Closing Entries Use the Adjusted Trial Balance below for the Year Ended December 31, 2020 to complete the closing entries on the journal page in the Exam 1 format document. You should have 2 entries closing revenues, expenses and dividends. Debit Credit Cash 17,000 Accounts Receivable 5,100 Supplies 340 Factory 100,000 Accum. Depreciation 25,500 Accounts Payable 5,440 Notes Payable 8,500 Common Stock 5,000 Retained Earnings 10,000 Dividends 2,550 Professional Fees 85,340 Rent Expense 6,800 Telephone Expense 4,250 Depreciation Expense 3,740 Total 139,780 139,780

Closing Entries Use the Adjusted Trial Balance below for the Year Ended December 31, 2020 to complete the closing entries on the journal page in the Exam 1 format document. You should have 2 entries closing revenues, expenses and dividends. Debit Credit Cash 17,000 Accounts Receivable 5,100 Supplies 340 Factory 100,000 Accum. Depreciation 25,500 Accounts Payable 5,440 Notes Payable 8,500 Common Stock 5,000 Retained Earnings 10,000 Dividends 2,550 Professional Fees 85,340 Rent Expense 6,800 Telephone Expense 4,250 Depreciation Expense 3,740 Total 139,780 139,780

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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and learning resource from Cengage еВook Preparing and Analyzing Closing Entries At December 31, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $72,300; Cost of Goods Sold, $38,000; Retained Earnings, $20,000; Interest Expense, $3,200; Dividends (declared and paid), $5,000; Wages Expense, $8,000, and Interest Payable, $2,100. Required: 1. Prepare the closing entries for Aulani at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Sales Revenue v Retained Earnings v Dec. 31 Retained Earnings v Cost of Goods Sold v Interest Expense Wages Expense Retained Earnings Dec. 31 Dividends v Feedback Check My Work 1. The closing process is designed to transfer the balances in the temporary accounts (revenues, expenses, and dividends) to retained earnings and to prep the temporary accounts for the next period. Previc Check My Work Submit Assignment: Save and Exit Email Instructor
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Post closing trial balance
Use the Adjusted Trial Balance below for the Year Ended December 31, 2020 to complete the Income Statement, Statement of Stockholder's Equity, and Balance Sheet. Statement formats are included on the Exam 1 format document. M4 Engineering Use the $ dollar sign convention on all statements Debit Credit Cash 25,000 Accounts Receivable 7,500 Supplies Building 500 100,000 Accum. Depreciation 37,500 Accounts Payable 8,000 Notes Payable 12,500 Common Stock 5,000 Retained Earnings 10,000 Dividends 3,750 Fees Earned 85,500 Advertising Expense 10,000 Telephone Expense 6,250 Depreciation Expense 5.500 Total 158,500 158.500
Prepare the closing entries (INDIRECT METHOD) of IKE GENERAL SERVICES as of December 31, 2021 based on the adjusted account balances provided: Accounts Payable 164,520 Accounts Receivable 152,900 Accumulated Depreciation - Furniture and Fixtures 93,750 Accumulated Depreciation - Office Equipment 300,000 Advances to Employees 30,000 Advertising Expense 72,400 Allowance for Doubtful Accounts 15,290 Cash 560,400 Depreciation Expense 52,500 Doubtful Accounts Expense 12,660 Furniture and Fixtures 593,000 Interest Expense 19,080 Interest Income 15,990 Land 500,000 Mortgage Payable 500,000 Notes Payable 60,000 Notes Payable (due in 2025) 220,000 Notes Receivable 175,000 Office Equipment 850,000 Office Supplies 50,900 Office Supplies Expense 64,880 Prepaid Interest 6,050 Rent Expense 120,000 Repairs and Maintenance Expense 26,580 Representation Expense 10,400 Roy Alegre, Capital, January 1, 2021 800,000 Roy Alegre, Drawing 70,000…
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attached below is the question Provide closing entries and t accounts
Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
Prepare the second closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Jim commenced business as a sole trader under the name of ‘JimTag’, and he has provided the following accounts and their closing balances for the year ended 31st December 2020: Jim Tag Unadjusted Trial Balance as at 31 December 2020 Accounts $ $ Capital: JimTag as at 1 January, 2020 98,900 Drawings 21,700 Sales 260,700 PAYG Withheld 23,200 Cost of Goods Sold 128,700 Cash at Bank 22,400 Accounts Receivable 14,150 GST Collected 25,500 Sales commissions expense 6,560 Staff salaries expense 64,500 Accounting fees 2,300 Advertising expense 7,970 Inventory as at 31 December, 2020 40,250 Computer Equipment at cost 36,000 Shop Fittings at cost 70,000 Accumulated Depreciation: Computer Equipment 5,400 Accumulated Depreciation: Shop Fittings 18,000 Accounts Payable 18,900 Long-term Bank…
1. Prepare the closing entries (use the income summary account). 2. Prepare the post-closing (December 31, 2018) trial balance. 3. Prepare the January 1, 2019 opening trial balance. SafetyFirst Corporation Adjusted Trial Balance 2018 December 31. Workbook last modified: August 11 Debit Credit Cash 950,000 Accounts Receivable 3,800,000 Allowance for Doubtful Accounts 750,000 Inventory 8,500,000 Prepaid Insurance Notes Receivable Equipment 16,250,000 Building 2,800,000 Land 800,000 Accumulated Depreciation: Equipment Accumulated Depreciation: Building Accounts Payable 7,000,000 900,000 5,600,000 Notes Payable (Short-Term) Salaries Payable Interest Payable Mortgage Payable (Long-Term) 2,770,000 Common Stock Par $ 0.10 280,000 Additional Paid-In Capital Retained Earnings Dividends 10,000,000 800,000 Sales (Revenue) 35,300,000 Rent Revenue Cost of Goods Sold (COGS) Selling Expense Administrative Expense 23,500,000 2,150,000 2,450,000 Interest Expense Loss on Disposition of Equipment Income…