Exercise 13 - 21A (Algo) Preparing closing entries LO 13-4 The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable $ 25,000 Accounts payable 7,650 Salaries payable 11,700 Cash 40, 500 Dividends 5,200 Operating expense 2,360 Prepaid rent 2,500 Rent expense 7,200 Retained Earnings 1/1/Year 2 18,700 Salaries expense 31, 400 Service revenue 70,060 Supplies 500 Supplies expense 2,020 Common stock 16,600 Unearned revenue 6, 570 Land 14,600 Required Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. What is the balance in the Retained Earnings account after the closing entries are posted?

Exercise 13 - 21A (Algo) Preparing closing entries LO 13-4 The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable $ 25,000 Accounts payable 7,650 Salaries payable 11,700 Cash 40, 500 Dividends 5,200 Operating expense 2,360 Prepaid rent 2,500 Rent expense 7,200 Retained Earnings 1/1/Year 2 18,700 Salaries expense 31, 400 Service revenue 70,060 Supplies 500 Supplies expense 2,020 Common stock 16,600 Unearned revenue 6, 570 Land 14,600 Required Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. What is the balance in the Retained Earnings account after the closing entries are posted?

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Description: Exercise 13 - 21A (Algo) Preparing closing entries LO 13 - 4 The following financial informationwas taken from the books of Zone Health Club, a small spa and fitness club: Account Balances asof December 31, Year 2 Accounts receivable $ 25,000 Accoun

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 9SPB: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales...

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JOURNAL Page 42 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Oct. 23 Administrative Salaries 51 2,307.69 Office Salaries 52 4,723.08 Sales Salaries 53 3,600.00 Plant Wages 54 5,219.60 FICA Taxes Payable - OASDI 20.1 982.72 FICA Taxes Payable - HI 20.2 229.84 Employees FIT Payable 24 871.00 Employees SIT Payable 25 486.63 Employees SUTA Payable 25.1 9.50 Employees CIT Payable 26 613.60 Group Insurance Premiums Collected 27 182.10 Union Dues Payable 28 16.00 Payroll Cash 12 12,458.98 23 Payroll Taxes 56 1,395.19 FICA Taxes Payable - OASDI 20.1 982.72 FICA Taxes Payable - HI 20.2 229.83 FUTA Taxes Payable 21 3.72 SUTA Taxes Payable - Employer 22 178.92 Nov. 4 Employees SIT Payable 25 486.63 Cash 11 486.63 6 Union Dues…
! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] a. Wages of $8,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $11,320. c. The Supplies account had a $470 debit balance at the beginning of the year. During the year, $5,582 of supplies are purchased. A physical count of supplies at December 31 shows $608 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $3,300 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $500 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December…
FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales are credit sales. The Accounts Receivable balance on January 1 was 38,200. REQUIRED Prepare the following financial ratios: (a)Working capital (b)Current ratio (c)Quick ratio (d)Return on owners equity (e)Accounts receivable turnover and the average number of days required to collect receivables (f)Inventory turnover and the average number of days required to sell inventory
Problem 8: From the following receipt and payment account of Edhi Centre, prepare an income and expenditure account for the year ended 31-12-2023 and a Balance sheet as on that date. Particulars Balance b/d Entrance fee Subscription 2022 2023 2024 Locker rent Miscellaneous Adjustments: Receipt and payment account For the year ended 31-12-2023 Dr.(AED) Particulars Cr. (AED) 130 Rates 2,500 210 Stationery 340 General expenses 3,610 70 Building (Purchased on 1- 2,500 7-2023) 10,520 Repairs 300 420 Mortgage interest 1,600 300 Balance c/d 2,460 1,660 13,310 13,310 1. Locker rent AED 20 referred to the previous year and AED 30 is still owing. 2. Rates AED 20 referred to the previous year and AED 500 is still owing. 3. Subscription unpaid for the current year AED 200. 4. Depreciate building by 5% p.a. ||
Return to Blackboard Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements Exercise 133 a-b CALCULATOR PRINTER VERSION BACK NEXT On September 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $245,000; the Accounts Payable control account had a credit balance of $109,000. The October transactions recorded in the special journals are presented below. Special Journals October Transactions Sales journal Total sales $183,000 Purchases journal Total purchases 75,000 Cash receipts journal Accounts receivable column total 128,000 Cash payments journal Accounts payable column total 49,000 Compute the balance of the accounts rsceivable control accounts after the monthly postings on October 31. Accounts Receivable Compute the balances of the accounts payable control accounts after the monthly postings on October 31. Accounts Payable SUBMIT…
JOURNAL Page 43 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Nov. 6 Payroll Cash 12 12,296.97 Cash 11 12,296.97 6 Administrative Salaries 51 2,307.69 Office Salaries 52 4,677.85 Sales Salaries 53 3,600.00 Plant Wages 54 4,898.00 FICA Taxes Payable - OASDI 20.1 959.99 FICA Taxes Payable - HI 20.2 224.53 Employees FIT Payable 24 902.00 Employees SIT Payable 25 475.37 Employees SUTA Payable 25.1 9.27 Employees CIT Payable 26 599.41 Union Dues Payable 28 16.00 Payroll Cash 12 12,296.97 6 Payroll Taxes 56 1,362.30 FICA Taxes Payable - OASDI 20.1 959.98 FICA Taxes Payable - HI 20.2 224.51 SUTA Taxes Payable - Employer 22 177.81 13 Payroll Cash 12 1,570.27 Cash 11 1,570.27 1. What is the total gross…
PROBLEM December 31 balances for selected accounts of the Carley Company are presented below: Accounts receivables $500 Sales 2,000 Interest revenue 600 Dividends distributed 300 Allowance for doubtful 100 accounts Salaries expense 800 Depreciation expense 400 Unearned rent 200 Required: Prepare whatever closing entries are appropriate for the accounts above.
Roscoe has attempted to prepare the closing entries for Chandler Company on the Roscoe's Journal panel. He's not sure if he's entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect. Refer to the Chart of Accounts for exact wording of account titles. Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec. 31 in the following journal.
Parts wriiten Subparts to be solve are the ones to be solved Question Requirement 1For each of the following transactions make the required entries in the General Journal:(See the General Ledger tab in the workbook Chapter 03 b - Problem 3-1 Forms for the accounts in OPJ’s accounting system.)Feb 01 Take $4,000 cash out of Big Bank to pay for February’s warehouse rent.Feb 04 Sale of inventory to a customer – selling price $62,000 – cost of inventory sold $16,000 – customer paid cash which was deposited in Big Bank.Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned.Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000 – customer will pay in the future.Feb 18 Sale of inventory to a customer – selling price $110,000 – cost of inventory sold $28,000 – customer pays $40,000 cash which is deposited in Little Bank – customer will pay for the remaining amount of the sale in 30 days.Feb 22 Purchase additional…
Study the information in the ledger accounts given below and answer the questions that ACTIVITY 2.14 year INSTRUCTIONS: follow: a) Show all workings b) The accounting period ends on 28 February. NOTE: 1. INFORMATION: Dit, GENERAL LEDGER OF DANKER TRADERS 1.1 BALANCE SHEET ACCOUNTS SECTION H/W EQUIPMENT DR. 20.6 Sept CR. 1 Bank Creditors Control 20.7 200 000 Feb 60 000 260 000 28 Balance c/d 260 000 CR. 260 000 20.7 20.7 1 Balance b/d March 20.7 260 000 Sept ? 20.8 1 Bank 100 000 360 000 Sept Feb 28 Balance c/d 300 000 360 000 CR. 20.8 Mar 1 Balance b/d 300 000 DR. ACCUMULATED DEPRECIATION ON EQUIPMENT CR. 20.7 28 Depreciation 20.7 Sept 20.8 Feb 28 20.7 Sept R. 1 Assets Disposal ? Feb ? NOMINAL ACCOUNTS SECTION LOSS ON SALE OF ASSETS CR. DR. 20.7 Sept 1 600 1 Assets Disposal 1.2 Additional Information: Depreciation is provided for annually at 20 % on the diminishing balance method. Grade 11 Learners book New Generation Accounting Grade 11
51 Transmute Company paid or collected during the current year the following items: Insurance premium paid 15,400 Interest collected 30,900 Salaries paid 135,200 The following balances have been excerpted from Transmute’s balance sheet: December 31 January 1 Prepaid insurance 1,200 1,500 Interest receivable 3,700 2,900 Salaries payable 12,300 10,600 The insurance expense on the income statement for the current year was Note for your final answer: Do not use peso sign Do not use comma Do not use decimal point Round off your final answer to the nearest whole number
ACTIVITY NO. 2 YR.&SEC. DATE NAME: COURSE: The following accounts were taken from the General Ledger of Kapit Tuko Pension House at the end of its 1st year of operation, December 31, 2019. P 85,000 60,000 Cash Accounts Receivable Office Supplies Office Equipment 5,000 100,000 40,000 400,000 Office Furniture Service Vehicle Accounts Payable WHT Payable SSS Payable Philhealth Payable K. Tuko, Capital K. Tuko, withdrawals Service Income earned Salaries and Wages 25,000 8,000 10,000 OKYIM 2,000 500,000 20,000 959,000 350,000 240,000 Rent Expense Advertising Expense Supplies Expense Light and Water Expense Gas and Oil Expense Repairs and Maintenance Telephone Expense Representation Expense Insurance Expense Taxes and Licenses 12,000 10,000 24,000 75,000 6,000 36,000 30,000 6,000 5,000 Required: Prepare a Trial Balance.