Oriole Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is as follows. No. 101 301 306 112 Accounts Receivable 157 158 201 208 400 429 711 726 732 Cash (a) Oriole Company Adjusted Trial Balance July 31, 2022 Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Account Titles Owner's Capital Owner's Drawings Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense July 31 Date Account Titles and Explanation July 31 July 31 July 31 (To close revenue accounts) (To close expense accounts) (To close net income / (loss)) Debit (To close drawings) $8,200 9,400 16,100 15,800 9,300 55,800 14,900 Prepare the closing entries. (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.) $129,500 Credit $7,400 4,500 1,500 44,600 64,700 6,800 $129,500 Debit Credit

Oriole Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of the end of its fiscal year is as follows. No. 101 301 306 112 Accounts Receivable 157 158 201 208 400 429 711 726 732 Cash (a) Oriole Company Adjusted Trial Balance July 31, 2022 Equipment Accumulated Depreciation-Equip. Accounts Payable Unearned Rent Revenue Account Titles Owner's Capital Owner's Drawings Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense July 31 Date Account Titles and Explanation July 31 July 31 July 31 (To close revenue accounts) (To close expense accounts) (To close net income / (loss)) Debit (To close drawings) $8,200 9,400 16,100 15,800 9,300 55,800 14,900 Prepare the closing entries. (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.) $129,500 Credit $7,400 4,500 1,500 44,600 64,700 6,800 $129,500 Debit Credit

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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PREPARE ADJUSTED TRIAL BALANCE BY USING THE INFORMATION On December 1, 2020, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company : Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10, n/30. The…
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Required information Skip to question [The following information applies to the questions displayed below.] Stark company has the following adjusted accounts and balances at its December 31 year-end. Notes payable $ 11,000 Accumulated depreciation—Buildings $ 15,000 Prepaid insurance 2,500 Accounts receivable 4,000 Interest expense 500 Utilities expense 1,300 Accounts payable 1,500 Interest payable 100 Wages payable 400 Unearned revenue 800 Cash 10,000 Supplies expense 200 Wages expense 7,500 Buildings 40,000 Insurance expense 1,800 Dividends 3,000 Common stock 10,000 Depreciation expense—Buildings 2,000 Retained earnings 14,800 Supplies 800 Services revenue 20,000 Use the adjusted trial balance accounts and balances at its December 31 year-end for Stark Company to prepare an adjusted trial balance.
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