Name Problem 1- Put a check in the column to denote whether the account is "Permanent or Real" or is "Temporary or Nominal" Permanent or Real Temporary or Nominal Cash Salaries Expense Rent Revenue Accounts Payable Dividends Supplies Expense Inventory Common Stock Problem 2- The adjusted trial balance shown below is for Rich Company at the end of its fiscal year: RICH COMPANY Trial Balance March 31, 2017 Credit Cash Accounts Receivable Debit $ 12,900 9,400 ....*. ....... Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue 700 2,500 16,000 *..... *..*** $ 4,800 5,800 1,100 600 ....... *.......*... Common Stock 15,000 Retained Earnings 5,600 Dividends 5,800 Service Revenue 34,600 14,400 Rent Revenue Salaries and Wages Expense. Supplies Expense Rent Expense Insurance Expense Depreciation Expense. 18,100 ....... ..... 1,800 12,000 1,500 1,200 $81.900 $81.900 Instructions: 1. On a separate piece of paper, prepare the closing entries for the temporary accounts at March 31. 2. On a separate piece of paper, prepare the post-closing trial balance at March 31.
Name Problem 1- Put a check in the column to denote whether the account is "Permanent or Real" or is "Temporary or Nominal" Permanent or Real Temporary or Nominal Cash Salaries Expense Rent Revenue Accounts Payable Dividends Supplies Expense Inventory Common Stock Problem 2- The adjusted trial balance shown below is for Rich Company at the end of its fiscal year: RICH COMPANY Trial Balance March 31, 2017 Credit Cash Accounts Receivable Debit $ 12,900 9,400 ....*. ....... Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue 700 2,500 16,000 *..... *..*** $ 4,800 5,800 1,100 600 ....... *.......*... Common Stock 15,000 Retained Earnings 5,600 Dividends 5,800 Service Revenue 34,600 14,400 Rent Revenue Salaries and Wages Expense. Supplies Expense Rent Expense Insurance Expense Depreciation Expense. 18,100 ....... ..... 1,800 12,000 1,500 1,200 $81.900 $81.900 Instructions: 1. On a separate piece of paper, prepare the closing entries for the temporary accounts at March 31. 2. On a separate piece of paper, prepare the post-closing trial balance at March 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
For the first problem I don’t know what it means and for the second problem I don’t know what to do or how to do it
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Problem 1- Put a check in the column to denote whether the account is "Permanent or Real" or is "Temporary or
Nominal"
Permanent or Real
Temporary or Nominal
Cash
Salaries Expense
Rent Revenue
Accounts Payable
Dividends
Supplies Expense
Inventory
Common Stock
Problem 2
The adjusted trial balance shown below is for Rich Company at the end of its fiscal year:
RICH COMPANY
Trial Balance
March 31, 2017
Debit
$ 12,900
9,400
700
Credit
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation-Equipment
Accounts Payable
Salaries and Wages Payable
Unearned Rent Revenue
.......
2,500
16,000
$ 4,800
5,800
1,100
600
Common Stock
15,000
Retained Earnings
5,600
5,800
Dividenus *
Service Revenue
34,600
Rent Revenue
14,400
Salaries and Wages Expense
Supplies Expense
Rent Expense
18,100
1,800
12,000
1,500
Insurance Expense
Depreciation Expense..
1,200
$81.900
$81.900
Instructions:
1. On a separate piece of paper, prepare the closing entries for the temporary accounts at March 31.
2. On a separate piece of paper, prepare the post-closing trial balance at March 31.
PUT YOUR NAME AT THE TOP OF THE SEPARATE PIECE OF PAPER"
Transcribed Image Text:Name
Problem 1- Put a check in the column to denote whether the account is "Permanent or Real" or is "Temporary or
Nominal"
Permanent or Real
Temporary or Nominal
Cash
Salaries Expense
Rent Revenue
Accounts Payable
Dividends
Supplies Expense
Inventory
Common Stock
Problem 2
The adjusted trial balance shown below is for Rich Company at the end of its fiscal year:
RICH COMPANY
Trial Balance
March 31, 2017
Debit
$ 12,900
9,400
700
Credit
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation-Equipment
Accounts Payable
Salaries and Wages Payable
Unearned Rent Revenue
.......
2,500
16,000
$ 4,800
5,800
1,100
600
Common Stock
15,000
Retained Earnings
5,600
5,800
Dividenus *
Service Revenue
34,600
Rent Revenue
14,400
Salaries and Wages Expense
Supplies Expense
Rent Expense
18,100
1,800
12,000
1,500
Insurance Expense
Depreciation Expense..
1,200
$81.900
$81.900
Instructions:
1. On a separate piece of paper, prepare the closing entries for the temporary accounts at March 31.
2. On a separate piece of paper, prepare the post-closing trial balance at March 31.
PUT YOUR NAME AT THE TOP OF THE SEPARATE PIECE OF PAPER
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