12:04 PMAY2021/22 | SEM 2/S3 |ACC Xb Similar Questions | bartleby X+->i bartleby.com/similar-questionsPA16. 5.4 From the following Company R adjusted trial balance, prepare the following: Page355 (search bar 365)A. Income StatementB. Retained Earnings StatementC. Balance Sheet (simple unclassified)D. Closing journal entriesE. Post-Closing Trial BalanceSEARCHASK ANLIVELIBRARYEXPERTCHATEE Submit your question to our 24/7 subject matter experts with Masters and PhDsAdjusted Trial Balanceand get a solution in as fast as 30 minutes*DetailsDebit ($)Credit ($)Cash44000Accounts receivable13800Prepaid insurance6400O Drag and drop images or start typing. Ask away!Land16000Accounts payableSalaries payable149004500Common stock31000Retained Earnings10200Dividends12000Service revenueInsurance expense860007600Salaries expenseMiscellaneous expense32000ВIx² X,14800146,600146,6001 Add Image3/3CONTINUELike you, we deeply value honesty and integrity. Learn about our honor code.*Posnonse times may vary hy subiect and question complevity Median resnonse time is 4 minutes for... 12:04 PMAY2021/22 | SEM 2/S3 |ACC Xb Similar Questions | bartleby X+EA5. 5.1 The following accounts and normal balances existed at year-end. Make the four journalentries required to close the books. Page 341 (search bar 351)->i bartleby.com/similar-questionsRetained earningsDividends$22.0006,00090.000Fees earned revenueSelling expensesAdministrative expensesMiscellaneous expenses45,00016,0002,300SEARCHASK ANLIVELIBRARYEXPERTCHATLE Submit your question to our 24/7 subject matter experts with Masters and PhDs2/3and get a solution in as fast as 30 minutes*O Drag and drop images or start typing. Ask away!Ix?X2EA6. 5.1 Use the following excerpts from the year-end Adjusted Trial Balance to prepare thefour journal entries required to close the books: Page 341 (search bar 351)В1 Add ImageTrial BalanceAccountDebit ($)Credit (S)Dividends24,000CONTINUESales revenue194.000Automobile expense15,500Insurance expense30,000Salaries expenseSupplies expense96.000Like you, we deeply value honesty and integrity. Learn about our honor code.*Posnonse times may vary hy subiect and question complevity Median resnonse time is 4 minutes for6,500...

PA16. 5.4 From the following Company R adjusted trial balance, prepare the following: Page 355 (search bar 365) A. Income Statement B. Retained Earnings Statement C. Balance Sheet (simple-unclassified) D. Closing journal entries E. Post-Closing Trial Balance Adjusted Trial Balance Details Debit ($) Credit ($) Cash Accounts receivable Prepaid insurance Land Accounts payable Salaries payable Common stock Retained Earnings 44000 13800 6400 16000 14900 4500 31000 10200 Dividends Service revenue Insurance expense Salaries expense Miscellaneous expense 12000 86000 7600 32000 14800 146,600 146.600

PA16. 5.4 From the following Company R adjusted trial balance, prepare the following: Page 355 (search bar 365) A. Income Statement B. Retained Earnings Statement C. Balance Sheet (simple-unclassified) D. Closing journal entries E. Post-Closing Trial Balance Adjusted Trial Balance Details Debit ($) Credit ($) Cash Accounts receivable Prepaid insurance Land Accounts payable Salaries payable Common stock Retained Earnings 44000 13800 6400 16000 14900 4500 31000 10200 Dividends Service revenue Insurance expense Salaries expense Miscellaneous expense 12000 86000 7600 32000 14800 146,600 146.600

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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Smithson Floor Coverings reported the following summarized data at December 31, 2024. Accounts appear in no particular order, and all have normal balances. (Click the icon to view Smithson Floor Coverings accounts.) Prepare the trial balance of Smithson Floor Coverings at December 31, 2024. Account Title Total Smithson Floor Coverings Trial Balance December 31, 2024 Balance Debit Credit C Data table Service Revenue Equipment Rent Expense Common Stock Accounts Payable Dividends $ 26,000 36,000 17,000 24,000 2,200 16,100 Print Salaries Payable Salaries Expense Cash Accounts Receivable Interest Payable Utilities Expense Done $ 25,000 1,600 7,000 3,600 6,000 1,900 - X
Instructions X Income Statement Balance Sheet Journal spreadsheet, a part of which follows: 1. Prepare an income statement for the year ended June 30, 20Y3. Be sure to complete the 1. Prepare a balance sheet as of June 30, 20Y3. Fixed assets must be entered in order according to account number. Be sure 2. Based upon the end-of-period spreadsheet, joumalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles. Finders Investigative Services statement heading. Refer to the Chart of Accounts and the list of Labels and Amount to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact CNOW joumals do not use lines for joumal explanations. Every line on a joumal page used for debit or credit entries. CNOW joumals will automatically Descriptions for the exact wording of the answer choices for text entries. Enter amounts as wording of the answer choices for text entries. You will not…
Use 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…
M4-14 through M4-17 (Algo) Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5] Skip to question [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,260 Accounts Receivable 2,300 Prepaid Insurance 2,600 Notes Receivable (long-term) 3,300 Equipment 13,500 Accumulated Depreciation $ 3,200 Accounts Payable 5,720 Salaries and Wages Payable 1,150 Income Taxes Payable 3,200 Deferred Revenue 660 Common Stock 2,700 Retained Earnings 1,120 Dividends 330 Sales Revenue 44,730 Rent Revenue 330 Salaries and Wages Expense 22,200 Depreciation Expense 1,600 Utilities Expense 4,520 Insurance Expense 1,700 Rent Expense 6,300 Income Tax Expense 3,200 Total $ 62,810 $ 62,810 M4-17 (Algo)…
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Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify): Debit Credit $ 3 Account Titles Cash Accounts Receivable Supplies Land 12 Equipment Accumulated Depreciation 52 $ 6 Sof tware 22 Accumulated Amortization 8. Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Connon Stock 67 Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Armortization Expense Income Tax Expense Interest Expense Supplies Expense Totals $94 $94 Transactions and events during 2018 (summarized In thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future bullding site: pald cash, $9. c. Issued additional shares of common stock on April 3 for $32. d.…