Below is a partial portion of Jolex’s adjusted trial balance. Cash 14,089 Accounts Payable 5,529 Retained Earnings 1,865 Sales Revenue 14,443 Rent Revenue 2,230 Salaries and Wages Expense 7,046 Depreciation Expense 1,341 Utilities Expense 2,251   When preparing the closing entry, the balance in Retained Earnings will equal $____________

Q: Carter Corp. uses the "Income Summary" account when it makes its closing entries. The following…

A: Lets understand the basics. Temporary accounts are accounts which needs to be closed at the year end…

Q: Comprehensive On November 30, 2019. Davis Company had the following account balance.     During the…

A: Journal entries refer to the process of systematic documentation of the financial transactions of a…

Q: On December 31, the adjusted trial balance of Splish Brothers Inc. shows the following selected…

A:

Q: The unadjusted Trial Balance Columns of a worksheet total $85,500. The Adjustments columns contain…

A: Introduction:- Unadjusted trial balance contains list of all the general ledger balances before…

Q: The balance in the prepaid rent account before adjustment at the end of the year is $11,400, which…

A: Prepaid rent is the rent which is paid in advance. It is the rent which is recorded as the current…

Q: The Unadjusted Trial Balance columns of a work sheet total $84,000. The Adjustmer columns contain…

A: Amount of unadjusted trial balance columns: $84,000 Office supplies used: $1,200 Expiration of…

Q: Prepare an annual income statement from the following adjusted trial balance.Blossom…

A: Income statement is referred to the financial statement which analyzes the financial performance of…

Q: Crane Company shows the following balances in selected accounts of its adjusted trial balance.…

A: Journal entries are the building blocks of accounting, which is the act of recording the economic or…

Q: Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $140,000.

A: Given below is the balance sheet:

Q: multiple-step income statement.

A:

Q: Presented below are year-end adjusted account balances for Bramble Co. Insurance expense   $11,350…

A: Salaries and wages expense are the costs which are incurred to pay the employees or workers working…

Q: December 31, 20, according to the Trial Balance, the Salaries Expense account has a balance of…

A: Salaries Expense of $62,800 has been paid. Amount of $1,075 is not paid but it is related to the…

Q: At December 31, the unadjusted trial balance of H&R Tacks reports Interest Payable of $0 and…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: The adjusting entry required on December

A: Three month Prepaid rent was $13,200 so the rent for one month will be 132003 = $4,400

Q: The F. Mercury, Capital account has a credit balance of $37,000 before closing entries are made.…

A: As per Golden rules of Accounting Debit - All Expenses and Losses Credit - All Incomes and Gains

Q: The prepaid insurance account had a balance of $6,635 at the beginning of the year. The account was…

A: Adjusting entry for insurance expenses means recording of expired insurance expenses in the…

Q: Brett Thomas Enterprises had the following accounts and normal balances listed on its December 31st…

A: Closing entries are those entries which are passed at the end of the period to close all temporary…

Q: Sanborn Company rents space to a tenant for $3,700 per month. The tenant has agreed to pay the…

A: Adjusting Entries - Adjusting Entries Are Journal Entries Recorded At The End Of The Reporting To…

Q: heridan Company shows the following balances in selected accounts of its adjusted trial balance.…

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…

Q: The following is the adjusted trial balance data for Emma's Alterations as of December 31, 2019.…

A: Multi Step Vs Single Step - Under Multi step income statement bifurcation has been done to…

Q: The Retained earnings account has a credit balance of $41,000 before closing entries are made. Total…

A: Closing Journal Entry: Closing journal entries are passed at the end of the accounting period. In…

Q: The year-end adjusted trial balance of Aggies Corporation included the following account balances:…

A: Given :Service revenue = $ 860000Salaries expense = $ 382000Rent expense = $ 142000Interest expense…

Q: Consider the following information from a company's unadjusted trial balance at December 31, 2018.…

A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…

Q: The following revenue and expense account balances were taken from the ledger of Acorn Health…

A:

Q: Blossom Company received a check for $21240 on July 1, which represents a 6-month advance payment of…

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

Q: Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number…

A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…

Q: The year-end adjusted trial balance of Aggies Corporation included the following account balances:…

A: Record the entry to close revenue accounts :   DATE PARTICULARS  DEBIT ($) CREDIT ($) DEC 31…

Q: At December 31, the unadjusted trial balance of H&R Tacks reports Unearned Revenue of$5,000 and…

A: Adjusting entries: Adjusting entries are also known as adjusting journal entries, they are recorded…

Q: The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period…

A: A multi-step income statement presents the company's revenue, operating and non-operating expenses…

Q: At December 31, the unadjusted trial balance of H&R Tacks reports Deferred Revenue of $5,300 and…

A: Journal entries are the foremost or initial recording of business transactions in the books of an…

Q: The following is a random list of the adjusted account balances of Wyoming Company as of the end of…

A: Adjusted trial balance is the statement which is prepared in order to check if the debits and…

Q: American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted…

A: Closing entries are journal entries that are passed at the end of the accounting period to transfer…

Q: The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period…

A: An income statement is a financial statement that shows an organization how profitable its business…

Q: Seminoles Corporation’s fiscal year-end is December 31, 2021. The following is a partial adjusted…

A: Net Income = Total revenue - Total expenses = $56,000 - $40,000 = $16,000

Q: At the end of the year, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is…

A: The allowance for doubtful accounts is established to record the estimated bad debt expenses and…

Q: American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted…

A: A closure entry is a journal entry made at the end of an accounting period that entails moving…

Q: The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the…

A: Closing entries are used to transfer the balance from a temporary account to permanent account. We…

Q: he following income statement items appeared on the adjusted trial balance of Schembri Manufacturing…

A: Income statement is one of the financial statement being prepared in business for review and…

Q: The year-end adjusted trial balance of Aggies Corporation included the following account balances:…

A: Closing entries are journal entries made at the end of an accounting period to transfer temporary…

Q: Jasper’s unadjusted trial balance reports Unearned Client Revenue of $3,200 and Client RevenueEarned…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: At December 31, the unadjusted trial balance of H&R Tacks reports Deferred Revenue of $5.100 and…

A: Deferred revenue, often referred to as unearned revenue, alludes to money received in advance for…