Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
22nd Edition
ISBN: 9781305930421
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 15, Problem 5SEA
CLOSING ENTRIES From the work sheet on page 600, prepare the following:
- 1. Closing entries for Gimbel’s Gifts and Gadgets in a general journal.
- 2. A post-closing
trial balance .
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Requirements
Sheet in Workbook
Requirement 1—Prepare the Journal Entries in the General Journal
Journal Entries
Requirement 2—Post Journal Entries to the General Ledger
General Ledger
Requirement 3—Prepare a Trial Balance
Trial Balance
Requirement 4—Prepare the Adjusting Entries
Adjusting Entries
Requirement 5—Post Adjusting Entries to the General Ledger
General Ledger
Requirement 6—Prepare an Adjusted Trial Balance
Adjusted Trial Balance
Requirement 7—Prepare the Financial Statements
Financial Statements
Requirement 8—Prepare the Closing Entries
Closing Entries
Requirement 9—Post Closing Entries to the General Ledger
General Ledger
Requirement 10—Prepare the Post Closing Trial Balance
Post-Closing Trial Balance
During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation,
completed the following transactions.
July 1
Began business by making a deposit in a company…
Additional Activities
Directions: Do the task listed bélow using the transacions of Matapang Company
for Deccmber 2019. Writc your answers on a separate sheet of paper.
1. Prepare the journal entries.
2. Post each transaction to its ledger account.
3. Prepare the trial balance.
4. Use the provided account numbers.
Ralph Matapang cstablishcd Happy Repair Busincss. The following are the
transactions for the montb of Decembocr 2019.
Dec.
He invested P150,000 in the firm.
He paid P8,000 for monthly rent.
He bought supplies on account amounting to P7,200.
He purchascd office equipment amounting to P75,000. paid
P37,000 and the balance on account.
2.
2.
3.
He paid accounts payable for supplies purchased worth P7,200.
He paid P6,000 for the salary of an employec.
He received P20,000 for services rendered.
He billed clients P48,000 for services on account.
8.
14.
20.
28.
31.
Matapang withdrew P12,000 for his personal use.
302 Matapang, Drawings
401 Service Revenue
101 Cash
102 Accounts…
show me the closing journal entry of daily driver inc.
Chapter 15 Solutions
Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
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 - 1. L01 Prepare a multiple-step income statement...Ch. 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 From the work sheet on page 600,...Ch. 15 - REVERSING ENTRIES From the work sheet used in...Ch. 15 - Prob. 7SEACh. 15 - INCOME STATEMENT. STATEMENT OF OWNER S EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - WORK SHEET, ADJUSTING, CLOSING, AND REVERSING...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 From the work sheet on page 607...Ch. 15 - Prob. 6SEBCh. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - Prob. 10SPBCh. 15 - Prob. 1MYWCh. 15 - Dominique Fouque owns and operates Dominiques Doll...Ch. 15 - Prob. 1CP
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- CLOSING ENTRIES From the work sheet on page 607 prepare the following: 1. Closing entries for Balloons and Baubbles in a general journal. 2. A post-closing trial balance.arrow_forwardCLOSING ENTRIES Using the spreadsheet and partially completed Income Summary Account on page 598, prepare the following: 1. Closing entries for Gimbels Gifts and Gadgets in a general journal. 2. A post-closing trial balance. EXERCISE 15-5Aarrow_forwardIdentify whether the following accounts would be included on a post-closing trial balance.arrow_forward
- Assuming the following Adjusted Trial Balance, recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted:arrow_forwardAssuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result after all closing journal entries were made and posted:arrow_forwardCLOSING ENTRIES Using the spreadsheet and partially completed Income Summary Account on page 605 prepare the following: 1. Closing entries for Balloons and Baubbles in a general journal. 2. A post-closing trial balance. EXERCISE 15-5Barrow_forward
- The partial work sheet for Emil Consulting for June is as follows: Required If you are using Working Papers, complete the following: 1. a.Write the owners name on the Capital and Drawing T accounts. b.Record the account balances in the T accounts for owners equity, revenue, and expenses. 2. Journalize the closing entries using the four steps in correct order. Number the closing entries 1 through 4. 3. Post the closing entries to the T accounts immediately after you journalize each one to see the effect of the closing entries. Number closing entries 1 through 4. Check Figure Debit to Income Summary, second entry, 4,930arrow_forward1. Prepare closing entries in general journal form dated May 31, 20--. Do not enter the posting references until you complete part 2. If an amount box does not require an entry, leave it blank. 2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal . Then, complete the posting in part 1. Use the following partial listing of T accounts to complete this exercise. Cash 101 Bal. 600 Accounts Receivable 122 Bal. 1,800 Wages Payable 219 Bal. 500 Mark Thrasher, Capital 311 Bal. 8,000 Mark Thrasher, Drawing 312 Bal. 800 Income Summary 313 Lawn Service Fees 401 Bal. 5,000 Wages Expense 511 Bal. 400 Advertising Expense 512 Bal. 600 Travel Expense 515 Bal. 100 Supplies Expense 524 Bal. 900 Insurance Expense 535 Bal.…arrow_forwardUse the following partial listing of T accounts to complete this exercise. 1. Prepare closing entries dated January 31, 20--. Do not enter the posting references until you have completed part 2. If an amount box does not require an entry, leave it blank. 2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1. Closing Entries (Net Loss) Accum. Depr.—Delivery Equip 185.1 Bal. 100 Wages Payable 219 Bal. 200 Kylea Vasquez, Capital 311 Bal. 4,000 Kylea Vasquez, Drawing 312 Bal. 800 Income Summary 313 Delivery Fees 401 Bal. 2,200 Wages Expense 511 Bal. 1,710 Advertising Expense 512 Bal. 80 Rent Expense 521 Bal. 400 Supplies Expense 523 Bal. 120 Phone Expense 525 Bal. 58…arrow_forward
- Prepare a post closing trial balancearrow_forwardSteps that begin with analyzing source documents and conclude with the post-closing trial balance are called the (a) closing process. (b) accounting cycle. (c) adjusting entries. (d) posting process.arrow_forwardWORK SHEET AND ADJUSTING ENTRIES A partial work sheet for Jim Jacobs Furniture Repair is shown as follows. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustments columns.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting, Chapters 1-27 (New in Account...AccountingISBN:9781305666160Author:James A. Heintz, Robert W. ParryPublisher:Cengage Learning
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
College Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage Learning
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
College Accounting, Chapters 1-27 (New in Account...
Accounting
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY