InstructionsJournalCreative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the endof the fiscal year, the following balances were taken from the ledger of Creative Images Co.:Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journalexplanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.Violet Lozano, Capital$860,000Violet Lozano, Drawing12,000PAGE 11Fees Earned704,100JOURNALACCOUNTING EQUATIONWages Expense486,000Rent Expense65,500DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITYClosing EntriesSupplies Expense11,2002Miscellaneous Expense14,4003Required:Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW5journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will6automatically indent a credit entry when a credit amount is entered.7Chart of AccountsCHART OF ACCOUNTSCreative Images Co.General LedgerASSETSREVENUE11 Cash41 Fees Earned12 Accounts Receivable13 Prepaid RentEXPENSES14 Supplies51 Wages Expense52 Rent ExpenseLIABILITIES53 Supplies Expense21 Accounts Payable54 Miscellaneous Expense22 Wages Payable23 Unearned FeesEQUITY31 Violet Lozano, Capital32 Violet Lozano, Drawing

Closing entries are those entry of a company that are recorded at the end of each accounting period…

Journal Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account tles. CNOW journals do not use lines for journal explanationa. Every line on a journal page is used for debit or credit entriea CNOW journals will automatically indent a credit entry when a credt amount is entered PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTON POST RER DEIT CREDIT ASSETS LIABIUTIES EQUITY Closing Entries

Journal Journalize the two entries required to close the accounts. Refer to the chart of accounts for the exact wording of the account tles. CNOW journals do not use lines for journal explanationa. Every line on a journal page is used for debit or credit entriea CNOW journals will automatically indent a credit entry when a credt amount is entered PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTON POST RER DEIT CREDIT ASSETS LIABIUTIES EQUITY Closing Entries

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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Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Question not attempted. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3
Wildhorse Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2025. Wildhorse had the following transactions related to notes payable Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Issued a $13,200 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% and is due December 1. (Wildhorse uses a perpetual inventory system) Recorded accrued interest for the Pippen note. Issued a $22,800, 9%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $24,000 note and paid $7,600 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and…
Journalize the transactions on the "Journal Entry data" tab. Because Chart of Account numbers are not provided, post-reference information is not required. Journal entries should be prepared in proper form. Refer to the "Unadjusted TB Data tab" for proper account titles. The journal must have date, description, credit and debit. Also must be a total of 64 journal entries. And must find the total.
The following are the job cost related accounts for the law firm of Cullumber Associates and their manufacturing equivalents: Law Firm Accounts Supplies Salaries and Wages Payable Operating Overhead Service Contracts in Process Cost of Completed Service Contracts Cost data for the month of March follow. 1. 2. 3. 4. 5. 6. Manufacturing Firm Accounts Raw Materials Factory Wages Payable Manufacturing Overhead Work in Process Cost of Goods Sold Purchased supplies on account $2,400. Issued supplies $1,680 (60% direct and 40% indirect). Assigned labor costs based on time cards for the month which indicated labor costs of $89,600 (80% direct and 20% indirect). Operating overhead costs incurred for cash totaled $51,200. Operating overhead is applied at a rate of 90% of direct labor cost. Work completed totaled $96,000.
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The intangible assets section of Riverbed Company at December 31, 2022, is presented here. Patents ($70,000 cost less $7,000 amortization) Franchises ($44,800 cost less $17,920 amortization) Total Jan. 2 Sept. 1 The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Oct. 1 $63,000 Nov.- Dec. 26,880 $89,880 Paid $21,600 legal costs to successfully defend the patent against infringement by another company. Paid $50,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials aired in September and October. Acquired a franchise for $111,600. The franchise has a useful life of 50 years. Developed a new product, incurring $145,000 in research and development costs during December. A patent was granted for the product on January 1, 2024.
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