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Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable Accounts Receivable 26,660 40,100 Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2026 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse Journal entry worksheet The company uses an income summary account in the closing process. Note: Enter debits before credits. Date December 31, 2023 11,090 22,180 9,300 20,500 121,000 79,300 Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2023, the company's year-end. Record entry 41,500 126,600 General Journal 34,500 110,100 Record to close the revenue account to the income summary. Clear entry 40,100 28,620 281,050 137,800 Debit Credit View general Journal

Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable Accounts Receivable 26,660 40,100 Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2026 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse Journal entry worksheet The company uses an income summary account in the closing process. Note: Enter debits before credits. Date December 31, 2023 11,090 22,180 9,300 20,500 121,000 79,300 Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2023, the company's year-end. Record entry 41,500 126,600 General Journal 34,500 110,100 Record to close the revenue account to the income summary. Clear entry 40,100 28,620 281,050 137,800 Debit Credit View general Journal

FINANCIAL ACCOUNTING
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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Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Cormon Shares Equipment Income Tax Expense Land Notes Payable, due in 2826 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse View transaction let The company uses an income summary account in the closing process. Journal entry worksheet 1 2 Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2023, the company's year-end. Note: Enter debits before credits. Date December 31, 2023 Record to close the revenue account to the income summary. Record entry $ 26,668 40,109 11,090 22,188 General Journal Retained earnings, December 31, 2022 9,300 28,508 121,000 Clear entry Post-Closing Balance in Retained Earnings: Retained earnings, December 31, 2023 79,300 41,500 126,608 34,500 110,100 40,100 28,620 281,050 137,800 Debit 2. Calculate the post-closing balance in Retained Earnings at December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.) Credit View general Journal
Transcribed Image Text:Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Cormon Shares Equipment Income Tax Expense Land Notes Payable, due in 2826 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse View transaction let The company uses an income summary account in the closing process. Journal entry worksheet 1 2 Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2023, the company's year-end. Note: Enter debits before credits. Date December 31, 2023 Record to close the revenue account to the income summary. Record entry $ 26,668 40,109 11,090 22,188 General Journal Retained earnings, December 31, 2022 9,300 28,508 121,000 Clear entry Post-Closing Balance in Retained Earnings: Retained earnings, December 31, 2023 79,300 41,500 126,608 34,500 110,100 40,100 28,620 281,050 137,800 Debit 2. Calculate the post-closing balance in Retained Earnings at December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.) Credit View general Journal
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