Directions: The general ledger for Ozaki Tax Services on December 31 of the current year is illustrated below in T-account form. 1. Using the general journal form on the next page, enter the four necessary closing entries. 2. Post the closing entries to the general ledger T accounts provided. 3. Prepare a post-closing trial balance using the two-column form provided on the next page. Cash In Bank Accounts Receivable Computer Equipment Bal. 4,000 Accounts Pavable Bal. 4,000 Income Summary Utilities Expense Bal. 1,500 Bal. 500 Jov Ozaki. Capital Bal. 7,000 Accounting Fees Bal. 16,000 Bal. 15,000 Sbor erito doinw 2997 16 Inis Ma 2060 b enditonsid Jov Ozaki. Withdrawals Bal. 3,000 i Gua 08 22 Miscellaneous Expense amol Camis Bal. 3,000

Directions: The general ledger for Ozaki Tax Services on December 31 of the current year is illustrated below in T-account form. 1. Using the general journal form on the next page, enter the four necessary closing entries. 2. Post the closing entries to the general ledger T accounts provided. 3. Prepare a post-closing trial balance using the two-column form provided on the next page. Cash In Bank Accounts Receivable Computer Equipment Bal. 4,000 Accounts Pavable Bal. 4,000 Income Summary Utilities Expense Bal. 1,500 Bal. 500 Jov Ozaki. Capital Bal. 7,000 Accounting Fees Bal. 16,000 Bal. 15,000 Sbor erito doinw 2997 16 Inis Ma 2060 b enditonsid Jov Ozaki. Withdrawals Bal. 3,000 i Gua 08 22 Miscellaneous Expense amol Camis Bal. 3,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: A business issued a 30-day note for $57,000 to a bank. The note was discounted at 7%. Assume a 360…

A: The objective of this question is to understand how to journalize the issuance and payment of a…

Q: Which shows the balance Joseph should have in his check register after these transactions

A: Formula: Total available balance = Previous balance + Deposits - Withdrawals. Deduction of…

Q: As of June 30, Year 2, the bank statement showed an ending balance of $18.157. The unadjusted Cash…

A: A bank reconciliation statement is a financial document that reconciles the bank statement balance…

Q: Please provide Solutions with Correct Answer

A: Adjusted cash balance calculation: ParticularsAmount ($)Cash balance as per books6,270Add: Notes…

Q: At the end of business on September 1, the total displayed on the cash register tape shows $1,059 of…

A: Cash sale = $1,059 Cash as per register = $1,050 There can be a difference in the cash sale and…

Q: Silver Company makes a product with peak sales in May of each year. Its sales budget for the second…

A: The account receivables represent the amount due from the customers. The cash collection schedule is…

Q: Del Gato Clinic's cash account shows an $17,223 debit balance and its bank statement shows $17,205…

A: Disparities between the amount indicated in the account holder's records and the cash balance…

Q: Following is information from Fredrickson Company for its first month of business. Cash Collections…

A: Accounts Receivable ledger :— It is subsidiary ledger in which credit sale and cash collection…

Q: The following information pertains to Vaughn Video Company. 1. Cash balance per bank, July 31,…

A: A bank reconciliation is conducted on a periodic basis to identify any errors or omissions from…

Q: 9. Reginald's checking account balance on December 1 was $652.83. A $12 account service fee is…

Q: D a. The EFT credit was a receipt of rent. The EFT debit was an insurance payment. b. The NSF check…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: The information below relates to the Cash account in the ledger of Blossom Company. Balance…

A: A bank reconciliation statement could be defined as the summary of the banking and business accounts…

Q: Jan. 7 15 23 Credit Sales Balance of Accounts Receivable Austin Co Diaz Co Noble Co. $14,100 7,100…

A: Subsidiary Ledger -Subsidiary ledgers are the individual ledgers comes under single journal ledger.…

Q: Sales taxes collected from customers are sent to the state at the end of each month. What journal…

A: Sales tax is that amount which is charge by the seller from his customer. It is charge on every…

Q: [ine ToIioWing inrormation appiies to the questions dispiayea below.j Del Gato Clinic's cash account…

A: It's the summary of banking and business activity which is used to reconcile bank statement with…

Q: The following is from Tyrone's bank statement for April: April 1 Beginning Balance.... $ 136.00 3…

A: This statement is prepared to reconcile the balance between books and bank statement . There may be…

Q: Wilbur's Red Carpet Store maintains a checking account with Academy Bank. Wilbur's sells carpet each…

A: The bank reconciliation statement is prepared to adjust the cash book and bank balance with various…

Q: At the end of the month of July you close the books of your company and received the bank statement.…

A: Bank reconciliation adjusting entries are journal entries made to correct the book balance of the…

Q: DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. J1 1,300.00 1,300.00 8. J1 110.00 1,190.00 NAME…

A: Sales is the proceeds from the delivery of goods and services by the business. Sales can be made on…

Q: Madison Company's cash ledger reports the following for the month ending March 31. Deposits: Cash…

A: A bank reconciliation statement is a financial document that reconciles the bank statement balance…

Q: Skip to question [The following information applies to the questions displayed below.] Rick…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: This information relates to the Cash account in the ledger of Crane Company. Balance September…

A: Ideally cash balance as per cashbook and bank balance as per bank statement must reconcile with each…

Q: May 13: Paid the invoice of April 14. Date Description Debit Credit May 13 May…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Can also do a journal entry when the on December 31 Record the adjustment entry for $40 interest…

A: Ideally cash balance as per cashbook must reconcile with bank balance as per bank statement. If…

Q: The LLYOD bank statement for the month of June shows that there is $13,300 difference with the cash…

A: Outstanding check: When company issue the check to the vendor/creditors but they do not present the…

Q: 1. HIRO Company provided you its June bank statement for its PNB demand account. The beginning…

A: The bank reconciliation statement is prepared to equate the balance of cash book and pass book with…

Q: need the answer quickly

A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…

Q: Question 9 On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner…

A: Statement of Owner’s Equity is prepared to calculate the changes in the owner’s capital during the…

Q: Journalize adjusting enteries at July 31 on the books of Crane Company (do not indent manually)

A: Adjusting journal entry is defined as the entry in the general ledger of the company which occurs at…

Q: Following is information from Fredrickson Company for its first month of business. Credit Sales Jan.…

A: Introduction: Journal entries are the fundamental building blocks that would provide answers to…

Q: Prepare the entries to record the sales transactions and related taxes for Pharoah Company and…

A: It is an indirect tax imposed by the government on the consumers based on the value of the supply…

Q: Based on the following information, prepare a check and stub: Date: January 15, 20-- Balance…

A: A check stub represents a part of a check which has been kept by the payee that contains the…

Q: Journal entry for: Feb1: paid rent for February amounting to $660, cheque#3354. Feb1: Tee R Us…

A: Rent paid is a fixed expense incurred by the company. They maybe direct or indirect, lets say that…

Concept explainers

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.

Question

Sta
Tru
True
True
True o
True or
¿
rue or F
Directions: The general ledger for Ozaki Tax Services on December 31 of the current year is illustrated below
in T-account form.
1. Using the general journal form on the next page, enter the four necessary closing entries.
2. Post the closing entries to the general ledger T accounts provided.
3. Prepare a post-closing trial balance using the two-column form provided on the next page.
Cash In Bank
Computer Equipment
Bal. 15,000
Bal. 4,000
Accounts Pavable
Bal. 4,000
Income Summary
Utilities Expense
Bal. 1,500
Accounts Receivable
Bal. 500
Jov Ozaki, Capital
Bal. 7,000
Accounting Fees
Bal. 16,000
hnwollet eritão duidw
fed tandissid
Jov Ozaki. Withdrawals
Bal. 3,000
1058 al 1263
Miscellaneous Expense
Bal. 3,000
sliaque

ed below
1
2
3
4
5
67
8
9
10
00
DATE
20--
ACCOUNT TITLE
GENERAL JOURNAL
POST.
REF.
DEBIT
Post-Closing Trial Balance
CREDIT
Standard: Prepare a post-closing trial balance
True or False The last step in the accounting cycle is the preparation of the post-closing trial balance.
Page:
1
2
3
4
5
6
7
8
9
10

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Meaning of related items

VIEW

Step 2: Journal Entry

VIEW

Step 3: Ledger

VIEW

Step 4: Trial Balance

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

post to general ledger
prepare a bank reconciliation report.
answer in text form please (without image)
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows a $15,374 debit balance and its bank statement shows $15,539 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,735. b. The June 30 bank statement lists a $55 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $289 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $298. d. The June 30 cash receipts of $2,524 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 Bank reconciliation LO P3 "repare its bank reconciliation using the above information. DEL GATO CLINIC Bank Reconciliation June 30 Bank statement balance Book balance Add: Add: Deduct:…
Subject:- accounting
The LLYOD bank statement for the month of June shows that there is $13,300 difference with the cash balance per book. The difference occurs on the 12 of June as one of the customers’ outstanding check has been returned because of not sufficient fund. Record the required entries at the end of June.
Assume that the employees are paid from the company's regular bank account check numbers 981 and 982 prepare the entry to record and pay the payroll in general journal from September 30th if required round amounts to the nearest cent if an amount does not require an entry leave it blank. College accounting 13th edition
Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,715 for merchandise purchased on June 4 for $1,750, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2,600. The company paid for invoice #1027, dated June 1, in the amount of $2,600, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $62. The Utility Expense account number is #450. Record receipt of the refund. If an amount box does not require an entry, leave it blank. CASH RECEIPTS JOURNAL Page: 24 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, orotheraccounts CR 2019 Jun. 12 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 Jun. 15…
Prepare journal entries for the following transactions, using the accounts in the order listed: PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions. On June 1, Kellie Company had decided to initiate a petty cash fund in the amount of $1,200. DR CR On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. DR DR DR DR DR DR or CR? CR On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. DR DR DR DR DR DR or CR?…
Please step by step answer.