Century 21 Accounting Multicolumn Journal
11th Edition
ISBN: 9781337679503
Author: Gilbertson
Publisher: Cengage
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Prepare the financial statements for the month of September for presentation to Ralph Collins.
Journalize the closing entries and balance off the ledger accounts including the income summary account.
Prepare the post-closing trial balance.
Assuming a year-end in March 31,it is now April 4.A staff member asks you to process an unpaid invoice with details as follows:
The invoice is for bus transportation in the amount of P800 and is dated April.
The invoice indicates the charges relate to transportation on March 20.A transfer is processed to pay the invoice on April 7.
Hiw would you proceed? You may describe how you would record the transaction in the general ledger, including a description of journal entries and the dates each item will be recorded
Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books.
Prepare the Post-Closing Trial Balance after closing entries are done.
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- CLOSING ENTRIES From the work sheet on page 600, prepare the following: 1. Closing entries for Gimbels Gifts and Gadgets in a general journal. 2. A post-closing trial balance.arrow_forwardSage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?arrow_forwardCLOSING ENTRIES From the work sheet on page 607 prepare the following: 1. Closing entries for Balloons and Baubbles in a general journal. 2. A post-closing trial balance.arrow_forward
- The chart of accounts of Ethan Academy is shown here, followed by the transactions that took place during December of this year. Required Record these transactions in the general journal, including a brief explanation for each entry. If you are using working papers, number the journal pages 31 and 32.arrow_forwardUse the following excerpts from the year-end Adjusted Trial Balance to prepare the four journal entries required to close the books:arrow_forwardThe trial balance for Masons Insurance Agency as of August 31, after the firm has completed its first month of operations, is shown on the next page. Required 1. Record amounts in the Trial Balance columns of the work sheet. 2. Complete the work sheet by making the following adjustments and lettering each adjustment: a. Expired or used-up insurance, 260. b. Depreciation expense on office equipment, 900. c. Supplies used, 200.arrow_forward
- Assuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted:arrow_forwardRequirements: Record the transactions stated above in the general journal. Post the transactions to the general ledger and balance off each account Extract a trial balance on August 31st.arrow_forward
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