Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable Accounts Receivable Accumulated depreciation, Equipment $ 25,160 38,600 10,340 Accumulated depreciation, Warehouse 20,680 Cash 7,800 Cash Dividends 19,000 Common Shares 106,000 Equipment 77,800 Income Tax Expense 40,000 Land 111,600 Notes Payable, due in 2026 33,000 Operating Expenses 108,600 Preferred Shares 38,600 Retained Earnings 27,120 Revenue Warehouse 265,300 122,800 The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2023, the company's year-end. View transaction list Journal entry worksheet < 1 2 3 4 Record to close the revenue account to the income summary. Note: Enter debits before credits. Date December 31, 2023 General Journal Debit Credit Record entry Clear entry View general journal
Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023: Accounts Payable Accounts Receivable Accumulated depreciation, Equipment $ 25,160 38,600 10,340 Accumulated depreciation, Warehouse 20,680 Cash 7,800 Cash Dividends 19,000 Common Shares 106,000 Equipment 77,800 Income Tax Expense 40,000 Land 111,600 Notes Payable, due in 2026 33,000 Operating Expenses 108,600 Preferred Shares 38,600 Retained Earnings 27,120 Revenue Warehouse 265,300 122,800 The company uses an income summary account in the closing process. Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2023, the company's year-end. View transaction list Journal entry worksheet < 1 2 3 4 Record to close the revenue account to the income summary. Note: Enter debits before credits. Date December 31, 2023 General Journal Debit Credit Record entry Clear entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Manji
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
$ 25,160
38,600
10,340
Accumulated depreciation, Warehouse
20,680
Cash
7,800
Cash Dividends
19,000
Common Shares
106,000
Equipment
77,800
Income Tax Expense
40,000
Land
111,600
Notes Payable, due in 2026
33,000
Operating Expenses
108,600
Preferred Shares
38,600
Retained Earnings
27,120
Revenue
Warehouse
265,300
122,800
The company uses an income summary account in the closing process.
Required:
1. Assuming normal balances, prepare the closing entries at December 31, 2023, the company's year-end.
View transaction list
Journal entry worksheet
<
1
2
3
4
Record to close the revenue account to the income summary.
Note: Enter debits before credits.
Date
December 31, 2023
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education