### T-Accounts and Journal Entries**T-Accounts:**1. **Cash** - Balance: $23,8002. **Revenue Earned** - Balance: $44,0003. **Commission Expense** - Balance: $6,1004. **Supplies Expense** - Balance: $3,3005. **Wages Expense** - Balance: $32,0006. **Dividends** - Balance: $4,2007. **Retained Earnings** - Balance: $22,000**Instructions:**Prepare the four journal entries required to close the books. If an amount box does not require an entry, leave it blank.**Journal Entries:**- **Entry A:** - [Dropdown Selection] - [Amount Box]- **Entry B:** - [Dropdown Selection] - [Amount Box]- **Entry C:** - [Dropdown Selection] - [Amount Box]- **Entry D:** - [Dropdown Selection] - [Amount Box] - Options: - Dividends - Income Summary - Retained Earnings - Revenue Earned - Wages Expense### Notes:- In closing the books, ensure that all revenue and expense accounts are transferred to the retained earnings or income summary as appropriate.- Dividends should be closed to retained earnings to reflect the distribution of earnings.- Use the dropdown options provided to accurately classify each entry.

Name: ### T-Accounts and Journal Entries**T-Accounts:**1. **Cash** - Bala
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: ### T-Accounts and Journal Entries**T-Accounts:**1. **Cash** - Balance: $23,8002. **Revenue Earned** - Balance: $44,0003. **Commission Expense** - Balance: $6,1004. **Supplies Expense** - Balance: $3,3005. **Wages Expense** - Balance: $32,

Closing Entries: It is also known as closing journal entries. it is prepared at the end of the accounting period to close temporary accounts. All the temporary accounts are closed and the balance is transferred to permanent accounts. Closing Entries set these accounts to zero, so they are ready to start fresh for the next accounting period. If the closing entries are not prepared, then it will reflect the balance for the past period too, which will give the wrong reflection. The concept is consistent with the matching principle. Transferring Temporary account balance to permanent account: The permanent balance accounts to which temporary accounts balances are transferred depends upon the type of business. In the case of a corporation, it is transferred to a retained earnings account. In the case of a sole proprietorship, it is transferred to the owners' capital account. Accounts to be closed in sequence: a. First close the Revenue accounts to the Income Summary Account. b. Then close all the expenses to the Income Summary Account. c. Then close the Income Summary Account to the Retained Earnings Account. d. Then close the Dividend or Withdrawals Account to the Retained Earnings Account. Based on this, let us prepare the closing journal entries for the given accounting period. The closing journal entries are recorded as under: Conclusion: To conclude, we have recorded all the closing journal entries for the given account period.

Business

Accounting

Use the following T-accounts: Cash Bal. 23,800 Revenue Earned Bal. 44,000 Commission Expense Bal. 6,100 Supplies Expense Bal. 3,300 Wages Expense Bal. 32,000 Dividends Bal. 4,200 Retained Earnings Bal. 22,000 Prepare the four journal entries required to close the books. If an amount box does not require an entry, leave it blank. А. В. С. D. Dividends Income Summary Retained Earnings Revenue Earned Wages Expense II IIII II IO

Use the following T-accounts: Cash Bal. 23,800 Revenue Earned Bal. 44,000 Commission Expense Bal. 6,100 Supplies Expense Bal. 3,300 Wages Expense Bal. 32,000 Dividends Bal. 4,200 Retained Earnings Bal. 22,000 Prepare the four journal entries required to close the books. If an amount box does not require an entry, leave it blank. А. В. С. D. Dividends Income Summary Retained Earnings Revenue Earned Wages Expense II IIII II IO

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

B. State whether the following T accounts have normal balance or not. (Please refer to the picture.)
Determine the ending balance of each of the following T-accounts. Cash Accounts Payable Beg.Bal. 160 110 Beg.Bal. 2,600 9,800 360 120 3,700 80 End.Bal. End.Bal. Supplies Accounts Receivable Beg.Bal. 10,600 4,400 Beg.Bal. 900 210 1,700 210 210 160 End.Bal. End.Bal. Wages Payable Cash Beg.Bal. 760 Beg.Bal. 12,800 5,100 760 860 6,600 160 1,900 End.Bal. End.Bal.
٢٤
Fill in the income summary.
Make a ledger account with this journal entry.
for each entry. (Record debits first, then credits Seled the explanation on the last line of the journal entry table.) Apr. 4: Collected $1.500 cash rom a cient on account Date Accounts and Explanation Debit Credit Apr. 4 Cash 1.500 Accounts Recelvable 1.500 Received cash on account Apr. 8 Performed tax services for a client on account $3.000 Date Accounts and Explanation Debit Credit Accounts Recelvable 3,800 Ap Senvice Revenue 3.00 Performed aenvices on account Apr. 13 Paid $1.100 on account Date Accounts and Explanation Debit Credit Apr 13 Acceunts Payable 2,400 Cash 2.400 Choose from any ist or enter any number in the input feids and then click Check Answer
The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
ABC Company has the following T Account at the end of the year: Post to T-Acct (aka Ledger) Asset Cash Liability + C/ stock - Dividend + Acct Payable Commonstah Dividend Revenue 30,000 1,000 500 Common stah Dividend Service Revenue 30,000 480 Expense Rent expense 41000 500 15,000 4,000 5,000 15,000 480 Travel expense 1,000 Insurance expense 5,000
Please provide answer in text (Without image), every entry should have narration please
Subject: accounting
1. Using EXCEL => Set up "T – Accounts" for each account listed in the Campln Inc. Post-Closing Trial Balance. "T-Account" example for several accounts. Assets Cash Accounts Receivable Inventory Beg $ 750,000 Beg $ 450,000 Beg $ 1,200,000 The following Post-Closing Trial Balance is available in EXCEL. Campln Inc. Post Closing Trial Balance 12/31/2020 Debit Credit Cash 750,000 Accounts Receivable 450,000 Allowance for Doubtful Accounts $ 10,000 Prepaid Insurance 100,000 Inventory 1,200,000 Equipment 4,500,000 Accumulated Depreciation - Equipment 1,350,000 Building 850,000 Accumulated Depreciation - Building $4 250,000 Land 1,100,000 Accounts Payable Salaries Payable 375,000 50,000 1,400,000 2,250,000 6,000 Mortgage Payable $ Long-Term Debt Common Stock - Par $0.01 APIC $ 2,994,000 Retained Earnings $ 265,000 8,950,000 8,950,000 $4
ksk.1