chart of accounts for Eddy’s Carpet Cleaners contains the following accoants: No. 10I Cash, No.112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment,No. 158 Accumulated Depreciation–Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable,No. 301 L. Eddy, Capital; No. 306, L. Eddy, Drawing; No. 350 Income Summary, No. 400 ServiceRevenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 DepreciationExpense, No. 722 Insurance Expense, and No. 726 Salaries Expense.Technology and Applied Sciences, NizwaCollege of Applied SciencesDepartment of Business AdministrationNon Real Time TestUniversity2.BSDR 1004, Financial Accounting 1Maximum Marks: 30Duration: 3 DaysSection: A(2 *3= 6 marks)Short Answer Questions1. The income statement for Crestwood Golf Club for the month ending July 31 shows Green FeeRevenue $13,600, Salaries Expense $8,200, Maintenance Expense $2,500, and Net Income $2,900.Prepare the entries to close the revenue and expense accounts.2. The adjusted trial balance of Harmony Company at December 31, 2010, includes the followingaccounts: S. Harmony, Capital $15,600; S. Harmony, Drawing $6,000; Service Revenue $35,400;Dunonse $16.009; Insurance Expense $2,000; Rent Expense $4,000; Supplies Expense $1,500otatement for the year.

Hi student Since there are multiple questions, we will answer only first question.

Short Answer Questions (2 *3=6 marks) 1. The income statement for Crestwood Golf Club for the month ending July 31 shows Green Fee Revenue $13,600, Salaries Expense $8,200, Maintenance Expense $2,500, and Net Income $2,900. Prepare the entries to close the revenue and expense accounts. liuutod trial balance of Harmony Company at December 31, 2010, includes the following wing $6 000: Service Revenue $35,400

Short Answer Questions (2 *3=6 marks) 1. The income statement for Crestwood Golf Club for the month ending July 31 shows Green Fee Revenue $13,600, Salaries Expense $8,200, Maintenance Expense $2,500, and Net Income $2,900. Prepare the entries to close the revenue and expense accounts. liuutod trial balance of Harmony Company at December 31, 2010, includes the following wing $6 000: Service Revenue $35,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Help
Presented below is the trial balance of the Crestwood Golf Club, Inc. as of December 31. The books are closed annually on December 31. Crestwood Golf Club, Inc.Trial BalanceDecember 31 Debit Credit Cash $ 15,000 Accounts Receivable 13,000 Allowance for Doubtful Accounts $ 1,100 Prepaid Insurance 9,000 Land 350,000 Buildings 120,000 Accumulated Depreciation—Buildings 38,400 Equipment 150,000 Accumulated Depreciation—Equipment 70,000 Common Stock 400,000 Retained Earnings 82,000 Dues Revenue 200,000 Green Fees Revenue 5,900 Rent Revenue 17,600 Utilities Expenses 54,000 Salaries and Wages Expense 80,000 Maintenance and Repairs Expense 24,000 000,000 $815,000 $815,000 Instructions a. Enter the balances in ledger accounts. Allow five lines for each account. b. From the trial balance and the information given below, prepare annual adjusting entries and post to the ledger accounts. (Omit…
Please read the questions carefully the First question is asking for journal entry.
Royal Company manufactures 20,000 units of part R-3 each year for use on its production line. At this level of activity, the cost per unit for part R-3 is: direct material 4.80 direct labor 7.00 variable manufacturing overhead 3.20 fixed manufacturing overhead 10.00 total cost per part 25.00 An outside supplier has offered to sell 20,000 units of part R-3 each year to Royal Company for $23.50 per part. If Royal Company accepts this offer, the facilities now being used to manufacture part R-3 could be rented to another company at an annual rental of $150,000. However, Royal Company has determined that $6 of the fixed manufacturing overhead being applied to part R-3 would continue even if part R-3 were purchased from the outside supplier.
Attached are images containing information to build what is essentially an encompassing financial report on "Howard's Flight Radio Management Corporation. I need:- The Journal Entries for March - "General Journal"- The General Ledger- Trial Balance- A new General Ledger adjusting the entries based on this information: a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $150. d) The estimated income taxes are $100. - Post the entries to the T-accounts.- Prepare an adjusted Trial Balance- Prepare the financial statements (Only the Income, Statement of Retained Earning, and the Balance Sheet)- Prepare the closing entries at March 31st in a General Ledger- Post the Closing entries to the T-accounts.
The F. Mercury, Capital account has a credit balance of $39,000 before closing entries are made. Services revenue for the period is $57,200, wages expense is $40,800, and withdrawals are $9,800. What is the correct closing entry for the expense accounts? Multiple Choice O Debit Income Summary $40,800; credit Wages expense $40,800. Debit Income Summary $40,800; credit F. Mercury Capital $40,800. Debit Wages expense $39,000; credit F. Mercury, Capital $39,000, Debit Wages expense $40,800; credit Income Summary $40,800. Debit F. Mercury, Withdrawals accounts $40,800; credit Wages expense $40,800.
The following information is from Bluff Run Golf Courses. The company runs three courses and the July income statement for each course is as follows: BLUFF RUN GOLF COURSES Income Statement Month Ending July 31, 2018 Blue Course Black Course Gold Course Revenues Greens fees revenue $62,500 $89,000 $42,800 Outings revenue ? 6,000 28,000 Total revenue $73,200 $95,000 $70,800 Expenses Landscaping $7,800 $14,200 $6,400 Wages 43,900 ? 32,700 Repairs and maintenance 5,600 2,600 4,400 Fuel 3,100 3,000 1,990 Utilities 1,800 3,000 1,650 Total expenses $62,200 $78,100 $47,140 Operating income $11,000 $16,900 ?
The following information is from Bluff Run Golf Courses. The company runs three courses and the July income statement for each course is as follows: BLUFF RUN GOLF COURSES Income Statement Month Ending July 31, 2018 Blue Course Black Course Gold Course Revenues Greens fees revenue $62,500 $89,000 $42,800 Outings revenue ? 6,000 29,000 Total revenue $72,500 $95,000 $71,800 Expenses Landscaping $7,800 $14,200 $6,500 Wages 43,900 ? 32,700 Repairs and maintenance 5,600 2,600 4,400 Fuel 3,100 3,000 1,990 Utilities 1,800 3,000 1,700 Total expenses $62,200 $79,900 $47,290 Operating income $10,300 $15,100 ? A. Calculate the operating income percentage for each of the courses. Round your percentages to one decimal place. Course Blue fill in the blank dde8e40b7055fdb_1% Course…
For this week's assignment, you are required to read the lecture notes and review the supporting resources, then complete the below financial statements from the information provided. Please support your analysis with at least 2 references. All assignments must be in the APA format. Scenario 1: The following are balance sheet accounts for ABC Event Company for end of year (December 31, 20XX). Please note that: (the company paid $2, 500 in cash for the equipment and financed the remaining $6,500 with a loan from the bank.) Accounts payable $ 6, 500 Accounts receivable 4, 800 Cash 1,500 Equipment 9,000 Equipment Software 500 Notes payable 6, 500 Owner's equity? Required: Find the missing account balance. Prepare a simplified balance sheet from the information. Consider the ABC Event Company scenario in the lecture notes. Provide a brief description of your analysis. Scenario 2: Income Statement for ABC Event Company ABC Event Company's food and beverage costs for the year were $35,000.…
Below are the accounts of J.L Laundry for the month ended March 31, 2015 Instructions: Prepare a statement of financial position and label its parts. After which, answer the following questions. 3. How much is the total current liability of the entity? Delivery Truck 120,000.00 Cash 22,400.00 Accounts Payable 120,000.00 Laundry Supplies 2,000.00 Inerest Payable 1,200.00 Laundry Equipment 80,000.00 Accounts Recievable ₱3,900.00 Net profit for the month 11,100.00 J.L Capital 104,000.00 J.L Drawing 1,000.00 Filipinas Hotel 4,600.00 D & E Coffee Shop 2,400.00
On November 10, JumpStart Co. provides $2,210 in services to clients. At the time of service, the clients paid $630 in cash and put the balance on account. a. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 10 - Select - - Select - - Select - - Select - - Select - - Select - b. On November 20, JumpStart Co. clients paid an additional $570 on their accounts due. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 20 - Select - - Select - - Select - - Select - c. Calculate the accounts receivable balance on November 30.$fill in the blank dedf17fb1073fb3_1
Bava Consulting has the following account balances at December 31, the end of its fiscal year. Service Fees Earned $85,000Rent Expense $22,000Salaries Expense 50,000Supplies Expense 4,000Depreciation Expense 18,000Retained Earnings 70,000 Set up T-accounts for each account and record the above amounts in each account. Then, post the closing entries to the T-accounts. After theseentries are posted, what is the balance of the Retained Earnings account?