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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1. A note receivable due in 18 months is listed on the balance sheet under the caption A. current assets B. investments C. long-term liabilities D. fixed assets 2. Two methods of accounting for uncollectible accounts are the A. direct write-off method and the accrual method B. direct write-off method and the allowance method C. allowance method and the accrual method D. allowance method and the net realizable method 3. What is the type of account and normal balance of Allowance for Doubtful Accounts? A. contra asset, debit B. asset, credit C. contra asset, credit D. asset, debit
a. Journalize the entry to record the payroll for the week of April 29.* b. Journalize the entry to record the payroll tax expense incurred for the week of April 29.*
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
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…
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
9. PostingA. Accumulates the effects of ledger entries and transfers them to the general journal.B. Is done only for income statement activity because activity related to the statement of financial position does not require postingC. Is done once every year.D. Transfers journal entries to the ledger accounts.
Selected accounts and related amounts for Druid Hills Co. for the fiscal year ended May 31, 20Y8, are presented in Problem 6-5A. Adjunt problem 6-5A Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 12. 2. Prepare closing entries as of May 31, 20Y8.
Close the $3,790 credit balance of income summary to retained earnings. Date Jul 31 Account Debit Credit
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. +
Wildhorse Ltd. had the following selected opening account balances at the end of April 30: Cash $1,500; Accounts Receivable $2,10 and Accounts Payable $800. Transactions during the month of May are presented in journal entry form below. GENERAL JOURNAL Date Account Titles May 4 Accounts Receivable Service Revenue 7 Dividends Declared Cash 11 21 25 28 30 Cash Accounts Receivable Cash Service Revenue Salaries Expense Cash Accounts Payable Cash Income Tax Expense Cash Debit Credit 3,000 700 1,600 2,100 2,900 200 650 3,000 700 1,600 2,100 2,900 200 650
Which of the following transactions is affecting the current asset of accounts receivable? a. Sold merchandise to customers on account b. Received cash from issuance of common stock c. Received cash from customers for this month’s sales d. Paid balance on account for last month’s inventory purchases
Selected accounts and related amounts for Druid Hills Co. for the fiscal year ended May 31, 20Y8, are presented in Problem 6-5A. Adjunt problem 6-5A Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 12. 2. Prepare closing entries as of May 31, 20Y8.

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