Account Cash 47,400 Supplies 300 Prepaid Rent 22,917 7,350 17,500 Accounts Receivable Equipment Accumul.Dep-Equipment Accounts Payable Unearned Service Eevenue Salaries Payable Interest Payable Notes Payable (2030) Share Capital-ordinary 35 13,420 1,900 150 12,000 60,000 Dividends 7,000 Service Revenue 19,000 4,200 Rent Revenue Salaries Expense Depreciation Exp.-Equipment Utilities Expense Interest Expense Rent Expense Supplies Expense 1,900 35 670 150 2,083 3,400 110,705 Total 110,705

Account Cash 47,400 Supplies 300 Prepaid Rent 22,917 7,350 17,500 Accounts Receivable Equipment Accumul.Dep-Equipment Accounts Payable Unearned Service Eevenue Salaries Payable Interest Payable Notes Payable (2030) Share Capital-ordinary 35 13,420 1,900 150 12,000 60,000 Dividends 7,000 Service Revenue 19,000 4,200 Rent Revenue Salaries Expense Depreciation Exp.-Equipment Utilities Expense Interest Expense Rent Expense Supplies Expense 1,900 35 670 150 2,083 3,400 110,705 Total 110,705

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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Selected accounts of Sparkle Electrical, Inc., at June 30, 2018, follow. Begin by closing out the revenue accounts. Close out the expense accounts. Close out the Dividends account What is Sparkle Electrical, Inc.'s Retained earnings balance at June 30, 2018? Sparkle Electrical, Inc.'s Retained earning balance at June 30, 2018 is S Create the journal entrys as stated above and find out the retained earning balance.
When all expense accounts are closed, what account is debited? Each expense Income Summary Owners Withdrawal account Owners Capital account
Take me to the text The following information was taken from the financial records of Thornhill Public House, owned by Justin Thonhill at its year end of February 28, 2021. The company uses the periodic inventory system and combines its beverage and food inventory in a single account. Freight-In Interest Expense Inventory, March 1, 2020 Inventory, February 28, 2021 Purchase Returns and Allowances Purchases Rent Expense Salaries & Wages Expense Sales Discounts Sales Revenue Purchases Required a) Calculate the Cost of Sales. Do not enter dollar signs or commas in the input boxes. Do not use negative signs. Inventory, March 1, 2020 Purchase Returns and Allowances $ Net Purchases Freight-In Subtotal Cost of Goods Available for Sale $1,330 $2,830 $161,440 $127,910 $10,180 $105,710 $29,540 $44,300 $9,940 $267,180 Inventory, February 28, 2021 S
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