ExpenseBal. 1600025EXERCISE 5-3 As of December 31, the end of the current year, the ledger of HarrisCompany contained the following account balances after adjustment. All accounts havenormal balances. Journalize the closing entries.w meDWC. Harris, Drawing$1,498$ 8,440CashProfessional Fees7,07511,586Wages ExpenseRent ExpenseEquipment1,268Accumulated Depreciation,Equipment1,0902,587Depreciation Expense,Equipment1,674Accounts Payable1,143658Wages PayableC. Harris, CapitalMiscellaneous Expense34513,3762.

Closing entries: Closing entries are those journal entries, which are passed to transfer the final…

Answered: Expense Bal. 160 00 25 EXERCISE 5-3 As…

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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Is there any way possible you can explain the journal entries for this problem? Thank you so much :)
part 2 prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account
1/1 1/1 12/31 Required information [The following information applies to the questions displayed below.] Required a. Organize the transaction data in accounts under the accounting equation for Year 2 and Year 3. Note: Enter any decreases to account balances with a minus sign. Not all cells in the "Account Titles for Retained Earnings" column may require an input - leave cells blank if there is no corresponding input needed. Doyle Company issued $300,000 of 10-year, 5 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. Event Year 2 1/1 1/1 12/31 12/31 Balance Required information Event Year 2 Year 3 Beginning balance Cash 12/31 12/31 Ending balance Assets 300,000 + (300,000) + 51,000 + Cash + Assets IMPLE.…
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Current Attempt in Progress Kingbird, Inc's trial balance at the end of its first month of operations reported the following accounts and amounts with normal balances: Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock Dividends Revenues Expenses $18240 O $35910 O $37050 O $36480 O $37620 570 2850 2280 3420 5700 570 25080 14250 Total credits on Kingbird, Inc's trial balance are
23. Prepare closing entries rom the following end-of period spreadsheet. Austin Entergrises Fadof Peried Spreadsheet For the Year Eaded December JI Adnted Trial Balance Credit Income Statement Debt Balance Sheet Deb 26.500 7000 Account Titie Crede Debit Crede 26,500 7,000 1,000 18300 Cash Accounts Receivable Supplies Equipment Accumalated Depr 18.500 5.000 5.000 Accoures Payabie Wages Payable Common Stock Retained arnings Dividends Eees Earmed Wages Eapense Rest Esgeme Depreciation Eapense Toals Net omeLo) 11,000 100 6.000 2.000 1000 1,000 6.000 2.000 2.000 2,000 59.500 59.500 19,000 7.000 3.00 19000 7000 3.300 .500 .500 29,500 20.0 59.500 5.000 25,000 20.000
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Kimberly Ashley, the bookkeeper for Interiors Designs, has just finished posting the closing entries for the year to the ledger. She is concerned about the following balances: Capital account balance in the general ledger: Ending capital balance on the statement of owner's equity: Ashley knows that these amounts should agree and asks for your assistance in reviewing her work. Your review of the general ledger of Interiors Designs reveals a beginning capital balance of $100,000. You also review the general journal for the accounting period and find the closing entries shown below. Date 20X1 Dec. 31 31 GENERAL JOURNAL Description Closing Entries Fees income Accumulated depreciation Account payable Income summary Income summary Salaries expense Supplies expense Depreciation expense Wade Wilson, Drawing Debit 196,000 17,000 66,000 184,800 Page 15 Credit 279,000 $194,200 111, 200 156,000 10,000 4,800 14,000 Required: 2. Prepare a general journal entry to correct the errors made. 3.…
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Journal adjusting entry for Office supplies on hand at 30 Sept is $6,050 incl. GST.

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