The adjusted trial balance of Egan Sign Company follows:View the adjusted trial balance.Requirements1. Assume EganSign Company has a January31year-end. Journalize EganSign Company's closing entries at January31.2. How much net income or net loss did EganSign Company earn for the year ended January31PHow can you tell?Requirement 1. Assume Egan Sign Company has a January 31 year-end. Journalize Egan Sign Company's closing entries at January 31. (Record debits first, then credits. Select the explanation on thelast line of the journal entry table.)First, close revenues.Jan.Date31Accounts and ExplanationDebitCredit Adjusted Trial BalanceQuestion ViewerAccount TitleCashSuppliesPrepaid RentJanuary 31, 2025EquipmentAccumulated Depreciation-EquipmentAccounts PayableSalaries PayableUnearned RevenueNotes Payable (long-term)Egan, CapitalEgan, WithdrawalsService RevenueSalaries ExpenseRent ExpenseDepreciation Expense-EquipmentSupplies ExpenseUtilities ExpenseTotalBalanceDebitCredit15,7001,6001,50055,0005,0004,9002004,3005,80045,70070016,9005,0001,6003004001,00082,800 $82,800

The objective of the question is to journalize the closing entries for Egan Sign Company at the end…

Answered: The adjusted trial balance of Egan Sign…

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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Cash Adjusted Trial Balance December 31, 2024 Accounts receivable Prepaid expenses Equipment Accumulated depreciation-equipment Accounts payable Unearned revenue M. Carla Vista, capital M. Carla Vista, drawings Service revenue Rent expense Salaries expense Supplies expense Depreciation expense Debit $3,300 4,500 2,300 47,000 19,000 8,700 26,400 2,000 5,875 $119,075 Credit $17,625 5,400 10,500 21,050 64,500 $119.075 Prepare an income statement for the year. Income Statement $ Drawings Expenses Investments M. Carla Vista, Capital, August 1, 2024 M. Carla Vista, Capital, July 31, 2024 Profit/(Loss) for the year Revenues Total Expenses Total Revenues Accounts Receivable Accounts Payable Accumulated Depreciation-Equipment Cash Depreciation Expense Equipment Interest Expense Interest Payable Interest Revenue Notes Payable Patents Prepaid Rent Rent Expense Salaries Expense Service Revenue Supplies Supplies Expense Unearned Revenue $
Prepare the adjusting entries
User Additional information: a. Annual depreciation of the equipment; $11,800. b. $12,309 of the prepaid insurance balance has expired c. Unbilled and unrecorded revenues at the year end totaled $31,300. Required: Use the information provided to complete the columns Unadjusted trial balance. Cash debit 14,800 Account receivable debit 32,800 Prepaid insurance debit 17,100 Equipment debit 103,500 Accumulated depreciation, equipment credit 23,300 Account payable credit 19,300 Abraham Nuna, capital credit 216,300 Abraham Nuna withdrawals debit 103,500 Revenues credit 217,600 Depreciation expense, equipment O Salaries expense debit 190,700 Insurance expense debit 14,800 Total debit 476,200 Total credit 476,200 What's the Adustment and Adjusted to trial balance
The unadjusted trial balance of Telecom Link at November 30, 2025, and additional information follows: View the unadjusted trial balance. View additional information. Requirements Question Viewer 1. Complete Telecom LinkWorksheet for the month ended November302025. 2. How much was net income for November? Trial Balance Adjustments Account Names Debit Credit Debit Credit Cash 4,600 Accounts Receivable 3,500 Prepaid Rent 2,000 Supplies 4,000 Equipment 30,300 Acc. Depr.-Equipment $ 1,700 Accounts payable 5,500 Salaries Payable Kong, Capital Kong, Withdrawals Service Revenue Depreciation Expense-Equip. Salaries Expense Rent Expense Utilities Expense Supplies Expense Total 34,100 2,500 8,700 2,300 800 50,000 $ 50,000 Information a. Accrued Service Revenue, $700. b. Depreciation, $800. c. Accrued Salaries Expense, $400. d. Prepaid Rent expired, $200. e. Supplies used, $300. Print Done ☑
Please see the accounts list below in the Trial Balance and highlight the temporary accounts that need to be closed at the end of end year. Trial Balance As of December 31, 2022 Cost of Goods Sold - Initial Sales Cost of Goods Sold - Parts Advertising & Marketing Amortization Expense - Intangibles Amortization Expense - Right of Use Assets Bad Debt Expense Client Entertainment Expense Compensation Expense - Stock Based Depreciation Expense Fines and Penalties Gain/Loss on Disposals of Fixed Assets Gain/Loss on the Sale of Equity Securities Income Tax Expense - Federal Income Tax Expense - State Insurance Expense Interest Expense Key Officer Life Insurance Expense Litigation Expense Miscellaneous Administrative Expense Miscellaneous Expense Miscellaneous Selling Expense Office Supplies Expense Pension Expense Property Tax Expense Rent Expense Repair Expense Research & Development Expense Salary Expense Travel Expense Unrealized Gain/Loss on Equity FV Adjustment Utilities Expense Debit…
В E H. 1 Use the following adjusted trial balance and additional information to complete the requirements: Company XYZ Adjusted Trial Balance December 31, 2020 4. 19,200 51,000 6. Cash Merchandise Inventory Store Supplies Equipment 10 Accumulated depreciation, equipment Accounts payable Salaries payable Claire Smith, Capital 7 8. 950 6. 43,500 15,400 8,950 1,200 68,000 11 12 13 14 Claire Smith, Withdrawals 7,000 15 Interest Income 400 16 Sales 326,000 Sales Discounts 6,100 4,000 150,000 3,850 1,600 28,300 29,800 13,500 27,000 5,750 17 18 Sales Returns and Allowances 19 Cost of Goods Sold 20 Depreciation expense, store equipment 21 Depreciation expense, office equipment 22 Sales salaries expense Office salaries expense 23 24 Insurance expense Rent expense (70% is store, 30% is office) Store supplies expense 27 Advertising expense 25 26 28,400 419,950 28 Totals 419,950 29
Question Prepare the closing entries
Problem The trial balance of the Mabilis Repair Shop appears below at the end of its calendar period: pplies y Cash on hand Accounts Receivable Estimated uncollectible accounts hable Mabilis Repair Shop Trial Balance December 31, 19A Notes Receivable Shop equipment Accum. Depreciation-Shop equipment Furniture and Fixture Accum. depreciation-fur. and fixt. Accounts payable Notes payable Leynes, Capital Leynes, Drawing Service Income Salaries expense Rent expense Supplies expense Taxes and licenses Light and water expesne Additional information: Debit P10,000 25,000 1,000 - Interest inne 8,000 8,000 4,000 1,500 3,000 P105,500 7,000 30,000 8,000 145 Credit P750 2,000 5,000 11,000 12,000 44,750 30,000 P105,500 1. Unpaid taxes P600 2. Accrued salaries, P3,000 3. Accrued interest on notes payable P200. 4. Unpaid light and water, P500 5. Supplies on hand, P1,000. 6. Bad debt expense is estimated to be 5% of Accounts Re- ceivable. 7. Fixed assets have estimated useful life of 10 years without…
Prepare the Adjusted Trial balance for the period ending June 30, 2020
Open with Google Docs The following trial balance was extracted from the books of Fasuha Trading as at 31 December 2020. Debit RM Particulars Credit RM 12,250 9,150 3,600 Office equipment Motor vehicles Fumiture Accumulated depreciation as at 1 January 2020: Office equipment Motor vehicles Fumiture 2,450 1,373 1,060 3,632 29,608 6,860 Account receivables and account payables Сapital 6% loan to Rara Purchases and sales Discount Advertising Cash in hand Provision for doubtful debts 2,500 19,110 31,560 215 175 4,250 1,630 300 740 8,000 700 Commission received 6% loan from Afina Bank (taken from 1 May 2020) 1,200 1,900 1,260 4,005 1,000 5,270 210 250 610 915 110 Rent Drawings Maintenance and petrol Staff's wages Insurance Cash at bank Carriage inwards Carriage outwards Telephone and electricity Duties on purchases Returns 112 3.415 Inventory as at 1 January 2020 79.710 79.710 TOTAL Page 718 РОСО SHOT ON POCO F2 PRO
Part A - Completed supplies expense 4000 supplies 4000 depreciation expense 16800 accumulated depreciation equipment 16800 interest expense 11360 interest payable 11360 PREPARE AN ADJUSTED TRIAL BALANCE Can you do the adjusted trial balance please
Sapphire Gems and Minerals Co Ltd - Garnet Division Trial Balance as of December 31, 2022 DR 3,005,000 4,445,000 Cash Accounts receivable Allowance for bad debt Other debtors Merchandise Inventory Store Supplies Prepaid Insurance Prepaid rent Furniture & Equipment Accumulated deprecation-Furniture and equipment Motor Truck Accumulated depreciation- Motor Truck Accounts payable Salary payable Interest payable Unearned Sales revenue Note Payable, long term Capital Withdrawals Sales revenue Sales discount Sales returns and allowances Cost of goods sold Salaries expense Insurance Expense Utilities Expense Rent Expense Depreciation Expense - Furniture and Equipment Depreciation Expense - Motor truck Store Supplies Expense Gain/loss on Disposal of Fixed Asset Bad-Debt Expense Interest Expense 8,800,000 1,200,000 5,985,000 1,484,000 12,000,500 2,660,000 55,750 705,500 750,500 7,450,000 8,900,000 705,500 1,554,000 CR 300,000 4,760,200 1,962,697 430,900 1,255,550 5,190,000 15,801,403 30,000,000…

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