3. After adjustments at March 31, 20Y2, the end of the first full year of operations, the revenues were $407,000 and expenses were $317,000, for a net income of $90,000. Thedrawing accounts have debit balances of $31,000 (Lang) and $27,000 (Capri). Journalize the entries to close the revenues and expenses and the drawing accounts at March 31, 20Y2. Ifan amount box does not require an entry, leave it blank.Mar. 31Mar. 31ACCOUNTDEBITIIIICREDIT

The objective of the question is to journalize the entries to close the revenues, expenses, and…

Answered: 3. After adjustments at March 31, 20Y2,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The beginning balance of supplies is $4000. On December 31st, the physical count of remaining supplies, $500. Record the adjusting journal entries for the supplies used during the year. supplies Expense - supplies-
The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Accounts receivable $45,000, Prepaid insurance 4,500, Land 50,000, Accounts payable 39,000, Notes payable 55,000, Retained earnings 12,000, Dividends 2,000, Fees earned revenue 65,000, Selling expenses 34,500, Administrative expenses 12,750, Miscellaneous expense 1,250.
Before month-end adjustments are made, the February 28 trial balance of Bramble's Enterprise contains revenue of $10,780 and expenses of $7,476. Adjustments are necessary for the following items: ● ● Depreciation for February is $1,224. Revenue earned but not yet billed is $2,688. Accrued interest expense is $972. Revenue collected in advance that is now recognized is $2,350. Portion of prepaid insurance expired during February is $550. Calculate the correct net income for Bramble's Enterprise for the month of February. Net income $
I want to solve the income statement and the statement of financial position for this question after the trial balance and adjustments The data needed to determine year-end adjustments are as follows:a. Supplies on hand at March 31 are $7,500.b. Insurance premiums expired during the year are $1,800.c. Depreciation of equipment during the year is $8,350.d. Depreciation of trucks during the year is $6,200.e. Wages accrued but not paid at March 31 are $600.
On January 5, Barnaby, Incorporated, purchased a patent costing $100,000 with a useful life of 20 years. The company records its adjusting entries at the end of each year on December 31. Complete the necessary adjusting entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet On January 5, Barnaby, Inc., purchased a patent costing $100,000 with a useful life of 20 years. The company records its adjusting entries at the end of each year on December 31. Note: Enter debits before credits. Date Dec. 31 General Journal Debit Credit
On June 30 of the current year, Rosemount Copy Center has completed the Trial Balance columns of the work sheet. Analyze the adjustment information given here into debit and credit parts. Record the adjustments on the work sheet. Total the Adjustments columns. Adjustment Information June 30 Supplies on hand $188.00 Value of prepaid insurance 540.00 WORK SHEET For Month Ended June 30, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 1 Cash 8,715.00 1 2 Petty Cash 75.00 2 3 Accounts Receivable-Raymond O’Neil 642.00 3 4 Supplies 518.00 4 5 Prepaid Insurance 675.00 5 6 Accounts Payable-Western Supply 268.00 6 7 Akbar…
Bava Consulting has the following account balances at December 31, the end of its fiscal year. Service Fees Earned $85,000Rent Expense $22,000Salaries Expense 50,000Supplies Expense 4,000Depreciation Expense 18,000Retained Earnings 70,000 Set up T-accounts for each account and record the above amounts in each account. Then, post the closing entries to the T-accounts. After theseentries are posted, what is the balance of the Retained Earnings account?
Prepare journal entries on December 31 to record the following unrelated year-end adjustments. TheSupplies account on January 1 had a balance of $500. During the year the company bought $2,500 of supplies which was debited to the Supplies account. A count of the supplies on hand on December 31 showed there was $400 of supplies left. A machine costing $5,000 was purchased two years ago. When it was bought, it had an estimated life of 5 years. On September 1, a property owner received 6 month’s rent in advance from a tenant whose rent is $550 per month. The $3,300 was credited to the Unearned Rent account.
Depreciation on equipment for the year is $5,760. a. Record the journal entry if the company prepares adjustments once a year. If an amount box does not require an entry, leave it blank. b. Record the journal entry if the company prepares adjustments on a monthly basis. If an amount box does not require an entry, leave it blank.
I need help with: · Entering adjustments on the spreadsheet provided. · Using the new and adjusted totals, calculate the totals on the financial statements in the spaces provided.
All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary account has total debits of $530,000 and total credits of $600,000. As of the same date, Retained Earnings has a balance of $115,000, and the Dividends account has a balance of $48,000. (a) Journalize the entries required to complete the closing of the accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To close net income to retained earnings) (To close dividends to retained earnings)

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