Below is a partial portion of Jolex’s adjusted trial balance. Cash 14,089 Accounts Payable 5,529 Retained Earnings 1,865 Sales Revenue 14,443 Rent Revenue 2,230 Salaries and Wages Expense 7,046 Depreciation Expense 1,341 Utilities Expense 2,251 When preparing the closing entry, the balance in Retained Earnings will equal $____________

Below is a partial portion of Jolex’s adjusted trial balance. Cash 14,089 Accounts Payable 5,529 Retained Earnings 1,865 Sales Revenue 14,443 Rent Revenue 2,230 Salaries and Wages Expense 7,046 Depreciation Expense 1,341 Utilities Expense 2,251 When preparing the closing entry, the balance in Retained Earnings will equal $____________

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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At December 31, the unadjusted trial balance of H&R Tacks reports Deferred Revenue of $5.100 and Service Revenues of $33,900. Obligations for one-half of the deferred revenue have been fulfilled as of December 31. Requlred: 1. Prepare the adjusting journal entry on December 31. 2 Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
Included in Blossom’s December 31 trial balance is unearned revenue of $12,600. Management reviewed the company’s progress on the underlying contracts and determined that $4,000 of revenue should be recognized. Prepare Blossom’s December 31 adjusting entry
The following information Is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entries are posted, what will be the balance in the Retained earnings account? Total revenues $195,000 93,600 Total expenses Retained earnings 124,800 Dividends 23,400 Multiple Choice $101,400 $202,800. $93,600. $226,200. 10 of 10 Next < Prev
The following are income and expense items on the adjusted trial balance of NW Company: Account Debit Credit Fees Earned $18,944 Rent Expense 5,500 Wages Expense 6,178 Miscellaneous Expense 340 Which of the following will be included in the first closing entry? a.Debit to Retained Earnings for $18,944 b.Debit to Retained Earnings for $6,926 c.Credit to Retained Earnings for $18,944 d.Credit to Retained Earnings for $6,926
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.
Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019 the end of the current year, Pitman Company’s accounting clerk prepared the following unadjusted trial balance:Pitman CompanyUNADJUSTED TRIAL BALANCEOctober 31, 2019ACCOUNT TITLE DEBIT CREDIT1Cash7,710.002Accounts Receivable37,935.003Prepaid Insurance7,070.004Supplies2,125.005Land108,400.006Building145,300.007Accumulated Depreciation-Building85,610.008Equipment134,800.009Accumulated Depreciation-Equipment96,100.0010Accounts Payable12,625.0011Unearned Rent6,340.0012Jan Pitman, Capital219,690.0013Jan Pitman, Drawing15,120.0014Fees Earned323,700.0015Salaries and Wages Expense196,770.0016Utilities Expense42,265.0017Advertising Expense23,135.0018Repairs Expense17,195.0019Miscellaneous Expense6,240.0020Totals744,065.00744,065.00The data needed to determine year-end adjustments are as follows:a. Unexpired insurance at October 31, $6,105.b. Supplies on hand at October 31, $485.c.…
At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,500 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $5,100. Required: 1. Prepare the adjusting journal entry on December 31. 2. Post the beginning balances and adjusting entries to the following T-accounts. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Post the beginning balances and adjusting entries to the following T-accounts. Accumulated Depreciation Beginning Balance Debit Ending Balance Credit Answer is not complete. 5,100 5,100 Beginning Balance Debit Ending Balance Credit
The balance in the unearned fees account, before adjustment at the end of the year, is $13,010. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $4,110. If an amount box does not require an entry, leave it blank.
Journalize the adjusting entries and post to the general ledger - Adjusting entries: 1. Expired insurance for the period $500 2.Accrued salary expense ( earned but not paid ) owed to Sophia LeBron,$5600. (Credit Salaries Payable. Payroll taxes are not considered in this entry. 3.Provision for uncollectible accounts estimated at 3.0% of March creadit sales,$927
The balance in the unearned fees account, before adjustment at the end of the year, is $96,470. Of these fees, $84,165 have been earned. In addition, $36,205 of fees have been earned but have not been billed. Journalize the December 31 adjusting entries (a) to adjust the unearned fees account and (b) to record the accrued fees. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
On July 1, a client paid an advance payment (retainer) of $10,000, to cover future legal services. During the period, the company completed $6,200 of the agreed-on services for the client. There was no beginning balance in the Unearned Revenue account for the period. Based on the information provided, make the journal entries needed to bring the balances to correct for: original transaction December 31 adjustment

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bartleby, a Learneo, Inc. business

Cash	14,089
Accounts Payable	5,529
Retained Earnings	1,865
Sales Revenue	14,443
Rent Revenue	2,230
Salaries and Wages Expense	7,046
Depreciation Expense	1,341
Utilities Expense	2,251