Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial BalanceDebitCreditCash$22,900Prepaid Insurance4,00044,000Fixed AssetsNotes Payable$40,00025,000Common StockRetained Earnings48,350Dividends22,000Sales Revenue150,000Automobile Expense26,50020,000122,4001,450$263,350Insurance ExpenseSalaries ExpenseSupplies Expense$263,350

Closing entry means where all nominal account i.e. revenue and expenses account will be transfer to…

Answered: Use the following Adjusted Trial…

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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Complete the worksheet by entering adjustments and prepare adjusted trial balance.
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Question 4 of 20: Select the best answer for the question 4. The process of entering journal page numbers of transactions in the ledger and then entering the account numbers in the journal is referred to as OA. balancing OB. journalizing OC. cross-adding. D. cross-referencing Mark for review (Will be highlighted on the review page) Previous Question Next Question
Post the adjusting entries to their respective ledger accounts already started in requirement # 2.
Adjusting Entries must be immediately be made:a.) After the journal entries have been postedb.) After the financial statements are preparedc.) After reversing and closing entries are maded.) After the trial balance are prepared
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Which of these accounts IS included in the post-closing trial balance?
Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.
CLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to thework sheet in Problem 6-7A for Megaffin's Repairs. The trial balanceamounts (before adjustments) have been entered in the ledger accountsprovided in the working papers. If you are not using the working papersthat accompany this book, set up ledger accounts and enter thesebalances as of January 31, 20--. A chart of accounts is provided attached. REQUIRED 1. Journalize (page 10) and post the adjusting entries.2. Journalize (page 11) and post the closing entries.3. Prepare a post-closing trial balance.
1. Prepare the required Ledger Accounts as per the case given below. Requirement: The students are required to post the journal entries to the general ledger accounts below covering the period from March 1 to 31, 2021 these journal entries were taken from the accounting books of AL Almas Shope owned and managed by Ms. Nabila. • All Ledger accounts must be dosed. The account total and balance are required to be determined after completing all postings for all Ledger accounts • The students must use the general ledgers accounts mentioned in this assessment paper and use the correct template. • You are not required to fill-up the reference columns in the general ledgers. March. Particulars Ref. Debit Credit Date 2021 1 Cash 200,000 Capital 200,000 To record owner's capital invested in Business 2 Furniture 7,000 Cash 7,000 To record purchase of Fumiture by cash from Danube Furniture Land 15,000 Accounts Payable 15,000 To record purchase of Land on credit from Mr. Said 6. Cash 2,000 Loans…

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