Use the filling partial listing of T accounts to complete this exercise. 1)Prepare closing entries in general journal form dates May 31,20–2) post the closing entries to the T accounts. Closing Entries (Net Income)General JournalT accounts1. Prepare closing entries in general journal form dated May 31, 20-,2. Post the closing entries to the T accounts.General Journal InstructionsTaccounts InstructionsCashPAGE 1Bal.700GENERAL JOURNALAccounts ReceivableDATEACCOUNT TITLEPOST. REF.DEBITBal.1,900CREDITClosing EntriesWages Payable400Bl,Mark Thrasher, Capital7,0004Bal.ClosingClosingBal.6.Mark Thrasher, DrawingBal.7008Closing9Income Summary10ClosingClosing11Closing12Lawn Service Fees13Bal.6,000Closing1415Wages ExpenseBal.50016ClosingAdvertising ExpenseBal.700ClosingTravel ExpenseBal.100ClosingSupplies ExpenseBal.900ClosingInsurance ExpenseBal.200ClosingPostage ExpenseBal.50ClosingGas and Oil ExpenseBal.600ClosingMiscellaneous ExpenseBal.100Closing losing Entries (Net Income)Chart of AccountsInstructionsUse the following partial listing of T accounts to complete this exercise.CHART OF ACCOUNTSChapter 06CashGeneral LedgerBal.700ASSETSREVENUEAccounts Receivable101Cash401 Lawn Service FeesBal.1,900122Accounts ReceivableWages Payable141 SuppliesEXPENSES400145 Prepaid InsuranceBal.511 Wages ExpenseMark Thrasher, Capital181 Office Equipment512 Advertising Expense7,000181.1 Accumulated Depreciation-Office Equipment515 Travel ExpenseBal,521 Rent ExpenseMark Thrasher, DrawingLIABILITIES524 Supplies ExpenseBal.700202 Accounts Payable525 Phone ExpenseIncome Summary219 Wages Payable533 Utilities Expense535 Insurance ExpenseLawn Service Fees6,000EQUITY536 Postage ExpenseBal,311 Mark Thrasher, Capital538 Gas and Oil ExpenseWages Expense312 Mark Thrasher, Drawing542 Depreciation Expense-Office EquipmentBal.500313 Income Summary549 Miscellaneous ExpenseAdvertising ExpenseBal.700Travel ExpenseBal.100Supplies ExpenseBal.900Insurance ExpenseBal.200Postage ExpenseBal.50Gas and Oil ExpenseBal,600Miscellaneous ExpenseBal.100Required:1. Prepare closing entries in general journal form dated May 31, 20-.2. Post the closing entries to the T accounts.

Solution: Introduction: T account is a graphical representation used in a double entry accounting…

Answered: se the filling partial listing of T…

Business

Accounting

se the filling partial listing of T accounts to complete this exercise. 1)

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 3.6C

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T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.
Closing Entries (Net Loss) Use the following partial listing of T accounts to complete this exercise. Accum. Depr.—Delivery Equip. 185.1 Bal. 100 Wages Payable 219 Bal. 200 Saburo Goto, Capital 311 Bal. 4,000 Saburo Goto, Drawing 312 Bal. 800 Income Summary 313 Delivery Fees 401 Bal. 2,200 Wages Expense 511 Bal. 1,800 Advertising Expense 512 Bal. 80 Rent Expense 521 Bal. 500 Supplies Expense 523 Bal. 120 Phone Expense 525 Bal. 58 Electricity Expense 533 Bal. 44 Insurance Expense 535 Bal. 30 Gas and Oil Expense 538 Bal. 38 Depr. Exp.— Del. Equip. 541 Bal. 100 Miscellaneous Expense 549 Bal. 33 Required: 1. Prepare closing entries in general journal form dated January 31, 20--. Then post the closing entries to the T accounts. Page: 1 DATE DESCRIPTION POST.REF.…
Dog Which of the following accounts is zero'd out in closing entries? A. Prepaid AdvertisingB. Cost of Goods SoldC. Long-term DebtD. Wages Payable
Closing Entries (Net Income) Use the following partial listing of T accounts to complete this exercise. Cash 101 IncomeSummary 313 SuppliesExpense 524 Bal. 500 Bal. 500 AccountsReceivable 122 Golf InstructionFees 401 InsuranceExpense 535 Bal. 1,500 Bal. 4,000 Bal. 100 WagesPayable 219 WagesExpense 511 PostageExpense 536 Bal. 400 Bal. 800 Bal. 50 ChrisWilliams,Capital 311 AdvertisingExpense 512 Gas andOilExpense 538 Bal. 9,000 Bal. 200 Bal. 150 ChrisWilliams,Drawing 312 TravelExpense 515 MiscellaneousExpense 549 Bal. 1,000 Bal. 600 Bal. 80 Required: 1. Prepare closing entries in general journal form dated April 30, 20--. Then post the closing entries to the T accounts. Page: 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20--Apr. 30 - Select - - Select - - Select - 1 2 - Select - - Select - -…
Closing Entries (Net Income) Use the following partial listing of T accounts to complete this exercise. Cash 101 IncomeSummary 313 SuppliesExpense 524 Bal. 500 Bal. 500 AccountsReceivable 122 Golf InstructionFees 401 InsuranceExpense 535 Bal. 1,500 Bal. 4,000 Bal. 100 WagesPayable 219 WagesExpense 511 PostageExpense 536 Bal. 400 Bal. 800 Bal. 50 ChrisWilliams,Capital 311 AdvertisingExpense 512 Gas andOilExpense 538 Bal. 9,000 Bal. 200 Bal. 150 ChrisWilliams,Drawing 312 TravelExpense 515 MiscellaneousExpense 549 Bal. 1,000 Bal. 600 Bal. 80 Required: 1. Prepare closing entries in general journal form dated April 30, 20--. Then post the closing entries to the T accounts. Page: 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20--Apr. 30 1 2 2 3 3 4 Apr. 30 4 5…
SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Purchased supplies on account1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid travelling expenses to pay business permit3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb.…
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The following is list of accounts each represented by letter(s). A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Insurance Expense UU State Income Tax Payable V Interest Expense VV State Unemployment Tax Payable W Interest…
The following is list of accounts each represented by letter(s). A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Insurance Expense UU State Income Tax Payable V Interest Expense VV State Unemployment Tax Payable W Interest…
PROBLEM Selected accounts from the ledger of Phillips Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Asset - A Revenue - R Liability - L Expense - E None of the above - N (b) In the second column, indicate the increase side of each account by inserting Dr. or Cr. Account Type of Account Increase Side (1) Supplies _______ ________ (2) Notes Receivable _______ ________ (3) Fees Earned _______ ________ (4) Drawings _______ ________ (5) Accounts Payable _______ ________ (6) Salaries Expense _______ ________ (7) Capital _______ ________ (8) Accounts Receivable _______ ________ (9) Equipment _______ ________ (10) Notes Payable _______ ________ Calculate the following.…
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