A company's ledger accounts and their end-of period balances before closing entries are posted are shown below. What amount will be posted to Wilson Peters, Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances) wilson Peters, Capital Wilson Peters, withdrawals Revenue Rent expense Salaries expense Insurance expense Depr. Expense-equipment Accum depr.-equipment $7,000 9,600 29,000 3,600 7,200 920 500 1,500

A company's ledger accounts and their end-of period balances before closing entries are posted are shown below. What amount will be posted to Wilson Peters, Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances) wilson Peters, Capital Wilson Peters, withdrawals Revenue Rent expense Salaries expense Insurance expense Depr. Expense-equipment Accum depr.-equipment $7,000 9,600 29,000 3,600 7,200 920 500 1,500

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Description: A company's ledger accounts and their end-of period balances before closing entries are posted are shown below. What amount will be posted to Wilson Peters.Capital in the process of closing the Income Summary account? (Assume all accounts have norma

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 2E: The ledger accounts after adjusting entries for Cortez Services are presented below. a. Journalize...

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Identify which of the following accounts would be listed on the company’s Post-Closing TrialBalance.A. Accounts ReceivableB. Accumulated DepreciationC. CashD. Office ExpenseE. Note PayableF. Rent RevenueG. Retained EarningsH. Unearned Rent Revenue
A company's ledger accounts and their end-of-period balances before closing entries a posted are shown below. What amount will be posted to Wilson Peters, Capital in the process of closing the Income Summary account? (Assume all accounts have normal balances.) Wilson Peters, Capital Wilson Peters, Withdrawals Revenue Rent expense Salaries expense Insurance expense Depreciation Expense-equipment Accumulated depreciation-equipment 1,740 $21,690 credit. $21,690 debit. $9,790 debit. $9,790 credit. $8,500 11,900 34,000 3,400 7,950 $23 430 credit 380 580
The ledger accounts after adjusting entries for Cruz Services are presented below. a. Journalize the following closing entries and number as steps 1 through 4. b. What is the new balance of A. Cruz, Capital after closing? Show your calculations.
Identify 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 Revenue
The ledger accounts after adjusting entries for Cortez Services are presented below. a. Journalize the following closing entries and number as steps 1 through 4. b. What is the new balance of J. Cortez, Capital after closing? Show your calculations.
Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Accumulated Depreciation B. Buildings C. Depreciation Expense D. Equipment E. Fees Earned Revenue F. Insurance Expense G. Prepaid Insurance H. Supplies Expense I. Dividends
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PROBLEM Selected accounts from the ledger of Phillips Company appear below. For each account, indicate the following: (a) In the first column at the right, indicate the nature of each account, using the following abbreviations: Asset - A Revenue - R Liability - L Expense - E None of the above - N (b) In the second column, indicate the increase side of each account by inserting Dr. or Cr. Account Type of Account Increase Side (1) Supplies _______ ________ (2) Notes Receivable _______ ________ (3) Fees Earned _______ ________ (4) Drawings _______ ________ (5) Accounts Payable _______ ________ (6) Salaries Expense _______ ________ (7) Capital _______ ________ (8) Accounts Receivable _______ ________ (9) Equipment _______ ________ (10) Notes Payable _______ ________ Calculate the following.…
16) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts receivable balances with an entry to the:A) Uncategorized Expenses accountB) Uncategorized Income accountC) Opening Balance Equity accountD) Capital Stock account Group of answer choices A B C D
Notes receivable due in 390 days appear on the a.balance sheet in the current liabilities section b.income statement as an expense c.balance sheet in the noncurrent assets section d.balance sheet in the current assets section
Businesses using the allowance method for the recognition of uncollectible accounts expense commonly experience four accounting events: a. Recognition of uncollectible accounts expense through a year-end adjusting entry. b. Write-off of uncollectible accounts. c. Recognition of revenue on account. d. Collection of cash from accounts receivable. Required Show the effect of each event on the elements of the financial statements, using a horizontal statements model like the one shown here. Use the following coding scheme to record your answers: increase is +, decrease is –, leave the cell blank for not affected. In the cash flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). The first transaction is entered as an example. Effect of Events on the Financial Statements Balance Sheet Income Statement Stockholders' Net Event Assets Liabilities Revenue Expense Cash Flow Equity Income 1. %3D + 2. 3. 4. +
Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $54,000 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 6%; Whispering's incremental borrowing rate is 8%. Whispering is unaware of the rate being used by the lessor. At the end of the lease, Whispering has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Whispering uses the straight-line method of depreciation on similar owned equipment. Click here to view factor tables.