closing entries?5. Explain the function of each of the four closing entries made byLO5LO56. What is the purpose of a post-closing trial balance?LO67. What is the primary purpose of reversing entries?LO68. What is the customary date for reversing entries?LO69. What adjusting entries should be reversed?SERIES A EXERCISESREVENUE SECTION, MULTIPLE-STEP INCOME STATEMENT Basedtion that follows, prepare the revenue section of a multiple-step income statement.on the informa-$150,0006,0003,400SalesSales Returns and AllowancesSales Discounts

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Answered: closing entries? 5. Explain the…

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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A. list all of the steps in the accounting cycle? B.Explain th e steps that must be taken for closing entries? C. Explain how one of the entries changes depending on if you have net income or net loss?
Which of these accounts is (are) credited during the closing process? Sales Revenue onlySales Returns and Allowances onlyInterest Revenue onlySales Revenue, Sales Returns and Allowances, and Interest Revenue
Use the following to describe the order of the steps in the Accounting Cycle. Prompts Submitted Answers Step 1 Analyze transactions for debit and credit account Step 2 Journalize transactions Step 3 Prepare the General Trial Balance Step 4 Prepare the Balance Sheet Step 5 Prepare the Adjusted Balance Sheet Step 6 Prepare the Retained Earnings Statement Step 7 Prepare the Adjusted Income Statement Step 8 Prepare the preclosing Trial Balance Step 9 Prepare the post-closing Trial Balance Step 10 Prepare the Income Statement
Prepare an answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance sheet category and on net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (-). Transaction a has been done as an illustration. Net income is not affected by every transaction. In some cases only one column may be affected because all of the specific accounts affected by the transaction are included in that category. a. Accrued interest revenue of $30 on a note receivable. b. Determined that the Allowance for Bad Debts account balance should be increased by $2,050. c. Recognized bank service charges of $22 for the month. d. Received $29 cash for interest accrued in a prior month. e. Purchased 3 units of a new item of inventory on account at a cost of $31 each. Perpetual inventory is maintained. f. Purchased…
Required: (A) Use the following adjusted trial balance to prepare a properly formatted multi-step income statement (including EPS), statement of retained earnings, and classified balance sheet. Adjusted Trial Balance Account Titles Dr Cr Cash 26,143 Equity securities portolio 47,521 Fair value adjustment 3,585 Accounts receivable 284,171 Allowance for doubtful accounts 14,209 Inventory 623,636 Prepaid insurance 11,080 Land 414,518 Buildings 1,455,667 Accumulated depreciation-bldg 490,534 Equipment 1,041,038 Accumulated depreciation-equip 337,259 Deferred tax asset 6,000 Patent 17,970 Accounts payable 205,799 Income taxes payable 108,659 Note payable 42,000 Bonds payable 300,000 Premium on bonds payable 16,038 Preferred stock (5%, $100 par) 200,000 Common stock ($10 par value) 400,000 Paid-In capital in excess of par 471,999 Retained earnings 934,729 Dividends 90,000 Sales revenue…
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