Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter B, Problem 4E
a.
To determine
Indicate the nature such as payment, adjusting, closing, reversing for the given entry.
b.
To determine
Prepare
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Which of the following accounts may appear on a post-closing trial balance?
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Identify whether each of the following accounts would be listed in the company’s Post-Closing Trial Balance.
Per the Q&A limits the final three questions are:
- Prepare the financial statements (Only the Income, Statement of Retained Earning, and the Balance Sheet)- Prepare the closing entries at March 31st in a General Ledger- Post the Closing entries to the T-accounts.
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- Portions of the wages expense account of a business follow: a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b. Journalize the complete entry from which each numbered posting was made.arrow_forwardPortions of the wages expense account of a business follow: a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b. Journalize the complete entry from which each numbered posting was made. Close revenues and expenses to D. Bower, Capital.arrow_forwardEntries posted to wages expense account Portions of the salaries expense account of a business follow: A. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. B. Journalize the complete entry from which each numbered posting was made.arrow_forward
- Portions of the salaries expense account of a business follow: a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made. b. Journalize the complete entry from which each numbered posting was made. Close revenues and expenses to J. McHenry, Capital.arrow_forwardIdentify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent Revenuearrow_forwardNumber in order the following steps in the accounting cycle: a. Prepare a trial balance. b. Post journal entries to the accounts in the ledger. c. Journalize and post the adjusting entries from the data on the work sheet. d. Analyze source documents and record business transactions in a journal. e. Prepare financial statements from the data on the work sheet. f. Gather adjustment data and record the adjusting entries on a work sheet. g. Journalize and post the closing entries. h. Prepare a post-closing trial balance. i. Complete the work sheet.arrow_forward
- Assume that the first two closing entries have been made and posted. Use the T-accounts provided below to: A. complete the closing entries B. determine the ending balance in the Retained Earnings accountarrow_forwardFor each of the following accounts, identify whether it is nominal/temporary or real/permanent, and whether it is reported on the Balance Sheet or the Income Statement. A. Salaries Payable B. Sales Revenue C. Salaries Expense D. Prepaid Insurancearrow_forwardAssume that the first two closing entries have been made and posted. Use the T-accounts provided as follows to: A. complete the closing entries B. determine the ending balance in the Retained Earnings accountarrow_forward
- If a journal entry includes a debit or credit to the Retained Earnings account, it is most likely which of the following? A. a closing entry B. an adjusting entry C. an ordinary transaction entry D. outside of the accounting cyclearrow_forwardWhich of these accounts is included in the post-closing trial balance? A. Sales Revenue B. Salaries Expense C. Retained Earnings D. Dividendsarrow_forwardIdentify whether each of the following accounts would be listed in the companys Post-Closing Trial Balance. A. Accounts Payable B. Advertising Expense C. Dividends D. Fees Earned Revenue E. Prepaid Advertising F. Supplies G. Supplies Expense H. Unearned Fee Revenuearrow_forward
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