A company has the following adjusted trial balance:CashAccounts receivablePrepaid rentEquipmentAccumulated depreciation-EquipmentAccounts payableUnearned service revenueCommon stockRetained earningsService revenueInterest revenueSalaries and wages expenseDepreciation expenseRent expenseTotalO $4,700.O $8,450.O $4,350.O $5,050.DebitO $4,550.1,5002,1001003,5001506005008,4508,450After closing entries have been journalized and posted, the balance in the company's retainedearnings account will beCredit1,5001502001,0004,700800100

Net income = Revenue-expenses Net income Revenue Service Revenue 800Interest Revenue 100total…

Answered: A company has the following adjusted…

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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Given the following account balances after closing entries are posted, what is the total credit amount on the Post-Closing Trial balance (assume normal account balances)? Cash Accounts Receivable $121,000 11,500 4,700 Supplies Prepaid Rent 8,800 Land 15,500 Building 47,000 Accumulated Depreciation, Building 26,000 Accounts Payable 117,200 Salaries Payable 4,000 Unearned Rent 5,000 Notes Payable Common Stock Retained Earnings OA. $208,500 B. $182,500 OC. $158,900 OD. $56,300 6,700 47,100 2,500
Oriole Company ended its fiscal year on July 31, 2022. The company’s adjusted trial balance as of the end of its fiscal year is as follows. Oriole CompanyAdjusted Trial BalanceJuly 31, 2022 No. Account Titles Debit Credit 101 Cash $8,200 112 Accounts Receivable 9,400 157 Equipment 16,100 158 Accumulated Depreciation—Equip. $7,400 201 Accounts Payable 4,500 208 Unearned Rent Revenue 1,500 301 Owner’s Capital 44,600 306 Owner’s Drawings 15,800 400 Service Revenue 64,700 429 Rent Revenue 6,800 711 Depreciation Expense 9,300 726 Salaries and Wages Expense 55,800 732 Utilities Expense 14,900 $129,500 $129,500
Cash Accounts Payable Land: Operating Expenses What is the total of the credit account balances that will be shown on the adjusted trial balance? Multiple Choice $60,500 $62,500 $61.500 18,100 Accounts Receivable 4,800 Service Revenue 25,100 Retained Earnings 12,500 Common Stock $43,200 5,800 18,300 17,300 21,100
Please help me prepare a T-Account.
Adjusting entries required
M4-14 through M4-17 (Algo) Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5] Skip to question [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,260 Accounts Receivable 2,300 Prepaid Insurance 2,600 Notes Receivable (long-term) 3,300 Equipment 13,500 Accumulated Depreciation $ 3,200 Accounts Payable 5,720 Salaries and Wages Payable 1,150 Income Taxes Payable 3,200 Deferred Revenue 660 Common Stock 2,700 Retained Earnings 1,120 Dividends 330 Sales Revenue 44,730 Rent Revenue 330 Salaries and Wages Expense 22,200 Depreciation Expense 1,600 Utilities Expense 4,520 Insurance Expense 1,700 Rent Expense 6,300 Income Tax Expense 3,200 Total $ 62,810 $ 62,810 M4-17 (Algo)…
Revenues total P10,200, expenses total P7,300, and the owner's withdrawalk account has a balance of P2,600. What is the balance in the income summany account prior to closing net income or net loss? a. P2,900 debit b. P300 debit 6. c. P2,900 credit d. P300 credit с. Post-Closing Trial Balance Jewel Cherry, capital Cash P 54,900 35,200 Accounts receivable 10,900 3,500 Accounts payable Unearned service revenue Supplies Equipment 6,850 1,200 10,600 Land 15,400 Accumulated depreciation 7. Refer to the table; calculate the total amount in the credit column of the post- closing trial balance. a. P50,900 b. P73,300 C. P63,700 d. impossible to determine from the given data 8. Using the data in table, the balance in accumulated depreciation must be; а. Р8,050 b. Р10,200 C. P65,250 d. impossible to determine from the given data 322
Yellow Service Company has the following unadjusted balances at year-end. YELLOW Service Company TRIAL BALANCE Dec., 31, 2018 Unadjusted Trial Bal. Debit Adjusted Trial Bal. Accounts Credit Debit Credit Cash TL 51.600 Account Receivable Prepaid Insurance Supplies Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned service revenue Capital, Yellow 8.000 5.200 42.000 14.000 11.600 18.000 61.000 Withdrawals 22.400 Service revenue Salary expense Depreciation expense Insurance expense Supplies expense 39.400 14.800 ТОTAL TL 144.000 | TL 144.000 The following information is available to use in making adjusting entries. a. Office supplies on hand at year-end, TL 3.200. b. Prepaid insurance expired during the year, TL 1.500. c. Unearned service revenue still unearned, TL 4.000. d. Depreciation expense for the year, TL 5.600. e. Accrued salaries at year-end, TL 2.900. f. Revenues earned but not billed totaled TL 15.500. Requirement: a) Please make the…
The following selected accounts and balances were taken from the adjusted trial balance of STB Company: Cash P167,000 Accounts receivable 49,200 Accounts Payable 38,760 A. Vida, Capital 248,640 A. Vida, Withdrawal 60,000 Service Revenue 1,240,000 Interest Income 10,000 Administrative Expense 424,000 Marketing Expense 248,000 Interest Expense 8,000 REQUIRED: 1. Journalize required closing entries. 2. How much is A. Vida's ending capital balance? (Show solution)
What does Closing Entry #1 (clase revenues) include, based on the trial balance below for the year ending December 31, 2018? Account Cash Accounts Receivable Trucks Accumulated Depreciation Accounts Payable Wages Payable K. Wilson, Capital K. Wilson, Withdrawals Trucking Fees Earned Wages Expense Depreciation Expense Other Expenses Credit to Income Summary of $130,000 Debit to Income Summary of $130,000 O Credit to K. Wilson, Capital of $130,000 O Credit to Trucking Fees Earned of $130,000 Debit $ 96,000 17,500 172,000 Credit $ 36,000 65,000 4,000 175,000 20,000 130,000 61,000 23,500 20,000
The following are account balances of Grameen Corporation: Account Title Amount in Unadjusted Trial Balance Balance after Adjustment Interest Receivable $ -0- $100 Prepaid Insurance 1,500 700 Interest Payable -0- 80 Salaries Payable -0- 450 Unearned Rent 500 200 Required: 1. Enter the unadjusted balance for each account in the following 2. Ledger accounts: Interest Receivable, Prepaid Insurance, Interest Payable, Salaries Payable, Unearned Rent, Interest Earned, Rent Earned, Insurance Expense, Interest Expense, and Salaries Expense. 3. Do the adjusting entry that must have been recorded for each account from the following report. 4. Post these adjusting entries and agree ending balances in each ledger to the adjusted balances above. 5. Identify revenue and expense amounts for the period.
Refer to the following adjusted trial balance after the first year of operations. Accounts Debit Credit Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation- Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends OA. $35,350 OB. $35,850 OC. $29,350 OD. $32,350 Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends $1,500 8,100 500 28,500 OA. $35,350 OB. $35,850 C. $29,350 OD. $32,350 3,000 3,000 $3,000 1,400 950 400 3,500 $3,000 1,400 950 400 3,500 Service Revenue Salaries Expense 20,000 Supplies Expense 2,300 2,100 Depreciation Expense-Equipment Total $66,000 What will the balance of the Retained Earnings account be after the closing entries are posted? 56,750 $66,000

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