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- Notes receivable due in 390 days appear on the a.balance sheet in the current liabilities section b.income statement as an expense c.balance sheet in the noncurrent assets section d.balance sheet in the current assets sectionUse the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). Retained Earnings Date May 31 Dividends Date May 31 Services Revenue Date May 31 Depreciation Expense Date May 31 Required A 03 0% 3% 3% View transaction liet G2 Required B Transaction 2 Debit B Debit Record entry Debit Note: Enter debits before credits. Debit Journal entry worksheet Complete this questions by entering your answers in the tabs below. Prepare closing journal entries from the above ledger accounts. Account Number 318 Credit Balance Date 81,000 May 31 Number 319 Insurance Expense Balance 47.000 Account Credit Record the entry to close experise accounts. General Ledger Clear entry May 31 Account Number 403 Rent Expense Balance Date 142, 722 May 31 Income Summary Account Number 603 Credit Balance 21,000 Salarics Expense General Journal Date Debit (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from…Help me please
- Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). M. Muncel, Capital Dated PR G2 May 31 M. Muncel, Withdrawals Date May 31 Services Revenue PR G2 Date May 31 Depreciation Expense Date May 31 PR G2 PR G2 View transaction list Debit Required A Required B Debit Debit Debit General Ledger Account Number 301 Credit Balance 94,000 Account Number 302 Credit Balance 61,000 Account Number 403 Credit Balance 165,628 Account Number 603 Credit Balance 19,000 Salaries Expense Prepare closing journal entries from the above ledger accounts. Date May 31 Insurance Expense Date May 31 Rent Expense Date May 31 Income Summary Complete this questions by entering your answers in the tabs below. Date PR G2 PR G2 PR G2 PR Debit Debit Debit Debit (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement…The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent Revenue
- The ledger accounts after adjusting entries for Cortez Services are presented below. a. Journalize the following closing entries and number as steps 1 through 4. b. What is the new balance of J. Cortez, Capital after closing? Show your calculations.Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Accumulated Depreciation B. Buildings C. Depreciation Expense D. Equipment E. Fees Earned Revenue F. Insurance Expense G. Prepaid Insurance H. Supplies Expense I. DividendsUse the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). M. Muncel, Capital Dated May 31 M. Muncel, Withdrawals Date May 31 Services Revenue Date May 31 Depreciation Expense Date May 31 May 31 Date Required A Required B May 31 Date May 31 Date PR G2 May 31 Date PR G2 PR G2 View transaction list PR G2 < A Complete this questions by entering your answers in the tabs below. Prepare closing journal entries from the above ledger accounts. Transaction 1 Debit Debit B Debit Debit 301: M. Muncel, Capital Debit Credit 302: M. Muncel, Withdrawals Debit Credit Debit 403: Services Revenue. Debit Credit 603: Depreciation Expense Credit Journal entry worksheet Note: Enter debits before credits. Account Number 301 Credit Balance 78,000 (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as…
- The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals 8. November 20 9. December 30 Requirement The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 Provide storage services for cash, $144,100, and on account, $57,200. Collect on accounts receivable, $52,500. General Journal Receive cash in advance from customers, $13,900. Purchase supplies on account, $11,200. Pay property taxes, $9,500. Pay on accounts payable, $12,400. Pay salaries, $133,600. Issue shares of common stock in exchange for $37,000 cash. Pay $3,800 cash dividends to stockholders. Insurance expired during the year is $8,000. Supplies remaining on hand at the end of the year equal $3,900. Provide services of $12,800 related to cash paid in advance by…Which of the following increases the current assets of a business entity? A) Consumable inventory B) Bank (credit balance) C) Investment (with a maturity date of more than one year hance) D) Deferred income16) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts receivable balances with an entry to the:A) Uncategorized Expenses accountB) Uncategorized Income accountC) Opening Balance Equity accountD) Capital Stock account Group of answer choices A B C D