The ledger of Martinez Company contains the following balances: Retained Earnings $31,00O, Dividends $3,000, Service Revenue $49,000, Salaries and Wages Expense $27,500, and Supplies Expense $6,500. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close dividends. Enter the balances in T-accounts, and post the closing entries. Salaries and Wages Expense Supplies Expense Service Revenue Dividends Income Summary Retained Earnings >

The ledger of Martinez Company contains the following balances: Retained Earnings $31,00O, Dividends $3,000, Service Revenue $49,000, Salaries and Wages Expense $27,500, and Supplies Expense $6,500. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close dividends. Enter the balances in T-accounts, and post the closing entries. Salaries and Wages Expense Supplies Expense Service Revenue Dividends Income Summary Retained Earnings >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following table contains financial information for Trumpeter Inc. before closing entries: Cash Supplies Prepaid Rent Salaries Expense Equipment Service Revenue Miscellaneous Expenses Dividends Accounts Payable Common Stock Retained Earnings What is Trumpeter's net income? $13,400 6,000 3,600 4,800 66,000 29,100 21,700 3,100 4,300 67,300 17,900
d-1. Record the closing entries in the general journal (and post them to the T-accounts).d-2. What is the amount of net income for the year?
The ledger of Mai Company includes the following accounts with normal balances: Common Stock $11,000; Dividends $1,800; Services Revenue $33,000; Wages Expense $18,400; and Rent Expense $5,600. Prepare the necessary closing entries from the available information at December 31.
Please help me with correct answer thanku
Shalett Interiors has the following account balances at the end of the year. Use only the appropriate accounts to prepare a balance. sheet. Accounts Equipment Accounts Payable Common Stock Service Revenue Cash Retained Earnings Salaries Expense Notes Payable otal assets Assets Balances $74,200 8,300 24,000 51,900 9,600 7 36,700 27,100 SHALETT INTERIORS Balance Sheet December 31 Total liabilities Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity
The following is a list of accounts, in alphabetical order, for Crane Ltd. at December 31, 2024. All accounts have a normal balance. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Deferred revenue Depreciation expense Dividends declared Equipment $3,900 8,900 6,400 24,400 9,800 4,600 4,400 6.900 14,800 < Income tax expense Office expense Rent expense Retained earnings Salaries expense Salaries payable Service revenue Supplies Supplies expense Assets $1,220 ta 6,800 S 4,400 26.320 11,500 5,400 36.400 CRANE LTD. Statement of Financial Position 5,900 3,600 Liabilities and Shareholders' Equity $
1. Prepare the income statement and the statement of retained earnings for the current year ended December 31, and the classified balance sheet at December 31. 2. Prepare the necessary closing entries at December 31 of the current year.
The ledger of Mai Company includes the following accounts with normal balances as of December 31: Retained Earnings $9,000; Dividends $800; Services Revenue $13,000; Wages Expense $8,400; and Rent Expense $1,600. Prepare its December 31 closing entries. 1 Record the entry to close revenue accounts. 2 Record the entry to close expense accounts. 3 Record the entry to close the income summary account. 4 Record the entry to close the dividends account.
The following information is provided for Sacks Company before closing entries. $ 13,100 5,600 3,100 5,600 66,100 34,400 21,100 4,100 Cash Supplies Prepaid rent Salaries expense Equipment Service revenue Miscellaneous expenses Dividends Accounts payable Common stock Retained earnings What is the amount of total shareholders' equity? Multiple Choice O $87,900 $81,800 $6,100 $69,600 6,100 69,100 12,700
Enter the following December 31 normal balances in the first row of T-accounts below: Retained Earnings $18,000; Dividends $2,000; Services Revenue $33,000; Salaries Expense $25,000; Rent Expense $3,000; and Income Summary $0. (1) Post closing entries to each account's T-account. (2) Compute the ending balance of each T-account, even if the final balance is $0.
As of January 1, Retained Earnings had a credit balance of $61,100 . During the year, dividends totaled $1,600 , and the business incurred a net loss of $85,500 .\\na. Compute the balance of Retained Earnings as of the end of the year.\\nDebit (negative) balance ✓✓ $ ,x .\\nb. Assuming that there have been no recording errors, will the balance sheet prepared at December 31 balance?\\nFeedback\\nCheck My Work\\na. Set up a T account for the retained earnings account. Retained Earnings accounts have normal credit balances. Net income, net losses an dividends are all adjustments to retained earnings.\\nb. Each properly recorded transaction that affects retained earnings must maintain the double-entry accounting system and the equality of the accounting equation: Assets = Liabilities + Stockholders' Equity.
The following is a list of alphabetically arranged accounts and balances, in highly simplified form, of VILLEGAS Company for the month of July 2018. Accounts Payable P 8,000Accounts Receivable 14,000Accumulated Depreciation 2,000Cash 8,000Equipment 16,000Prepaid Insurance 4,000VILLEGAS, Capital 24,000VILLEGAS, Drawings 12,000Rent Income 46,000Supplies 8,000Unearned Rent 6,000Utility Expense 4,000Wages Expense 20,000 Required:1. Prepare a 10-column work sheet.2. Data for adjustment:a. Expired…