Please help me fill both of these out. I cannot figure this question out. Thank you. The following financial information was taken from the books of Zone Health Club, a small spa and fitness club:Account Balances as ofDecember 31, Year 2Accounts receivableAccounts payableSalaries payableCashDividendsOperating expensePrepaid rentRent expenseRetained Earnings 1/1/Year 2Salaries expenseService revenueSuppliesSupplies expenseCommon stockUnearned revenueLandRequired ARequireda. Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club.b. What is the balance in the Retained Earnings account after the closing entries are posted?Required B$ 26,3007,69010,60041,100.4,800Complete this question by entering your answers in the tabs below.2,9303,2007,30018,30032,40073,300Beginning retained earnings5102,82019,8006,67015,000Ending retained earningsWhat is the balance in the Retained Earnings account after the closing entries are posted?Retained Earnings, Year 2 Required A Required BPrepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. (If no entry isrequired for a transaction/event, select "No journal entry required" in the first account field.)View transaction listJournal entry worksheet< ABRecord entry to close service revenue.Event1CNote: Enter debits before credits.Record entryGeneral JournalClear entry< Required ADebitCreditView general journalRequired B >>

The service revenue received is to be transferred to retained earnings account.

The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable. Cash Dividends Operating expense Prepaid rent Rent expense Retained Earnings 1/1/Year 2 Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue. Land Required A Required B $ 26,300 7,690 10,600 41,100. 4,800 Required a. Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. b. What is the balance in the Retained Earnings account after the closing entries are posted? 2,930 3,200 7,300 Complete this question by entering your answers in the tabs below. Beginning retained earnings 18,300 32,400 73,300 Ending retained earnings 510 2,820 19,800 6,670 15,000 What is the balance in the Retained Earnings account after the closing entries are posted? Retained Earnings, Year 2

The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable. Cash Dividends Operating expense Prepaid rent Rent expense Retained Earnings 1/1/Year 2 Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue. Land Required A Required B $ 26,300 7,690 10,600 41,100. 4,800 Required a. Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. b. What is the balance in the Retained Earnings account after the closing entries are posted? 2,930 3,200 7,300 Complete this question by entering your answers in the tabs below. Beginning retained earnings 18,300 32,400 73,300 Ending retained earnings 510 2,820 19,800 6,670 15,000 What is the balance in the Retained Earnings account after the closing entries are posted? Retained Earnings, Year 2

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Activities Required In Completing A Quality Audit

Section: Chapter Questions

Problem 65RSCQ

See similar textbooks

Similar questions

SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Paid employees salaries1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid business permits3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb. Accounts Receivablec. Unused…
SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Purchased supplies on account1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Paid travelling expenses to pay business permit3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In Bankb.…
QUESTION 2 Study the following transactions that occurred during August 2022 for Renwick & Co. Aug 2 - Renwick & Co. sold 40 office desks costing $2,000 each, at a unit price of $4,500 to Shams Ltd. Terms: 2/10, n/30. Aug 7- Shams Ltd. Returned for full credit 6 of the desks acquired on August 2 because they were of the incorrect size and style. Aug 8 - Renwick & Co. returned the office desks to its inventory. Aug 9 - Renwick & Co. received payment by cheque from Shams Ltd. for 30 office desks. Aug 27 - Renwick & Co. received payment in cash from Shams Ltd. in full settlement for the remaining office desks acquired on August 2. Renwick & Co. uses the net method to record sales and cash discounts and the perpetual inventory system. You may copy and paste from this list: Accounts receivable Discount Interest income Bad debt expense Bank Cash Cost of Goods Sold COGS REQUIRED: Interest receivable Inventory Notes receivable Par Premium Sales discounts Sales discounts forfeited Sales returns…
I need prepare a journal entry with this information 1)The amount of $ 300.00 of the prepaid rent was used. 2) The amount of $ 200.00 of the prepaid insurance was used. 3) The $ 100.00 amount of depreciation expense was posted. 4) $ 400.00 was paid from the checking account in the payment of basic services (utilities). 5) A customer service was performed for $ 2,000.00 and the customer paid cash to the account of checks. 6) A team credit was purchased for $ 5,000.00. 7) The $ 300.00 phone bill was paid from the checking account. 8) A job was performed on a credit customer for $ 8,000.00. 9) There was a maintenance expense of $ 200.00 and it was paid in cash from the checking account. 10) A car was purchased for business use with a value of $ 10,000.00 of which was paid $ 2,000.00 in cash and the remainder on credit. 11) A payment was made to a debt for $ 1,000.00 in cash. 12) A customer was provided a service on credit for the maintenance of his vehicle for $ 600.00.
SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Opened an account with Bank and made initial deposit1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Bought Equipment on Account3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In…
The cash payments and purchases journals for Outdoor Artisan Landscaping follow. The accounts payable control account has a June 1, 20Y1, balance of 2,230, consisting of an amount owed to Augusta Sod Co. Prepare a schedule of the accounts payable creditor balances and determine that the total agrees with the ending balance of the accounts payable controlling account.
20Y9, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 20Y9 Adjusted Adjusted Trial Balance Trial Balance Dr. Cr. Account Title Cash Accounts Receivable Supplies Prepaid Insurance Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Rent Common Stock Retained Earnings Dividends Service Fees Rent Revenue Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense 14,490 31,550 4,930 10,650 112,000 403,000 291,000 28,000 381,530 20,700 17,400 12,280 11,090 7,400 6,110 3,350 5,720 1,361,200 131,300 171,100 37,320 3,700 1,680 167,000 311,290 532,190 5,620 1,361,200
Below is the trial balance which was extracted from the books of the Ready Hospital Supplies on June 30, the end of the company’s financial year. You are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. Ready Hospital Supplies Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000.00 Accounts Receivable 151,000.00 Allowance for Bad-Debts 12,500.00 Merchandise Inventory 187,500.00 Store Supplies 58,000.00 Prepaid Insurance 72,000.00 Prepaid Rent 56,000.00 Furniture & Fixtures 800,000.00 Accumulated Depreciation: Furniture & Fixtures 256,000.00 Computer Equipment 450,000.00 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500.00 Salaries Payable Interest Payable 27,000.00…
Recover Rehabilitation Hospital has the following balances that are extracted from its December 31, 2019, trial balance: Account Debit Credit Nursing Services Expense. . . . . . . . . . Professional Fees Expense. . . . . . . . . . . . . . . . . . . . . . . General and Administrative Expense . . . . . . . . . . . . Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Asset Whose Use Is Limited . . . . . . . . . . . . . . . . . . . . . Repairs and Maintenance Expense . . . . . . . . . . . . . . . . Provision for Uncollectible Accounts . . . . . . . . . . . . . . Contractual Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . Patient Service Revenues. . . .. . . . . . . . . . .. . . . . . . . Seminar Income.. . . .. . . . . . . . . . .. . . . . . . . Child Day Care Income. . . .. . . . . . . . . . .. . . . . . . . Parking Fees. . . .. . . . . . . . . . .. .…
Recover Rehabilitation Hospital has the following balances that are extracted from its December 31, 2019, trial balance: Account Debit Credit Nursing Services Expense. . . . . . . . . . Professional Fees Expense. . . . . . . . . . . . . . . . . . . . . . . General and Administrative Expense . . . . . . . . . . . . Depreciation Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Asset Whose Use Is Limited . . . . . . . . . . . . . . . . . . . . . Repairs and Maintenance Expense . . . . . . . . . . . . . . . . Provision for Uncollectible Accounts . . . . . . . . . . . . . . Contractual Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . Patient Service Revenues. . . .. . . . . . . . . . .. . . . . . . . Seminar Income.. . . .. . . . . . . . . . .. . . . . . . . Child Day Care Income. . . .. . . . . . . . . . .. . . . . . . . Parking Fees. . . .. . . . . . . . . . .. .…
Which of the following entries records the cash prepayment of insurance for the next 12 months? (Choose correct answer choice) A. Cash, debit; Prepaid Insurance, credit B. Insurance Expense, debit; Cash, Credit C. Insurance Expense, debit; Accounts Payable, credit D. Prepaid Insurance, debit; Cash, credit
For an accessible version, see the Excel spreadsheet. Locate the formula in the textbook and calculate the 2022 Profit Margin Ratio (Profitability). Fill in the numerator and denominator using the financial statements provided (no symbols or commas) and the answer should be in a XX.XX% format: Blank 1; ÷ Blank 2; = Blank 3 % Blank 1 Blank 2 Blank 3 Add your answer https://multimedia.phoenix.edu/cms/202337987 Add your answer Add your answer