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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Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (1) (2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount Due April 0–30 $ 283,500 _______ March 31–60 63,000 _______ February 61–90 252,000 _______ January 91–120 31,500 _______ Total receivables $ 630,000 100% Calculate the percentage of amount due for each month. If the firm had $1,680,000 in credit sales over the four-month period, compute the average collection period. Average daily credit sales should be based on a 120-day period.
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.…
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
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.…
! Required information [The following information applies to the questions displayed below.] Claire Corporation is planning to issue bonds with a face value of $160,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 12 percent.(FV of $1. PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Show Transcribed Text < Journal entry worksheet Note: Enter debits before credits. Record the issuance of the bonds on January 1. Date January 01 Record entry J General Journal Clear entry c Debit Credit View general journal
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PAGE 11 ACCOUNTING FOUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Widmer Company had gross wages of $200,000 during the week ended June 17. The amount of wages subject to social security tax was $200,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: General Journal a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $40,500. General Journal Instructions Required: a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17 1 2 4 DATE DESCRIPTION 5 9 7 B 9 10 JOURNAL
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Accounting Homework
Current Attempt in Progress Presented below is information related to Sheridan Company for its first month of operations. Jan. 06 Jan. 10 Jan. 23 Balance of Credit Purchases Gorst Company Tian Company Accounts Payable $9,000 11,800 Maddox Company 12,300 $ Gorst Company Jan. 11 Determine the balances that appear in the accounts payable subsidiary ledger. What Accounts Payable balance appears in the general ledger at the end of January? $ Jan. 16 Jan. 29 Cash Paid Gorst Company Tian Company Maddox Company Subsidary Ledger Tian Company 69 $6,800 11,800 7,400 $ Maddox Company $ General Ledge
Journal adjusting entry for Office supplies on hand at 30 Sept is $6,050 incl. GST.

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