Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.) The following adjusted trial balance at December 31 of Wilson Trucking Company. Credit Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable. Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Interest expense Totals View transaction list Debit $ 9,200 18,700 4,200 184,000 Journal entry worksheet 97,000 $ 37,200 15,600 5,200 64,000 36,000 146,000 142,000 Exercise 3-23 (Algo) Preparing closing entries LO P6 Prepare the closing entries for the year ended December 31. The Retained Earnings account balance was $146,000 at December 31 of the prior year. 21,200 24,700 64,600 9,208 13,200 $ 446,000 $ 446,000

Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.) The following adjusted trial balance at December 31 of Wilson Trucking Company. Credit Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable. Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Interest expense Totals View transaction list Debit $ 9,200 18,700 4,200 184,000 Journal entry worksheet 97,000 $ 37,200 15,600 5,200 64,000 36,000 146,000 142,000 Exercise 3-23 (Algo) Preparing closing entries LO P6 Prepare the closing entries for the year ended December 31. The Retained Earnings account balance was $146,000 at December 31 of the prior year. 21,200 24,700 64,600 9,208 13,200 $ 446,000 $ 446,000

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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Jameson Consultants, incorporated, provides marketing research for clients in the retail industry. At the ena or the current year, the company had the following unadjusted accounts with normal debit and credit balances: Depreciation expense Cash Salaries expense Accounts receivable. Income taxes payable Utilities expense Investment income Common stock Notes payable Accumulated depreciation Supplies expense Prepaid expenses Consulting fees revenue $9,300 Travel expense 159,500 Gain on sale of land i 1,740,000 Accounts payable 231,900 3,290 29,130 12,100 3,630 173,000 20,700 23,650 11,500 2,629,200 Additional paid-in capital Rent expense (on leased computers) Salaries payable Supplies Interest expense Retained earnings Buildings and equipment Unearned consulting fees Land Professional development expense Investments JAMESON CONSULTANTS, INCORPORATED Unadjusted Trial Balance - At the End of the Current Year Debit $26,590 7,300 103,330 233,000 Credit 162,480 29,550 13,500 18,500 2…
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mework i ! Required information [The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Saved Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Required: 1. Prepare a summarized income statement for the year. HIGHLIGHT CONSTRUCTION COMPANY Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% × pretax income; all paid during the current year Common stock (December 31) Dividends declared and paid during the current year (Note: The beginning balances in Common stock and…
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