entries.
1, 2 and 3.
To determine
Record the balance as of December 31, 2019 in the ledger accounts and
4.
To determine
Prepare a post-closing
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Chapter 6 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 6 - What is the journal entry to close the drawing...Ch. 6 - How is the Income Summary account classified?Ch. 6 - Prob. 1.3SRQCh. 6 - Prob. 1.4SRECh. 6 - Prob. 1.5SRECh. 6 - Prob. 1.6SRACh. 6 - Prob. 2.1SRQCh. 6 - Prob. 2.2SRQCh. 6 - What accounts appear on the post-closing trial...Ch. 6 - Prob. 2.4SRE
Ch. 6 - Prob. 2.5SRECh. 6 - On which financial statement would you find the...Ch. 6 - Prob. 1CSRCh. 6 - A firm has the following expenses: Rent Expense,...Ch. 6 - Prob. 3CSRCh. 6 - What is the last step in the accounting cycle?Ch. 6 - Is the following statement true or false? Why? All...Ch. 6 - Prob. 1DQCh. 6 - Prob. 2DQCh. 6 - What accounts appear on a postclosing trial...Ch. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - How is the Income Summary account used in the...Ch. 6 - Briefly describe the flow of data through a simple...Ch. 6 - Prob. 10DQCh. 6 - Prob. 1ECh. 6 - Accounting cycle. Following are the steps in the...Ch. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - Prob. 8ECh. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - The Trial Balance section of the worksheet for...Ch. 6 - Demetria Davis, the bookkeeper for Home Interiors...Ch. 6 - Prob. 1MFCh. 6 - Prob. 2MFCh. 6 - Why is it important that a firms financial records...Ch. 6 - Prob. 4MFCh. 6 - Prob. 1EDCh. 6 - Prob. 1ICCh. 6 - Prob. 1MPS
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- Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: Instructions 1. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closingtrial balance as of April 30, 2019, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2019, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a twocolumn journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is 275. b. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.arrow_forwardAdjusting Entries At the end of 2019, Richards Company prepared a trial balance, recorded and posted its adjusting entries, and then prepared an adjusted trial balance. Selected accounts and account balances from the trial balance and adjusted trial balance are as follow: Required: 1. Next Level By comparing the partial trial balance to the partial adjusted trill balance, determine the adjusting; entries that the company made on December 31, 2019 Prepare your answer in general journal form. 2. Assuming that the company uses reversing entries, indicate which adjusting entries should be reversed.arrow_forwardAfter the adjusting entries are recorded and posted and the financial statements have been prepared, you are ready to record the closing entries. Closing entries zero out the temporary owners equity accounts (revenue(s), expenses(s), and Drawing). This process transfers the net income or net loss and the withdrawals to the Capital account. In addition, the closing process prepares the records for the new fiscal period. Required 1. Journalize the dosing entries in the general journal. (If you are using Working Papers to prepare the closing entries, enter your transactions beginning on page 5.) 2. Post the closing entries to the general ledger accounts. (Skip this step if you are using CLGL.) 3. Prepare a post-dosing trial balance as of October 31, 20--. Check Figures 1. Debit to Income Summary second entry, 12,023.25 2. Post-closing trial balance total, 37,420.00arrow_forward
- WORKING BACKWARD FROM THE INCOME STATEMENT AND BALANCE SHEET COLUMNS OF THE WORK SHEET TO DETERMINE ADJUSTED TRIAL BALANCE AND ADJUSTING ENTRIES The partial work sheet shown on page 561 is taken from the books of Diamond Music Store, a business owned by Ned Diamond, for the year ended December 31, 20--. REQUIRED 1. Analyze the work sheet and determine the adjusted trial balance and the adjusting entries by working backward from the Income Statement and Balance Sheet columns. 2. Journalize the adjusting entries in a general journal. 3. Prepare the cost of goods sold section of the income statement for Diamond Music Store.arrow_forwardADJUSTING, CLOSING, AND REVERSING ENTRIES A partial work sheet for Baldwin Company is shown on the next page. Data for adjusting the accounts are as follows: REQUIRED 1. Prepare the December 31 adjusting journal entries for Baldwin Company. 2. Prepare the December 31 closing journal entries for Baldwin Company. 3. Prepare the reversing journal entries as of January 1, 20-2, for Baldwin Company.arrow_forwardThe ledger accounts after adjusting entries for Cortez Services are presented below. a. Journalize the following closing entries and number as steps 1 through 4. b. What is the new balance of J. Cortez, Capital after closing? Show your calculations.arrow_forward
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