December 31.dtExercise 3-23Preparing closing entries P6Using Wilson Trucking Company's adjusted trial balance from Exercise 3-21, prepare its December 31 closing entries.Exercise 3-24 目Otes &nlights目cardspiedtentUse the following adjusted trial balance at December 31 of Wilson Trucking Company to prepare the (1) income statement and (2) statement ofretained earnings, for the year ended December 31. The Retained Earnings account balance was $140,000 at December 31 of the prior year.Account TitleDebitCreditCash.......$ 8,000Accounts receivable...17,500Office supplies.3,000Trucks......172,000Accumulated depreciation-Trucks....$ 36,00085,000Land......Accounts payable...12,000Interest payable....4,000Long-term notes payable..58,000Common stock....30,000Retained earnings140,000Dividends.......20,000Trucking revenue130,000Depreciation expense-Trucks .......23,500Salaries expense61,000Office supplies expense.......8,000Interest expense..12,000Totals.......$410,000$410,000Page1

Closing entries are made at the end of an accounting period to zero out all temporary accounts and…

Answered: December 31. d t Exercise 3-23…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

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Comprehensive Problem 2 Part 4 and 6: Note: You must complete parts 1, 2 and 3 before attempting to complete part 4 and part 6. Part 5 is an optional work sheet. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6. a. Merchandise inventory on May 31 $585,200 b. Insurance expired during the year 12,000 c. Store supplies on hand on May 31 4,000 d. Depreciation for the current year 14,000 e. Accrued salaries on May 31: Sales salaries $7,000 Office salaries 6,600 13,600 f. The adjustment for customer refunds and allowances is $60,000. 6. Journalize the adjusting entries. If an amount box does not require an entry, leave it blank. Post the adjusting entries to the attached spreadsheet you used in parts 1 and 2. Page 22 Post. Date Description Debit Credit Ref. Adjusting Entries |20Υ7 May 31 Cost of Merchandise Sold 585,200 585,200 Incu 12.000
Closing entry post closing entry financial statement analysis H AND H TOOLS INC. december 2021
INCOME STATEMENT From the partial work sheet for Major Advising below, prepare an income statement.
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Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31
Problem The trial balance of the Mabilis Repair Shop appears below at the end of its calendar period: pplies y Cash on hand Accounts Receivable Estimated uncollectible accounts hable Mabilis Repair Shop Trial Balance December 31, 19A Notes Receivable Shop equipment Accum. Depreciation-Shop equipment Furniture and Fixture Accum. depreciation-fur. and fixt. Accounts payable Notes payable Leynes, Capital Leynes, Drawing Service Income Salaries expense Rent expense Supplies expense Taxes and licenses Light and water expesne Additional information: Debit P10,000 25,000 1,000 - Interest inne 8,000 8,000 4,000 1,500 3,000 P105,500 7,000 30,000 8,000 145 Credit P750 2,000 5,000 11,000 12,000 44,750 30,000 P105,500 1. Unpaid taxes P600 2. Accrued salaries, P3,000 3. Accrued interest on notes payable P200. 4. Unpaid light and water, P500 5. Supplies on hand, P1,000. 6. Bad debt expense is estimated to be 5% of Accounts Re- ceivable. 7. Fixed assets have estimated useful life of 10 years without…
tab es lock esc QUESTION 8 Deja Brew Company reported the following for the most recently completed fiscal year: Raw Materials Purchased Direct Labor Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Calculate cost of goods sold for the year. ! Click Save and Submit to save and submit. Click Save All Answers to save all answers. 1 Q A @ 2 W S # M $63,500 58,200 31,600 31,500 3 E Manufacturing Overhead Cost of Goods Manufactured $ 4 R % 07 dº 5 MacBook Pro D F $109,600 180,800 95,900 391,200 T 6 G 7 Y * 00 O H 8 U
Required a.c.&d. Record the preceding events in horizontal statements models for each of the three years. Close overapplied or underapplied overhead to Cost of Goods Sold. In Year 1, the first event is shown as an example. b.&d. Prepare a schedule of cost of goods manufactured and sold, an Income statement, and a balance sheet as of the close of business on December 31, Year 1, Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Year 1 Horizontal Event Number 1 2 3 4 5 6 Year 2 Horizontal Record the preceding events in horizontal statements models for Year 1. Close overapplied or underapplied overhead to Cost of Goods Sold. The first event is shown as an example. Note: Enter decreases to account balances with a minus sign. Balance Sheet 7a 7b 8 9 Closing Total Cash $ 3,000+ + + + |+| + + + Year 3 Horizontal Raw Materials $3,000+ $ + + |+ + +1 + +* + Cost of Goods Schedule Assets Manufacturing Overhead Cost +1 + 0+ S + + |+ [ + +1 0 + Financial…
Accounting Question
Prepare closing entries directly to retained earnings in general journal form
Prepare unadjusted trial balance Do not copy answer from bartleby I will dislike
Preparation of Process Accounts (With opening and Closing WIP) Solved Problem 5 The information relating to process 1 of a two-stage production process is as follows for August 2019. Opening inventory 500 units (degree of completion 60%) RO 2,800 Cost to date Costs incurred in August 2019 Direct materials (2,500 units introduced) Direct labour RO 13,200 RO 6,600 RO 6,600 Production overhead RO 26,400 Closing inventory There was no loss in the process. Prepare Process Account for the month of 300 units (Degree of completion 80%) august

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