QS 3-22Preparing closing entriesP6Using Sierra Company's adjusted trial balance from QS 3-30, prepare its December 31 closing entries. Adjusted Trial BalanceDebitCreditCash$ 5,000Prepaid insurance500Notes receivable (due in 5 years)4,000Buildings20,000Accumulated depreciation-Buildings$12,000Accounts payable2,500Notes payable (due in 3 years)3,000Common stock6,000Retained earnings4,500Dividends1,000Consulting revenue9,500Wages expense3,500Depreciation expense-Buildings2,000Insurance expense1,500Totals$37.500$37,500

Closing entries are recorded at the end of the reporting period to eliminate the temporary accounts.…

Answered: QS 3-22 Preparing closing entries P6…

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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Problem 4 - Prepare Closing Entries and a Post-Closing Trial Balance Required: Below is the Adjusted Trial Balance for Orange Corporation for the year ended December 31, 2020. Prepare the closing entries and the post-closing trial balance for December 31, 2020. Orange Corporation Adjusted Trial Balance December 31, 2020 Account Debit Credit Cash 42,550 Accounts Receivable 36,470 Supplies 3,550 Prepaid Rent 4,200 Land 50,000 Equipment 131,500 Accum. Deprec. - Equip. 63,500 Accounts Payable 32,600 Salaries Payable 3,500 Unearned Revenue 6,370 Common Stock 75,000 Retained Earnings 42,000 Dividends 7,300 Service Revenue 336,000 Rent Expense 48,000 Salaries Expense…
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Reversing Entries Gimbel's Gifts and GadgetsEnd-of-Period SpreadsheetFor Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 17,000.00 17,000.00 Accounts Receivable 12,700.00 12,700.00 Merchandise Inventory 67,400.00 (b) 76,400.00 (a) 67,400.00 76,400.00 Estimated Returns Inventory 2,880.00 (e) 3,870.00 (d) 2,880.00 3,870.00 Supplies 7,300.00 (f) 4,220.00 3,080.00 Prepaid Insurance 4,860.00 (g) 1,440.00 3,420.00 Land 118,000.00 118,000.00 Building 226,000.00 226,000.00 Accum. Depr.—Building 90,400.00 (h) 11,300.00 101,700.00 Store Equipment 90,000.00 90,000.00 Accum. Depr.—Store Equipment 36,000.00 (i) 4,500.00 40,500.00 Accounts Payable 8,650.00 8,650.00 Customer Refunds Payable 3,160.00 (c) 1,990.00 5,150.00 Wages Payable (j) 3,150.00…
necking Register Practice B O Tools Add-ons Help Last edit was 4 hours ago text Arial 11 BIUA EI + 2 3 Enter the following transactions for the Month of September. You have a beginning balance of $1500.00 $456.23 September 2 September 4 September 7 September 11 September 13 September 14 September 16 September 21 Deposit $94.67 Check #123 Rick'sRunning Shop -- Shoes Check #124 Jacob's Jamboree -- New Outfit $45.23 $398.99 Check # 125 JCP Department Store - Furniture ATM Withdrawal (($2.00 Service Fee) Check # 126 High Point Clothing Store -- Pet Clothes $50.00 $124.76 $498.75 Deposit Check # 127 Abigail's Archery Shop -- Arrows $185.99 $203.77 September 25 September 27 Check # 128 Denise's Dance Studio - Dance Lessons Check #129 Michael's Pet Store -- Dog Food $49.99 September 30 Deposit 501.33 Deposit / Credit Number or Payment / Code Date Transaction Description Debit Fee Balance Beginning Balance 237.47 M lili
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New Tab wileyplus.com/edugen/student/mainfr.uni puTube * Maps E Welcome, Joseph New Tab ament CALCULATOR FULL SCREEN PRINTER VERSION NEXT Exercise 5-06 The adjusted trial balance of Cheyenne Corp. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $907,900; Freight-Out $13,900; Sales Returns and Allowances $19,800; and Sales Discounts $15,200. Prepare the sales section of the income statement. Cheyenne Corp. Income Statement (Partial) Click if you would like to Show Work for this question: Open Show Work ues pdf O Homework 4 7A G. pof Show all 12:02 AM ere to search 3/10/2021 ha prt sc 4+ delete 2$ 4. %23 2 5. 6. 7. 8. 6. backspace %3D W R Y U D F G H J. K pause M.
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Prepare closing entries directly to retained earnings in general journal form
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