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College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Question
Chapter 15, Problem 5CE
To determine
Prepare closing entries for Company YCS.
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Students have asked these similar questions
explain how to look at an end-of-period spreadsheet and prepare the necessary closing entries.
In June 2021, Chan Lee opened a photography studio that provides services to public and private
schools. His firm's Chart of Accounts and financial activities for the first month of operations
appear below:
Chan Lee Photography Studio
Chart of Accounts
ASSETS
REVENUE
101
Cash
404
Service Fees
111
Accounts Receivable
EXPENSES
Rent Expense
Salaries Expense
Telephone Expense
Utilities Expense
Miscellaneous Expense
Supplies
Office Furniture
121
511
141
512
Office Equipment
Photographic Equipment
LIABILITIES
142
513
151
514
531
202
Accounts Payable
OWNER’S EQUITY
Chan Lee, Capital
Chan Lee, Drawing
301
302
Date
Transactions
June 1 Chan Lee invested P300,000 cash in the business.
2 Issued Check # 1001 for P30,000 to pay the June rent.
5 Purchased desks and other office furniture for P50,000 from Office Plus;
received Invoice # 5312, payable in 60 days.
6 Issued Check # 1002 for P150,000 to purchase photographic equipment.
7 Purchased photography supplies for P40,000, paid with Check # 1003.…
Please show working for Question 1 without using a spreadsheet
Chapter 15 Solutions
College Accounting, Chapters 1-27
Ch. 15 - LO1 A multiple-step form of income statement...Ch. 15 - Prob. 2TFCh. 15 - Prob. 3TFCh. 15 - Prob. 4TFCh. 15 - LO4 Accounts receivable turnover is the number of...Ch. 15 - Prob. 1MCCh. 15 - Prob. 2MCCh. 15 - Prob. 3MCCh. 15 - Prob. 4MCCh. 15 - Prob. 5MC
Ch. 15 - Prob. 1CECh. 15 - Prob. 2CECh. 15 - Prob. 3CECh. 15 - Prob. 4CECh. 15 - Prob. 5CECh. 15 - Prob. 6CECh. 15 - Prob. 1RQCh. 15 - Prob. 2RQCh. 15 - Describe how to calculate the following ratios (a)...Ch. 15 - Where is the information obtained that is needed...Ch. 15 - Explain the function of each of the four closing...Ch. 15 - What is the purpose of a post-closing trial...Ch. 15 - What is the primary purpose of reversing entries?Ch. 15 - What is the customary date for reversing entries?Ch. 15 - What adjusting entries should be reversed?Ch. 15 - REVENUE SECTION. MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial statements...Ch. 15 - CLOSING ENTRIES Using the spreadsheet and...Ch. 15 - REVERSING ENTRIES From the spreadsheet used in...Ch. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the spreadsheet and financial...Ch. 15 - END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND...Ch. 15 - REVENUE SECTION, MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial...Ch. 15 - CLOSING ENTRIES Using the spreadsheet and...Ch. 15 - Prob. 6SEBCh. 15 - Prob. 7SEBCh. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND...Ch. 15 - Prob. 1MYWCh. 15 - Dominique Fouque owns and operates Dominiques Doll...Ch. 15 - Prob. 1CPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.1COPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.4COPCh. 15 - Prob. 2.5COPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.8COP
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- Explain an example of post the journal entries to the T-accounts.arrow_forwardSelect the best answer for the question 13. The process of transferring the information contained in the journal to the ledger is called A. cross-referencing OB. balancing the accounts OC. cross-adding D. posting. Mark for review (Will be highlighted on the review page) << Previous Question Next Quesmonarrow_forwardWhich of the following can be uploaded to QBO as attachments? Select one: A. Word documents B. Excel spreadsheets C. JPG files D. All of the above can be uploaded.arrow_forward
- Post the closing entries to the T accountarrow_forwardThis is the excel spreadsheet to complete problem E6-23 all shaded cells in column D,H and J. Attached is the page from the book for E6-23 and the spreadsheet is attached to where the account titles goes and amountsarrow_forwardDo you have to manually balance a journal entry or does Quickbooks do that for you?arrow_forward
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