a. Determine the balance in the Retained Earnings account as of January 1, Year 3.b. Determine the balance in the temporary accounts as of January 1, Year 2.c. Determine the after-closing balance in the Retained Earnings account as of December 31, Year 1.d. Determine the balance in the Retained Earnings account as of June 30, Year 2.a. Balance in the retained earnings, January 1, Year 3b. Balance in the temporary accounts, January 1, Year 2c. Closing retained earnings, December 31, Year 1$42,100$0$33,000d. Balance in the retained earnings, June 30, Year 2$ 33,000

The table seems to provide key balances for retained earnings and temporary accounts at various…

Answered: a. Determine the balance in the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 4EA: Identify the financial statement on which each of the following accounts would appear: the income...

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Similar questions

Which of the following statements in relation to retained earnings is TRUE? Select one: a. Retained earnings account normally has a debit balance. b. Retained earnings account is closed at the end of the fiscal year. c. Retained earnings account normally has a credit balance. d. Retained earnings account is a nominal account.
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
The retained earnings statement should be prepared a. before the income statement and balance sheet b. after the income statement and before the balance sheet C. before the income statement and after the balance sheet d. after the income statement and balance sheet
2 3 1 4 5 7 8 9 10 12 Depreciation Expense Accumulated Depreciation Uneamed Revenue Services Revenue Insurance Expense Prepaid Insurance Salaries Payable Cash Prepaid Rent Cash Salaries Expense Salaries Payable Interest Receivable Interest Revenue Cash Accounts Receivable (from consulting) Cash Unearned Revenue Cash Interest Receivable Rent Expense Prepaid Rent Interest Expense Interest Payable 1,400 4,300 3,300 4,500 2,000 3,700 5,400 4,900 9,000 6,000 3,000 1,700 1,400 4,300 3,300 4,500 2,000 3,700 5,400 4,900 9,000 6,000 3,000 1,700
The income statement should be prepared Oa. after the retained earnings statement and before the balance sheet Ob. before the retained earnings statement and balance sheet Oc. after the balance sheet and before the retained earnings statement Od. after the retained earnings statement and balance sheet
Show effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year
For journal entries 1through 12, indicate the explanation that most closely describes it. You can use explanations more than once. A. To record receipt of unearned revenue. B. To record this period's earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued expense. F. To record an accrued revenue. G. To record this period's use of a prepaid expense. H. To record payment of a prepaid expense. 1. To record this period's depreciation expense.
On which of the following would the year-end retained earnings balance be stated correctly? A. Unadjusted Trial balance B. Adjusted Trial balance C. Post-closing Trial balance D. The worksheet
Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file Use the following accounts as appropriate: Cash. Land. Notes Payable. Depreciation Expense. Accounts Receivable. Accumulated Depreciation. Common Stock. Salaries Expense. Supplies. Accounts Payable. Retained Earnings. Supplies Expense. Prepaid Insurance. Deferred Revenue. Dividends. Rent Expense. Equipment. Salaries Payable. Service Revenue. Insurance Expense 1-Dec: Issue common stock in exchange for cash of $6,000. 1-Dec: Paid the premium in advance on a one-year insurance policy, $480. 1-Dec: Purchased Equipment for $3,600 cash. 5-Dec: Purchased office supplies from XYZ Company on account, $400. 15-Dec: Provided services to customers for $5,400 cash. 16-Dec: Provided services to customer ABC Inc. on account, $2,500. 17-Dec: Received $800 cash in advance from a customer for services to be provided in January. 22-Dec: Paid $220 to XYZ company for the Dec 5 purchase on…
Entry 4 5 6 7 8 CO 3 2 9 1 10 Explanation Interest Expense Interest Payable Depreciation Expense Accumulated Depreciation Unearned Revenue Services Revenue Insurance Expense Prepaid Insurance Salaries Payable Cash Prepaid Rent Cash Salaries Expense Salaries Payable Interest Receivable Interest Revenue Cash Journal Entries Cash expense. Accounts Receivable (from consulting) Unearned Revenue Cash Debit 1,300 4,400 3,600 3,700 2,000 4,500 5,600 5,400 8,200 7,100 2,200 Credit 1,300 4,400 3,600 3,700 2,000 4,500 5,600 5,400 8,200 7,100
1. Complete the statement: closing entries ________ A. Reflect the net income for the accounting period B. Are also posted in the subsidiary ledgers C. Involve all ledger accounts D. Are recorded in the special journals
Financial Statements, Closing Entries & Ratio Analysis You are asked to support Telcel Company with its Financial Reporting requirements. The Senior Manager provided you with the following Adjusted Trial Balance: Telcel Company TRIAL BALANCE (Adjusted) 31-Mar-21 Debit Credit Cash 10,450 Accounts Receivable 16,800 Prepaid Rent Supplies 7,600 1,500 Inventory Buildings Equipment 6,400 125,000 32,000 Accumulated Depreciation – Equipment 7,200 Accumulated Depreciation – Buildings Accounts Payable Notes Payable (due 2024) 21,000 13,900 49,000 Unearned Service Revenue 9,450 Share Capital Retained Earnings 76,000 31,650 Dividends 8,000 Service Revenue 68,400 Advertising Expense Salaries and Wages Expense 1,750 47,800 Utilities Expense 5,400 Supplies Expense Depreciation Expense Interest Expense Rent Expense 2,600 8,400 1,100 1,800 Total 276,600 276,600 Additional Information: 2020 Data Accounts Receivable $8,100 Total Assets $158,930

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