The income statement for the Splish Brothers Inc. for the month ended July 31 shows Service Revenue $17,350, Salaries and Wages Expense $9,000, Maintenance and Repairs Expense $2,850, and Income Tax Expense $1,290. The statement of retained earnings shows an opening balance for Retained Earnings of $22,070 and Dividends $1,990. (a) Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31 Debit Credit

The income statement for the Splish Brothers Inc. for the month ended July 31 shows Service Revenue $17,350, Salaries and Wages Expense $9,000, Maintenance and Repairs Expense $2,850, and Income Tax Expense $1,290. The statement of retained earnings shows an opening balance for Retained Earnings of $22,070 and Dividends $1,990. (a) Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31 Debit Credit

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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The F. Mercury, Capital account has a credit balance of $39,000 before closing entries are made. Services revenue for the period is $57,200, wages expense is $40,800, and withdrawals are $9,800. What is the correct closing entry for the expense accounts? Multiple Choice O Debit Income Summary $40,800; credit Wages expense $40,800. Debit Income Summary $40,800; credit F. Mercury Capital $40,800. Debit Wages expense $39,000; credit F. Mercury, Capital $39,000, Debit Wages expense $40,800; credit Income Summary $40,800. Debit F. Mercury, Withdrawals accounts $40,800; credit Wages expense $40,800.
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Brett Thomas Enterprises had the following accounts and normal balances listed on its December 31st adjusted trial balance: Service Revenue, $20,300; Salaries Expense, $6,100; Rent Expense, $4,500; Advertising Expense, $3,400; and Thomas, Withdrawals, $3,900. Journalize the closing entries for Thomas Enterprises. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Date Accounts and Explanation Debit Credit Dec. 31 Close all the expense accounts for the period. Date Accounts and Explanation Debit Credit Dec. 31 Close Income Summary. Date Accounts and Explanation Debit Credit Dec, 31 Close withdrawals.
Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned, Rent Expense, Advertising Expense, Utilities Expense, Miscellaneous Expense. Journalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank. Oct. 1. Paid rent for the month, $5,600. 3. Paid advertising expense, $3,560. 5. Paid cash for supplies, $1,520. 6. Purchased office equipment on account, $23,400. 12. Received cash from customers on account, $7,620. 20. Paid creditor on account, $2,240. 27. Paid cash for miscellaneous expenses, $970. 30. Paid telephone bill for the month, $360. 31. Fees earned and billed to customers for the month, $50,800. 31. Paid electricity bill for the month, $610. 31. Paid dividends, $3,900. 20Y2 Oct. 1…
nnovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned, Rent Expense, Advertising Expense, Utilities Expense, Miscellaneous Expense. ournalize the following selected transactions for October 20Y2 in a two-column journal. Journal entry explanations may be omitted. If an amount box does not require an entry, eave it blank. Oct. 1. Paid rent for the month, $3,800. 3. Paid advertising expense, $2,420. 5. Paid cash for supplies, $1,040. 6. Purchased office equipment on account, $15,900. 12. Received cash from customers on account, $5,190. 20. Paid creditor on account, $1,520. 27. Paid cash for miscellaneous expenses, $660. 30. Paid telephone bill for the month, $240. 31. Fees earned and billed to customers for the month, $34,600. 31. Paid electricity bill for the month, $420. 31. Paid dividends, $2,600. 20Y2 Oct. 1 Oct. 3 Oct. 5 Oct. 6 Oct. 12 Oct. 20…
The income statement for the month of June, 2021 of Stellar Enterprises contains the following information: Revenues $6900 Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses Net income $2890 1560 800 300 100 5650 $1250 The entry to close the expense accounts includes a credit to Income Summary for $5650. debit to Salaries and Wages Expense for $2890. debit to Income Summary for $1250. credit to Rent Expense for $1560.
Selected accounts and related amounts for Druid Hills Co. for the fiscal year ended May 31, 20Y8, are presented in Problem 6-5A. Adjunt problem 6-5A Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 12. 2. Prepare closing entries as of May 31, 20Y8.
After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $28,000. The entry to close the income summary account will be: __ Debit owner Withdrawals $28,000; credit Income Summary $28,000. __ Debit Income Summary $28,000; credit Owner Withdrawals $28,000. __ Debit Income Summary $28,000; credit Owner Capital $28,000. __ Debit Owner Capital $28,000; credit Income Summary $28,000. __ Credit Owner Capital $28,000; debit Owner Withdrawals $28.000.
Charles Whyte commenced business on May 1 2019, making up his accounts to September 30 annually. The statement of the Profit or Loss Account for the first 17 months ended September 30,2020 is as follows: Gross Profit Less: Repairs and maintenance. Local transport and travelling Salaries and wages Provision for bad debts Preliminary expenses Depreciation Bank interest and charges Legal and professional charges General expenses (Allowable) Clearing expense on motor vehicle Bad debt Amounts written off Loan to absconded employee (ii) (iii) (iv) (1) You are also given the following additional information. Bad debt £ (v) £'000 30/10/2018 1/1/2019 1/5/2019 1,500 2,450 6,500 1,350 960 1,630 1,520 1,380 1,870 685 2,800 Building Motor Vehicle Furniture and fittings Legal and professional charges were: Salaries and wages: The following qualifying capital expenditures were acquired on: Fines for contravention of the law Legal expenses for tax appeal Audit and accountancy charges £'000 19,300…
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $219,000; Service Revenue, $845,000; Salaries Expense, $379,000; Rent Expense, $139,005; Interest Expense, $74,000; and Dividends, $49,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 Record the entry to close revenue accounts. 2 Record the entry to close expense accounts. 3 Record the entry to close dividend accounts. Credit Note : = journal entry has been entered View general jouurnal
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