CashAccount TitleAccounts ReceivableSuppliesPrepaid InsuranceLandEquipmentAccumulated DepreciationAccounts PayableWages PayableBrenda Schultz, CapitalBrenda Schultz, DrawingFees EarnedWages ExpenseRent ExpenseInsurar ExpenseUtilities ExpenseSupplies ExpenseDepreciation ExpenseMiscellaneous ExpenseAlert Security Services Co.End-of-Period SpreadsheetFor the Year Ended October 31, 2019Adjusted Trial BalanceCr.Dr.3282,402109822,7301,092218655328273191164109558,7362189831094,7512,6758,736Income StatementDr.Cr.Balance SheetDr.Cr. Prepare the two closing entries for Alert Security Services Co. If an amount box does not require an entry, leave it blank.Oct. 31 Fees Earned31Wages ExpenseRent ExpenseInsurance ExpenseUtilities ExpenseSupplies ExpenseFeedbackDepreciation ExpenseMiscellaneous ExpenseBrenda Schultz, CapitalBrenda Schultz, Drawing2,675 ✔5,651 X65532827319116410955218▼ Check My WorkIn preparing closing entries, recall that (1) Difference in revenue and expense account balances are transferred to the owner's capital account; and (2) The balance of the owner's drawing account is transferred to the owner's capital account.

Prepare the two closing entries for Alert Security Services Co. If an amount box does not require an entry, leave it blank. Oct. 31 Fees Earned ✓ 2,675 ✓ 31 Wages Expense Rent Expense Insurance Expense Utilities Expense Supplies Expense Depreciation Expense Miscellaneous Expense Brenda Schultz, Capital ✓ Feedback ✓ ✓ Brenda Schultz, Drawing ✓ ✓ ✓ ✓ 5,651 X 655 328 273 ✓ 191 ✓ 164 ✓ 109 ✓ 55 ✓ ✓ 218 ✓ Check My Work In preparing closing entries, recall that (1) Difference in revenue and expense account balances are transferred to the owner's capital account; and (2) The balance of the owner's drawing account is transferred to the owner's capital account.

Prepare the two closing entries for Alert Security Services Co. If an amount box does not require an entry, leave it blank. Oct. 31 Fees Earned ✓ 2,675 ✓ 31 Wages Expense Rent Expense Insurance Expense Utilities Expense Supplies Expense Depreciation Expense Miscellaneous Expense Brenda Schultz, Capital ✓ Feedback ✓ ✓ Brenda Schultz, Drawing ✓ ✓ ✓ ✓ 5,651 X 655 328 273 ✓ 191 ✓ 164 ✓ 109 ✓ 55 ✓ ✓ 218 ✓ Check My Work In preparing closing entries, recall that (1) Difference in revenue and expense account balances are transferred to the owner's capital account; and (2) The balance of the owner's drawing account is transferred to the owner's capital account.

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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Scenario 2: • Copy of vendor invoice # 4412 for $27,000 received on March 3 showing terms of net 30 • Payment voucher with the vendor name and amount due . • Copy of the remittance advice sent to the vendor showing # 4412 included in the payment to the vendor made on March 28 1. Would you enter accounting transactions? 2. If so, what accounting entries would you make? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit I
Use the following account balances from the adjusted trial balance of Gees Catering: Account Debit Balance Credit Balance Cash 10,000 Accounts payable 2,000 R. Gees, Capital 18,000 R. Gees, Drawing 1,000 Fees revenue 10,000 Salary expense 7,000 Rent expense 6,000 Supplies expense 6,000 Select the correct closing entry that Gees Catering would make to close their Income Summary account at the end of the accounting period. Multiple Choice Account Name Debit Credit Income Summary $19,000 R. Gees, Capital $19,000 Account Name Debit Credit R. Gees, Capital $19,000 Income Summary $19,000 Account Name Debit Credit R. Gees, Capital $9,000 Income Summary $9,000 Account Name Debit Credit Income Summary $9,000 R. Gees, Capital $9,000
Review and study the following journal entries and determine which entries have errors.
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6. A. Journalize the adjusting entries. Record the adjusting entries on Page 22 of the journal.* 6. B. Add the appropriate posting reference to the journal. * Refer to the Chart of Accounts for exact wording of account titles. 110 Cash $ 83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 96,600 211 Customers Refunds Payable 50,000 212 Salaries Payable — 310 Lynn Tolley, Capital, June 1, 2018 685,300 311 Lynn Tolley, Drawing 135,000 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Salaries Expense 664,800 521 Advertising Expense 281,000 522 Depreciation Expense — 523 Store Supplies Expense — 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532…