**PA4. LO 5.1**: Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books:**Adjusted Trial Balance**| Debit | Credit ||-----------------------|---------------------|| Cash | $38,750 || Prepaid Insurance | $4,500 || Equipment | $35,000 || Notes Payable | | $32,000 || Common Stock | | $10,000 || Retained Earnings | | $17,325 || Dividends | $22,000 || Sales Revenue | | $200,000 || Automobile Expense | $24,575 || Insurance Expense | $18,000 || Salaries Expense | $110,000 || Supplies Expense | $6,500 |**Total** | **$259,325** | **$259,325** The adjusted trial balance shows that the total debits and credits are equal, at $259,325. This balance is used to prepare the closing journal entries needed to finalize the accounting records for the period.

A closing entry is a journal entry made at the end of the accounting period. It involves shifting…

PA4. LO 5.1 Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit Credit $ 38,750 4,500 Cash Prepaid Insurance Equipment Notes Payable 35,000 $ 32,000 10,000 17,325 Common Stock Retained Earnings Dividends 22,000 Sales Revenue 200,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 24,575 18,000 110,000 6,500 $259,325 $259,325

PA4. LO 5.1 Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit Credit $ 38,750 4,500 Cash Prepaid Insurance Equipment Notes Payable 35,000 $ 32,000 10,000 17,325 Common Stock Retained Earnings Dividends 22,000 Sales Revenue 200,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 24,575 18,000 110,000 6,500 $259,325 $259,325

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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PA5. LO 5.1 Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit Credit Cash $ 22,900 Prepaid Insurance Fixed Assets 4,000 44,000 Notes Payable $ 40,000 Common Stock 25,000 Retained Earnings Dividends 48,350 22,000 Sales Revenue 150,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 26,500 20,000 122,500 1,450 $263,350 $263,350
PA10. LO 4.3Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). March 1, paid interest due on note, $2,500 December 31, interest accrued on note payable, $4,250
LO 5.1 The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Accounts receivable $45,000 4,500 50,000 39,000 55,000 12,000 2,000 65,000 34,500 12,750 1,250 Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense Solution Date Account / Explanation Debit Credit
Do its Trial Balance
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! Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Debits $25,400 Credits 16,200 13,600 156,000 $7,500 6,600 151,000 46,100 Totals $211,200 $211,200 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $142,100, and on account, $56,200. Collect on accounts receivable, $52,300. Receive cash in advance from customers, $13,700. Purchase supplies on account, $10,800. Pay property taxes, $9,300. Pay on accounts payable, $12,200. Pay salaries, $131,600. Issue shares of common stock in exchange for $35,000 cash. Pay $3,600 cash dividends to stockholders. 1. 3. 6. & 10. Post the…
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202.
Use the following T-accounts: Accounts Receivable Bal. 46,500 Fees Earned Revenue Bal. 63,000 Commission Expense Bal. 7,500 Supplies Expense Bal. 5,900 Wages Expense Bal. 47,000 Dividends Bal. 3,800 Retained Earnings Bal. 54,000 Prepare the four journal entries required to close the books. If an amount box does not require an entry, leave it blank.
PB16. LO 5.4 From the following Company S adjusted trial balance, prepare the following: A. Income Statement B. Retained Earnings Statement C. Balance Sheet (simple-unclassified) D. Closing journal entries E. Post-Closing Trial Balance Adjusted Trial Balance Debit Credit Cash $ 55,200 Accounts Receivable 30,200 6,000 Prepaid Insurance Land 30,000 Accounts Payable Salaries Payable $ 14,300 6,100 Common Stock 26,000 Retained Earnings Dividends 38,900 16,500 Service Revenue Insurance Expense 211,850 24,000 Salaries Expense Miscellaneous Expense 128,350 6,900 $297,150 $297,150 A F9 F10 Book Air F7 *8 8 1 DII F8 ( 9 0 ) 0 P J F11 { [ + 11 F12 }
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