Prepare closing entries at June 30, 2022. (Credit account titles are automatically indented when amount isentered. Do not indentmanually. If no entryis required, select "No Entry" for the account titles and enter O for the amounts.)Date Account Titles and ExplanationDebitCreditJune30(To close revenue account)June30(To close expense accounts)June30(To close net income / (loss)June30(To close dividends) Bramble Company had the following adjusted trial balance.Bramble CompanyAdjusted Trial BalanceFor the Year Ended June 30, 2022Adjusted Trial BalanceAccount TitlesDebitCreditCash$3,880Accounts Receivable3,760Supplies400Accounts Payable$1,900Unearned Service Revenue100Common Stock2,550Retained Earnings2,000Dividends420Service Revenue5,500Salaries and Wages Expense1,300Miscellaneous Expense240Supplies Expense2,500Salaries and Wages Payable450$12,500$12,500

Prepare closing entries at June 30, 2022. (Credit account titles are automatically indented when amount is entered. Do not inden manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit June 30 (To close revenue account) June 30 (To close expense accounts) June 30 (To close net income / (loss) June 30 (To close dividends)

Prepare closing entries at June 30, 2022. (Credit account titles are automatically indented when amount is entered. Do not inden manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit June 30 (To close revenue account) June 30 (To close expense accounts) June 30 (To close net income / (loss) June 30 (To close dividends)

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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On January 1, 2022, Sandhill Co. had a balance of $411,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions. Jan. 2 Purchased a patent (7-year life) $307,650. July 1 Sept. 1 Acquired a 9-year franchise; expiration date July 1, 2,031, $576,000. Research and development costs $178,500.
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Wildhorse Company, organized in 2024, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025. 1/2/25 Purchased patent (8-year life) 4/1/25 Purchase goodwill (indefinite life) 7/1/25 Purchased franchise with 10-year life; expiration date 7/1/35 8/1/25 Payment of copyright (5-year life) 9/1/25 Research and development costs $360,800 361,000 441,000 Debit 169,200 231,000 $1,563,000 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (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. List all debit entries before credit entries.) Account Titles and Explanation Credit
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A partial statement of financial position of Ivanhoe Ltd. on December 31, 2022, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2022): Buildings $294,000 Less: Accumulated depreciation 94,000 Equipment $125,000 Less: Accumulated depreciation 45,000 (a) Ivanhoe uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Ivanhoe applies IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2022. On this date, an independent appraiser assessed the fair value of the building to be $146,000 and that of the equipment to be $100,000. (To eliminate the accumulated depreciation) Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2022, using the asset adjustment…
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RSA Corporation had the following items in inventory as at December 31, 2023: Item No. A1 B4 C2 D3 Quantity (a1) 100 120 140 160 Unit Cost $3.00 2.00 8.00 7.00 NRV $3.30 1.90 9.00 6.80 Assume that RSA uses a perpetual inventory system, and that none of the inventory items can be grouped together for accounting purposes. Prepare the year-end adjusting entry required to adjust to the lower of cost or net realizable value on an item-by-item basis using the direct method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is