Prepare closing entries from the following end-of-period spreadsheet. Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Don Austin, Capital Don Austin, Drawing Fees Earned Wages Expense Supplies Expense Depreciation Expense Unadjusted Trial Balance Dr. 26,500 5,000 8,000 18,500 2.000 18,000 Cr. 1,500 11,000 8,000 57.500 Adjustments Dr. 2,000 1.000 7,000 3.500 78.000 78.000 13.500 2 Cr. 7,000 3,500 1,000 2,000 Adjusted Trial Balance Dr. 26,500 7,000 1,000 18,500 2,000 19,000 7,000 3.500 13.500 $4,500 Cr. 5,000 11,000 1,000 8,000 59,500 84.500 SEHERPESON

Prepare closing entries from the following end-of-period spreadsheet. Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Don Austin, Capital Don Austin, Drawing Fees Earned Wages Expense Supplies Expense Depreciation Expense Unadjusted Trial Balance Dr. 26,500 5,000 8,000 18,500 2.000 18,000 Cr. 1,500 11,000 8,000 57.500 Adjustments Dr. 2,000 1.000 7,000 3.500 78.000 78.000 13.500 2 Cr. 7,000 3,500 1,000 2,000 Adjusted Trial Balance Dr. 26,500 7,000 1,000 18,500 2,000 19,000 7,000 3.500 13.500 $4,500 Cr. 5,000 11,000 1,000 8,000 59,500 84.500 SEHERPESON

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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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…
Problem The trial balance of the Mabilis Repair Shop appears below at the end of its calendar period: pplies y Cash on hand Accounts Receivable Estimated uncollectible accounts hable Mabilis Repair Shop Trial Balance December 31, 19A Notes Receivable Shop equipment Accum. Depreciation-Shop equipment Furniture and Fixture Accum. depreciation-fur. and fixt. Accounts payable Notes payable Leynes, Capital Leynes, Drawing Service Income Salaries expense Rent expense Supplies expense Taxes and licenses Light and water expesne Additional information: Debit P10,000 25,000 1,000 - Interest inne 8,000 8,000 4,000 1,500 3,000 P105,500 7,000 30,000 8,000 145 Credit P750 2,000 5,000 11,000 12,000 44,750 30,000 P105,500 1. Unpaid taxes P600 2. Accrued salaries, P3,000 3. Accrued interest on notes payable P200. 4. Unpaid light and water, P500 5. Supplies on hand, P1,000. 6. Bad debt expense is estimated to be 5% of Accounts Re- ceivable. 7. Fixed assets have estimated useful life of 10 years without…
Open T accounts and post the journal entries to the general ledger. N(Post entries in the order of journal entries presented in the previous part Select the date for closing balanceseven in case of zero balance. If ending balance is 0, enter 0 on the normal sicde for the account) June 1Samantha Miller opened Miller Real Estate Agency with an investment of $13,220 cash and $2,850 of equipment.2Paid $1,260 for a one-year insurance policy.3Purchased additional equipment for $4,520, paying $760 cash and signing a note payable for the balance.10Received $355 cash as a fee for renting an apartment.16Sold a house and lot for B. Wilson. The cormmission due from Wilson is $7,330. {It is not paid by Wilson at this time.)27Paid $750 for advertising to run during June.29Received an $80 bill for telephone service during the month of June. (The bill is paid in July)30Paid an administrative assistant $2,390 in salary for June.30Received $7,330 cash from B. Wilson for the June 16 transaction.
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…
Finley CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 11,545 11,545 Dividends 1,000 1,000 Fees Earned 41,258 41,258 Wages Expense 21,776 21,776 Rent Expense 5,957 5,957 Depreciation Expense 4,070 4,070 Totals 75,803 75,803 31,803 41,258 44,000 34,545 Net Income (Loss) 9,455 9,455 41,258 41,258 44,000 44,000 The journal entry to close revenues and expenses would involve: a.debits to Fees Earned and Retained Earnings and credits to the expense accounts b.a debit to Fees Earned…
Kimberly Ashley, the bookkeeper for Interiors Designs, has just finished posting the closing entries for the year to the ledger. She is concerned about the following balances: Capital account balance in the general ledger: Ending capital balance on the statement of owner's equity: Ashley knows that these amounts should agree and asks for your assistance in reviewing her work. Your review of the general ledger of Interiors Designs reveals a beginning capital balance of $100,000. You also review the general journal for the accounting period and find the closing entries shown below. Date 20X1 Dec. 31 31 GENERAL JOURNAL Description Closing Entries Fees income Accumulated depreciation Account payable Income summary Income summary Salaries expense Supplies expense Depreciation expense Wade Wilson, Drawing Debit 196,000 17,000 66,000 184,800 Page 15 Credit 279,000 $194,200 111, 200 156,000 10,000 4,800 14,000 Required: 2. Prepare a general journal entry to correct the errors made. 3.…
Required information [The following information applies to the questions displayed below.] Chase Company posted transactions (a through in the following T-accounts in December, its first month of operations. a. C. Debit Debit Cash 15,600 b. 14,600 e. f. Accounts Payable 4,200 d. Debit Credit Services Revenue C. Credit Credit Prepare its December 31 trial balance. Chase Company Trial Balance 5,200 b. 6,200 d. 4,200 6,300 14,600 e. Debit Debit Debit Supplies 5,200 6,300 Common Stock a. Rent Expense 6,200 Credit Credit Credit 15,600
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). M. Muncel, Capital Dated May 31 M. Muncel, Withdrawals Date May 31 Services Revenue Date May 31 Depreciation Expense Date May 31 May 31 Date Required A Required B May 31 Date May 31 Date PR G2 May 31 Date PR G2 PR G2 View transaction list PR G2 < A Complete this questions by entering your answers in the tabs below. Prepare closing journal entries from the above ledger accounts. Transaction 1 Debit Debit B Debit Debit 301: M. Muncel, Capital Debit Credit 302: M. Muncel, Withdrawals Debit Credit Debit 403: Services Revenue. Debit Credit 603: Depreciation Expense Credit Journal entry worksheet Note: Enter debits before credits. Account Number 301 Credit Balance 78,000 (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as…
Complete this questions by entering your answers in the tabs below. Required 1 Required 2 Prepare the December 31 closing entries. The account number for Income Summary is 901. View transaction list Journal entry worksheet View general Journal
a. Fill in the cells for “Totals,” “Net Income,” and “Final Total” below. Verizon Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Cash 9,000 Accounts Receivable 10,700 Prepaid Insurance 2,600 Equipment 23,800 Accumulated Depreciation—Equip. 4,300 Accounts Payable 8,800 Salaries and Wages Payable 2,300 Owner’s Capital 19,800 Owner’s Drawings 11,400 Service Revenue 60,000 Maintenance and Repairs Expense 1,600 Depreciation Expense 3,100 Insurance Expense 1,700 Salaries and Wages Expense 29,900 Utilities Expense 1,400 Totals…
The journal entry to close fees earned, $717 {comma} and the rent revenue ,$216 , accounts during the year end closing process would be A. Revenues $933 Owners Capital$ 933 B. Things earned $717 Rent revenue$ 216 Owners Capital $933 C. Owners capital $933 He's earned $717 Rent revenue$216 D. Owners capital $933 Revenues $933
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.…