Notes payable (due on July 1, 2026) B. Wildhorse, capital B. Wildhorse drawings 46,100 33,780 17,600 Service revenue 76,100 Interest revenue 870 Depreciation expense 3,950 Interest expense 4,100 Rent expense 19,650 Salaries expense 37,150 Supplies expense 21,950 $173,440 $173,440 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

Notes payable (due on July 1, 2026) B. Wildhorse, capital B. Wildhorse drawings 46,100 33,780 17,600 Service revenue 76,100 Interest revenue 870 Depreciation expense 3,950 Interest expense 4,100 Rent expense 19,650 Salaries expense 37,150 Supplies expense 21,950 $173,440 $173,440 Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit 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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Assuming that the market price as of December 31, 2020, is $2.97, record the journal entry. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, eg. 6,225.) Date Account Titles and Explanation Debit Credit Dec. 31 Unrealized Holding Gain or Loss - Income 12540 Estimated Liability on Purchase Commitments 12540 eTextbook and Media List of Accounts Attempts: 1 of 1 used (c2) Give the entry in January 2021, when the 38,000-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2020, and that the market price in January 2021 was $2.97 per gallon. Prepare the journal entry for when the materials are received in January 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the…
P7 Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the general ledger in Requirement 2B. Requirement 2B: https://imgur.com/a/e8LvE7q 1. Record the closure of revenue account(s). 2. Record the closure of expense account(s). 3. Record the closure of the income summary account. 4. Record the closure of the dividend account.
(a) Describe the detail of the transaction being performed in the following screen. (b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.)
Subject - Acounting
adjusted trail balance is available as well as the required information, please record the closure entry of revenue accounts, as well as record the closure entry of expenssses acounts. Thank you.
Subject: accounting
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