Closing Entries (Net Loss) Use the following partial listing of T accounts to complete this exercise. Accum. Depr.—Delivery Equip. 185.1     Bal. 100 Wages Payable 219     Bal. 200 Saburo Goto, Capital 311     Bal. 4,000 Saburo Goto, Drawing 312 Bal. 800     Income Summary 313         Delivery Fees 401     Bal. 2,200 Wages Expense 511 Bal. 1,800     Advertising Expense 512 Bal. 80     Rent Expense 521 Bal. 500     Supplies Expense 523 Bal. 120     Phone Expense 525 Bal. 58     Electricity Expense 533 Bal. 44     Insurance Expense 535 Bal. 30     Gas and Oil Expense 538 Bal. 38     Depr. Exp.— Del. Equip. 541 Bal. 100     Miscellaneous Expense 549 Bal. 33       Required: 1.  Prepare closing entries in general journal form dated January 31, 20--. Then post the closing entries to the T accounts. Page: 1   DATE DESCRIPTION   POST. REF. DEBIT CREDIT   1 20-- Jan. 31     fill in the blank fb356bfc3062ff2_2 fill in the blank fb356bfc3062ff2_3 fill in the blank fb356bfc3062ff2_4 1 2       fill in the blank fb356bfc3062ff2_6 fill in the blank fb356bfc3062ff2_7 fill in the blank fb356bfc3062ff2_8 2 3             3 4 Jan. 31     fill in the blank fb356bfc3062ff2_10 fill in the blank fb356bfc3062ff2_11 fill in the blank fb356bfc3062ff2_12 4 5       fill in the blank fb356bfc3062ff2_14 fill in the blank fb356bfc3062ff2_15 fill in the blank fb356bfc3062ff2_16 5 6       fill in the blank fb356bfc3062ff2_18 fill in the blank fb356bfc3062ff2_19 fill in the blank fb356bfc3062ff2_20 6 7       fill in the blank fb356bfc3062ff2_22 fill in the blank fb356bfc3062ff2_23 fill in the blank fb356bfc3062ff2_24 7 8       fill in the blank fb356bfc3062ff2_26 fill in the blank fb356bfc3062ff2_27 fill in the blank fb356bfc3062ff2_28 8 9       fill in the blank fb356bfc3062ff2_30 fill in the blank fb356bfc3062ff2_31 fill in the blank fb356bfc3062ff2_32 9 10       fill in the blank fb356bfc3062ff2_34 fill in the blank fb356bfc3062ff2_35 fill in the blank fb356bfc3062ff2_36 10 11       fill in the blank fb356bfc3062ff2_38 fill in the blank fb356bfc3062ff2_39 fill in the blank fb356bfc3062ff2_40 11 12       fill in the blank fb356bfc3062ff2_42 fill in the blank fb356bfc3062ff2_43 fill in the blank fb356bfc3062ff2_44 12 13       fill in the blank fb356bfc3062ff2_46 fill in the blank fb356bfc3062ff2_47 fill in the blank fb356bfc3062ff2_48 13 14       fill in the blank fb356bfc3062ff2_50 fill in the blank fb356bfc3062ff2_51 fill in the blank fb356bfc3062ff2_52 14 15             15 16 Jan. 31     fill in the blank fb356bfc3062ff2_54 fill in the blank fb356bfc3062ff2_55 fill in the blank fb356bfc3062ff2_56 16 17       fill in the blank fb356bfc3062ff2_58 fill in the blank fb356bfc3062ff2_59 fill in the blank fb356bfc3062ff2_60 17 18             18 19 Jan. 31     fill in the blank fb356bfc3062ff2_62 fill in the blank fb356bfc3062ff2_63 fill in the blank fb356bfc3062ff2_64 19 20       fill in the blank fb356bfc3062ff2_66 fill in the blank fb356bfc3062ff2_67 fill in the blank fb356bfc3062ff2_68 20 21             21 2.  Post the closing entries to the T accounts. If there is more than one closing entry for an account, enter in the order given in the journal. Accum. Depr.—Delivery Equip. 185.1     Bal. 100 Wages Payable 219     Bal. 200 Saburo Goto, Capital 311 Closing fill in the blank 4cf0be0d7072f8e_1 Bal. 4,000 Closing fill in the blank 4cf0be0d7072f8e_2         Bal. fill in the blank 4cf0be0d7072f8e_3 Saburo Goto, Drawing 312 Bal. 800 Closing fill in the blank 4cf0be0d7072f8e_4 Income Summary 313 Closing fill in the blank 4cf0be0d7072f8e_5 Closing fill in the blank 4cf0be0d7072f8e_6     Closing fill in the blank 4cf0be0d7072f8e_7 Delivery Fees 401 Closing fill in the blank 4cf0be0d7072f8e_8 Bal. 2,200 Wages Expense 511 Bal. 1,800 Closing fill in the blank 4cf0be0d7072f8e_9 Advertising Expense 512 Bal. 80 Closing fill in the blank 4cf0be0d7072f8e_10 Rent Expense 521 Bal. 500 Closing fill in the blank 4cf0be0d7072f8e_11 Supplies Expense 523 Bal. 120 Closing fill in the blank 4cf0be0d7072f8e_12 Phone Expense 525 Bal. 58 Closing fill in the blank 4cf0be0d7072f8e_13 Electricity Expense 533 Bal. 44 Closing fill in the blank 4cf0be0d7072f8e_14 Insurance Expense 535 Bal. 30 Closing fill in the blank 4cf0be0d7072f8e_15 Gas and Oil Expense 538 Bal. 38 Closing fill in the blank 4cf0be0d7072f8e_16 Depr. Exp.—Delivery Equip. 541 Bal. 100 Closing fill in the blank 4cf0be0d7072f8e_17 Miscellaneous Expense 549 Bal. 33 Closing fill in the blank 4cf0be0d7072f8e_18

Q: Prepare Income statement? Grey Grig Ltd Trial Balance as at 30 June 2019 Particulars Equipment…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: Question: Interest has accrued on a $20,000, 6% note payable, issued on May 1st for borrowing.…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…

Q: nce of Aroro Enterprise as Debit (RM 3,500 9,000 21 000

A: Entries in trial balance helps in preparing financial Statements.

Q: Service revenue Cost of goods sold Wages expense Advertising expense Depreciation expense 321,200…

A: Closing entries are the entries made to close the value of temporary accounts to permanent accounts.…

Q: Consider the following data. Particulars Opening OMR Closing OMR Debtors 450,000 650,000 Bills…

A: Meeting day to day expenses of a firm requires a fund and that fund is named as working capital,…

Q: Provide journal entry

A: Adjusting entries turn out to be extremely important before closing the books of accounts. They let…

Q: z, Drawing Will nge notes payable

A: The Trial balance figures in the question does not match. Hence, the question is solved with…

Q: &takeAssignmentSessionLocator=&inprogress%3Dfalse Assets Liabilities and Shareholders' Equity Cash $…

A: ASSET Current Assets:       Cash   $ 3,300   A/R net   $ 5,000   Inventory   $…

Q: Company received rent of $15,000 for six months for a portion of the on November 1, 2020. Provide…

A: Adjusting entry is the journal entry which is passed at the end of reporting period to adjust the…

Q: Question: On May 1, company collected $20,000 as rent for one year from a tenant and a liability…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…

Q: A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E…

A: The process of originally recording commercial transactions in the books of accounts is known as a…

Q: A/C Name Belvidere Pharmaceuticals B-Town Division Trial Balance as of December 31, 2021 Cash…

A: Explanation - There are three statements of the organization which show different accounting…

Q: Eer tomet ente hente coma omentor 0 ADent

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: Question: On September 1, 2020, company borrowed $10,000 cash by signing a note payable due in one…

A: The interest payable is the current liabilities which is due for payment within one year. The…

Q: A.] Prepare balance sheet and income statements in formal reports using the data given below. 1.…

A: Financial statements are those statements which are prepared at the end of accounting period for the…

Q: Identify the most relevant transaction for this entry: Assets +12 000 Owners' Equity +12 000 O A.…

A: Assets = +12000 Owner's Equity = +12000 Liability = 0

Q: The following trial balance has been extracted from the books of Yan Co. as at 30 April 2022:…

A: Adjusted trial balance is prepared after including all the additional adjustments. In the trial…

Q: TB MC Qu. 12-104 (Static) Excerpts from Andre Company's December... Excerpts from Andre Company's…

A: The net income is calculated as difference between the revenues and expenses/ The net profit margin…

Q: The following infomation provided by ABC compaies. a of Deceaber31, 2019 Acconnts Tetal Sales Revme…

A: Accounting is the process of recording, classifying, and summarizing accounting information. On the…

Q: The following nominal accounts apply to a primary beneficiary company and a VIE:…

A:

Q: For the Year Ended December 31, 2024 ($ in thousands) Sales revenue Operating expenses: Cost of…

A: Cash flow from operating activities is an important statistic for evaluating the financial health of…

Q: 0, yielding a $4,300 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the…

A: Statement of cash flows is one of the financial statement of the business which shows all cash…

Q: he adjusted account balances of Rose Merchandising Company on Dec. 31st of 2020 are below.…

A: The temporary accounts including expenses, revenue, dividend, withdrawals, are to be closed at the…

Q: What will be the net profit based on this adjusted trial balance? (see the picture)

A: Net Income of the business means net income earned after deducting all the expenses from the Sales…

Q: Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated…

A: Journal entries refer to the recording of transactions in the debit and credit format which can be…

Q: Prepare & LOSS aCCount of Nain Particulars Gross profit Particulars Discount paid Discount received…

A: Gross profit is computed by subtracting the cost of goods sold from the revenues. Carriage outwards…

Q: The following journal entry: Interest Expense Cash $ OA. Increases net income B. Decreases net…

A: A journal entry has been provided. Several statements have been provided assessing the impact of the…

Q: By Balance b/d By Profit and loss adjus- ment A/c 10,600 Teg o 16,000 12,000 10,400 16,600 12,400…

A: The retirement of a partner indicates that the partner leaves the partnership with the consent of…

Q: A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E…

A: Composite Journal entry - is a compound journal entry that is passed to record more than one entry…

Q: Grey Grig Ltd Trial Balance as at 30 June 2019 Particulars Equipment rental Insurance Lighting and…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: Date Account Debit Credit Adj. 1 12/31/21 Bad Debt Expense $ 481,250 Allowance for Doubtful Accounts…

A: Journal entry is the process of recording the business transactions in the accounting books for the…

Q: The following selected accounts and amounts (in thousands) were taken from the December 31, 2021,…

A: An income statement is a statement that includes revenue earned and expenses incurred during the…

Q: Part A. The following information is available for Entity A: Sales revenue Sales returns and…

A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…

Q: The following information comes from the accounting records of Carla Vista Ltd.: Statement of…

A: The current ratio refers to the liquidity ratio. It measures whether the entity has enough current…

Q: From the following information, calculate Net Profit. Details Debit (RO) Credit (RO) Salary 6500…

A: Given,  Net sales = RO207000 Cost of goods sold = RO165000 Closing stock = RO8700 Gross profit = Net…

Q: Required: 1. Trading profit and loss account for the year ended December 31, 1980. Balance Sheet as…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E…

A: Working : Calculation of accrued interest on December 31, 2020 and interest on March 31, 2021:…

Q: hen I add the information from the attached to here, why I am not getting the net incom $341. Please…

A: Income Statement: It is the statement of incomes and expenses of the business which tells the net…

Q: Preparing Financial Statements: *Income Statement *Statement of Change in Owner's Equity…

A: Since here asked for multi sub part question we will solve first three sub part question for you.…

Q: The following selected accounts from Crane Corporation's general ledger are presented below for the…

A: Income statement is a part of financial statement.Income statement includes all the income and…

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time. 

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally. 

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.