Selected accounts of Beam Electrical, Inc., at November30, 2018, follow.(Click the icon to view the accounts.)Read the requirements.Requirement 1. Prepare the entity's closing entries.Begin by closing out the revenue accounts. (Recorddebits first, then credits. Exclude explanations from anyjournal entries.)Journal EntryDateAccountsDebitCreditNov

To prepare the closing entries for Beam Electrical, Inc. as of November 30, 2018, you will need to…

Answered: Selected accounts of Beam Electrical,…

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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Closing Entries (Net Income) Use the following partial listing of T accounts to complete this exercise. 1. Prepare closing entries dated April 30, 20--. Do not enter the posting references until you complete part 2. If an amount box does not require an entry, leave it blank. 2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1. Cash 101 Bal. 500 Accounts Receivable 122 Bal. 1,500 Wages Payable 219 Bal. 400 Javian Davis, Capital 311 Bal. 9,000 Javian Davis, Drawing 312 Bal. 1,000 Income Summary 313 Tennis Instruction Fees 401 Bal. 4,000 Wages Expense 511 Bal. 760 Advertising Expense 512 Bal. 200 Travel Expense 515 Bal. 600 Supplies Expense 524 Bal. 500 Insurance Expense 535…
a. Journalize the entry to record the issuance of the note on January 1. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. b. Journalize the entry to record the payment of the note at maturity, including interest. Assume a 360-day year. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Start at Jul 30th and go all the way through please.
Subject: accounting
Current Attempt in Progress On May 1, 2025, Jackson Inc. entered into a contract to deliver one of its specialty mowers to Wildhorse Landscaping Co. The contract requires Wildhorse to pay the contract price of $895 in advance on May 15, 2025. Wildhorse pays Jackson on May 15, 2025, and Jackson delivers the mower (with cost of $557) on May 31, 2025.
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On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 2 Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent. April 4 The company purchased $1,000 of office supplies for cash. April 10 The company paid $2,400 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,600 cash for two weeks' salaries earned by employees. 24 April 24 The company collected $8,000 cash for commissions revenue. April 28 The company paid $1,600 cash for two weeks' salaries earned by employees. April 29 The company paid $350 cash for minor repairs to corpater equipment. April 30 The company paid $750 cash for this month's telephone bill April 30 The company paid $1,500 cash in dividends. The company's chart of…
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Prepare the entry to close the revenue accounts, the expenses accounts, income summary and withdrawal account 4 different charts

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