The following selected accounts appear in the adjusted trial balance columns of the worksheet for Ashram Company.Identify the accounts that would be included in a post-closing trial balance.Accumulated DepreciationYesDepreciation ExpenseNoOwner's CapitalOwner's DrawingsService RevenueSuppliesAccounts Payable>>>>>>

Post closing trial balance is the statement prepared after closing the temporary accounts. The…

Answered: The following selected accounts appear…

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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Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Depreciation for the current year includes Equipment, $600. The Accumulated Depreciation - Equipment unadjusted balance as of December 31 is $6,300.
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Identifying permanent accounts Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts Payable b. Accumulated Depreciation c. Carrie Maines, Capital d. Carrie Maines, Drawing e. Cash f. Depreciation Expense g. Fees Earned h. Office Equipment i. Salaries Expense j. Salaries Payable k. Supplies
Which of the following accounts could be part of a regular journal entry, an adjusting entry, a closing entry, and a reversing entry? interest revenue account receivable depreciation expense unearned revenue prepaid insurance
Account Titles and Explanation Accounts Receivable Service Revenue (To record service revenue not yet billed to customers) Supplies Expense Supplies (To record supplies expense) Insurance Expense Prepald Insurance (To recognize insurance expense expired) Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation for the period) Salarles and Wages Expense Salarles and Wages Payable (To record salaries payable) Unearned Service Revenue Service Revenue (To record service revenue earned with prior payment) Unearned Rent Revenue Rent Revenue (To record rent revenue earned with prior payment) Debit 2,175 1,875 4,350 1,740 4,500 1,025 1,575 Credit 2,175 1,875 4,350 1,740 4,500 1,025 1,575
A partial statement of financial position of Ivanhoe Ltd. on December 31, 2022, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2022): Buildings $294,000 Less: Accumulated depreciation 94,000 Equipment $125,000 Less: Accumulated depreciation 45,000 (a) Ivanhoe uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Ivanhoe applies IFRS and has decided to adopt the revaluation model for its building and equipment, effective December 31, 2022. On this date, an independent appraiser assessed the fair value of the building to be $146,000 and that of the equipment to be $100,000. (To eliminate the accumulated depreciation) Prepare the necessary general journal entries, if any, to revalue the building and the equipment as at December 31, 2022, using the asset adjustment…
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. depreciation on fixed assets, $8,500 unexpired prepaid rent, $12,500 remaining balance of unearned revenue, $555
The Journal entry to update the accounts for customer subscriptions that are prepaid but not yet earned is which of the following types of adjusting entries? Multiple Choice O Prepaid item Unearned Revenue Accrued Expense Accrued Revenue Not an adjusting entry
Classifying balance sheet accounts For each account listed, identify the category in which it would appear on a classified balance sheet. Office Supplies Interest Payable Retained Earnings Copyrights Land Accumulated Depreciation—Furniture< Land (held for long-term investment purposes) Unearned Revenue</p> <p>i. Notes Payable (due in six years)
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000
Identify which of the following accounts would appear in a post- closing trial balance. Accumulated Depreciation Dividends Depreciation Expense Service Revenue Interest Payable Store Equipment Accumulated Depreciation , Interest Payable , Store Equipment . Accumulated Depreciation , Store Equipment, Dividends. Interest Payable , Depreciation Expense , Store Equipment . Accumulated Depreciation and Depreciation Expense.
The following selected accounts appear in the adjusted trial balance columns of the worksheet for Ashram Company. Indicate with an "X" the financial statement column (income statement Dr., balance sheet Cr., etc.) to which each balance should be extended. Income Statement Balance Sheet Account Dr. Cr. Dr. Cr. Accumulated Depreciation Depreciation Expense Owner's Capital Owner's Drawings Service Revenue Supplies Accounts Payable > > > > > > > > > > > > > > > > > > >

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