2. This is the first accounting period for Fiona FranklinFinancial Planning. The Temporary Equityaccounts have the following balances on June30th:Revenue $200,000Withdrawals $40,000Salary Expense $30,000Utility Expense $1,000.Required: Record the four closing journalentries in the closing journal.

Closing entries are recorded at the end of the reporting period to eliminate the temporary…

Answered: 2. This is the first accounting period…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11PA: Prepare journal entries to record the following transactions. Create a T-account for Prepaid...

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Prepare journal entries to record the following transactions. Create a T-account for Prepaid Insurance, post any entries that affect the account, and tally the ending balance for the account (assume Prepaid Insurance beginning balance of $9,000). A. April 1, paid cash for one-year policy, $18,000 B. December 31, unexpired premiums, $4,500
A. More Review Show (MRS) prepares quarterly statements. Thebookkeeper presented to you the records and you found out the following account balancesbefore adjustments for the quarter ended March 31, 200B:1. The notes receivable balance of P180,000 as of March 31, 200B consisted of a 60-day 12% note for P120,000 dated February 14, 200B and a 30-day 6% note for P60,000 dated March 16, 200B2. The balance of the prepaid insurance account of P22,000 represents a one-year policycontracted last November 1, 200A for P10,000 and a two-year policy contracted last July 1, 200A for P12,0003. The balance of the prepaid rent account of P50,000 pertains to advance rent paid lastDecember 1, 200A six months effective on the same date.4. The rate per day for each of the four shop workers is P350. MRS pays the weekly salaries of its workers every Monday of the following week ( a week consisting of five days from Monday to Friday). March 31, 200B falls on Thursday.5. Mortgage notes payable had a credit…
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1. This is the first accounting period for Lo Lo Lawrence Landscaping. The Temporary Equity accounts have the following balances on July 31st: Revenue $100,000 Withdrawals $20,000 Salary Expense $50,000 Utility Expense $10,000. Required: Record the four closing journal entries in the closing journal.
Need help for questions B & C
Prepare journal entries to record the following events: Jul. 1 Klemens Company accepted a 5%, 3-month, $8,000 note dated July 1 from Mox Company for the balance due on Mox's account. Jul. 31 Klemens accrued interest on the above note for the month of July. Oct. 1 Collected Mox Company note in full. Assume interest was correctly accrued on August 31 and September 30.

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