33. Following are selected accounts and their balances for a company after the adjustments as at May 31, the end of its fiscal year. (All accounts have normal balances.) Dividends $ 6,000 Fees earned 20,000 Salaries expense 7,000 Insurance expense 350 Utilities expense 75 Supplies expense 500 Supplies payable 400 Salaries payable 300 Depreciation expense 425 Prepare all the necessary closing entries for this company.

33. Following are selected accounts and their balances for a company after the adjustments as at May 31, the end of its fiscal year. (All accounts have normal balances.) Dividends $ 6,000 Fees earned 20,000 Salaries expense 7,000 Insurance expense 350 Utilities expense 75 Supplies expense 500 Supplies payable 400 Salaries payable 300 Depreciation expense 425 Prepare all the necessary closing entries for this company.

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 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.
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After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Reap Business Inc. James Reap, Capital: $800,000 James Reap, Drawing: $125,000 Fees Earned: 750,000 wages expense: 400,000 rent expense: 75,000 supplies expense: 16,000 Journalize the closing entries necessary to close out all temporary accounts.
The ledger of Mai Company includes the following accounts with normal balances: Common Stock $11,000; Dividends $1,800; Services Revenue $33,000; Wages Expense $18,400; and Rent Expense $5,600. Prepare the necessary closing entries from the available information at December 31.
Shown below in alphabetical order are the accounts for Reduce Reuse Remodel, Inc. at the end of the company’s fiscal year, June 30, 2021. The amounts are rounded to the nearest $1,000. Accounts payable $ 30 Notes payable (due in 5 years) $100 Accounts receivable 18 Prepaid insurance 8 Accumulated depreciation 160 Remodeling revenue 650 Cash 15 Rent expense 63 Common stock 150 Retained earnings, 7/1/20 79 Depreciation expense 40 Salaries expense 150 Dividends 25 Salaries payable 17 Equipment 500 Supplies 31 Income taxes payable 3 Supplies expense 275 Miscellaneous expense 84 Unearned revenue 20 Calculate Net Income for the year ending 6/30/21.
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?
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. (1) Prepare the December 31 closing entries for Cruz Company. Assume the account number for Income Summary is 901. (2) Prepare the December 31 post-closing trial balance for Cruz Company. Note: The A. Cruz, Capital account balance was $47,600 on December 31 of the prior year.
Capri Company began the current period with a $30,000 credit balance in the K. Capri, Capital account. At the end of the period, the company’s adjusted account balances include the following temporary accounts with normal balances. Service fees earned $ 118,000 Interest revenue $ 8,000 Salaries expense 37,500 K. Capri, Withdrawals 18,500 Depreciation expense 11,600 Utilities expense 5,400
The following accounts and normal balances existed at year-end. In their proper order, make the four journal entries required to close the books: Accounts Normal Balances Retained Earnings $22,000 Dividends $6,000 Fees Earned Revenue $90,000 Selling Expenses $45,000 Administrative Expenses $16,000 Miscellaneous Expenses $2,300 Partial Closing Journal Entry_(CJE) #1: Debit or credit [ Select ] V Income Summary for [ Select ] Partial Closing Journal Entry (CJE) #2: Debit or credit [ Select ] v Income Summary for [Select ] Partial Closing Journal Entry_(CJE) #3: Debit or credit [ Select ] v Retained Earnings for [Select ] Partial Closing Journal Entry_(CJE) #4: Debit or credit [ Select ] V Retained Earnings for [ Select ]
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $219,000; Service Revenue, $845,000; Salaries Expense, $379,000; Rent Expense, $139,005; Interest Expense, $74,000; and Dividends, $49,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 Record the entry to close revenue accounts. 2 Record the entry to close expense accounts. 3 Record the entry to close dividend accounts. Credit Note : = journal entry has been entered View general jouurnal
Shown below in alphabetical order are the accounts for AirIndy, Inc. at the end of the company’s fiscal year, December 31, 2021. The amounts are rounded to the nearest $1,000. Account Balance Account Balance Accounts payable $17 Income taxes payable $ 14 Accounts receivable 45 Insurance and interest expense 15 Accumulated depreciation 20 Maintenance and fuel expense 125 Airplanes 142 Note payable (due in 5 years) 43 Buildings and equipment 88 Passenger and freight service revenue 370 Advertising and supplies expense 53 Prepaid insurance 4 Cash 32 Retained earnings, 1/1/21 7 Common stock 135 Salary expense 71 Depreciation expense 11 Salaries payable 8 Dividends 5 Supplies 18 Income tax expense 25 Unearned revenue 20 Calculate Current Liabilities as of 12/31/20.
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 45,500 Accounts Receivable 29,700 Land 114,800 Accounts Payable 15,700 Notes Payable (due in 2 years) 34,000 Common Stock 104,000 Retained Earnings 36,300 Totals $ 190,000 $ 190,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $66,400. 2. February 25 Provide services to customers for cash, $77,300. 3. March 19 Collect on accounts receivable, $46,100. 4. April 30 Issue shares of common stock in exchange for $34,000 cash. 5. June 16 Purchase supplies on account, $12,900. 6. July 7 Pay on accounts payable, $11,700. 7. September 30 Pay salaries for employee work in the current year, $68,200. 8. November 22…