FUNDAMENTAL ACCT PRIN CONNECT ACCESS
24th Edition
ISBN: 9781266494604
Author: Wild
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem 10E
Exercise 4-10
Preparing closing entries and a post-closing
The adjusted trial balance for Salon Marketing Co. follows. Complete the four right- most columns of the table by first entering information for the four closing entries (keyed 1 through 4) and second by completing the 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
prepare the closing entries
adjust the trial balance for moxie marketing
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…
Dd.83.
Chapter 4 Solutions
FUNDAMENTAL ACCT PRIN CONNECT ACCESS
Ch. 4 - Prob. 1DQCh. 4 - That accounts are affected by closing entries?...Ch. 4 - Prob. 3DQCh. 4 - What is the purpose of the Income Summary account?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - How is unearned revenue classified on the balance...
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Preparing a work sheet P1 In the blank space...Ch. 4 - Computing ending capital balance using work sheet...Ch. 4 - Preparing a partial work sheet P1 The ledger of...Ch. 4 - Explaining temporary and permanent accounts Choose...Ch. 4 - Preparing closing entries from the ledger P2 The...Ch. 4 - Identifying post-closing accounts P3 Identify...Ch. 4 - Identifying the accounting cycle C2 List the...Ch. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Preparing financial statements C2 Use the...Ch. 4 - Preparing a classified balance sheet C3 Use the...Ch. 4 - Identifying current accounts and computing the...Ch. 4 - Prob. 13QSCh. 4 - Exercise 4-1 Extending adjusted account balances...Ch. 4 - Exercise 4-2 Extending accounts in a work sheet Pl...Ch. 4 - Exercise 4-3 Preparing adjusting entries from a...Ch. 4 - Exercise 4-4 Preparing unadjusted and adjusted...Ch. 4 - Exercise 4-5 Determining effects of closing...Ch. 4 - Exercise 4-6 Completing the income statement...Ch. 4 - Exercise 4-7 Preparing a work sheet and recording...Ch. 4 - Exercise 4-8
Preparing and posting closing...Ch. 4 - Exercise 4-9 Preparing closing entries and a...Ch. 4 - Exercise 4-10 Preparing closing entries and a...Ch. 4 - Prob. 11ECh. 4 - Exercise 4-12 Preparing a classified balance sheet...Ch. 4 - Exercise 4-13 Computing the current ratio A1 Use...Ch. 4 - Exercise 4-14 Preparing closing entries P2...Ch. 4 - Exercise 4-15 Computing and analysing the current...Ch. 4 - Exercise 4.16A Preparing reversing entries P4 Hawk...Ch. 4 - Exercise 4-17APreparing reversing entries P4 The...Ch. 4 - Problem 4-1A Applying the accounting cycle C2 P2...Ch. 4 - Problem 4-2A Preparing a work sheet, adjusting and...Ch. 4 - Problem 4-3A Determining balance sheet...Ch. 4 - Problem 4-4A Preparing closing entries, financial...Ch. 4 - Problem 4-5A Preparing trial balances, closing...Ch. 4 - Problem 4-6AA Preparing adjusting, reversing, and...Ch. 4 - Problem 4-1B Applying the accounting cycle C2 P2...Ch. 4 - Prob. 2BPSBCh. 4 - Problem 4-3B Determining balance sheet...Ch. 4 - Prob. 4BPSBCh. 4 - Problem 4-5B Preparing trial balances, closing...Ch. 4 - Problem 4-6BAPreparing adjusting, reversing, and...Ch. 4 - The December 31. 2019= adjusted trial balance of...Ch. 4 - Transactions from the Fast Forward illustration in...Ch. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Based on Problem 4-6ACh. 4 - Prob. 5GLPCh. 4 - Refer to Apple' s financial statements in Appendix...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - The unadjusted trial balance and information for...Ch. 4 - Prob. 5BTNCh. 4 - Prob. 6BTN
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 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_forwardCLOSING 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_forwarduestion Completion Status: QUESTION 40 Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result after all closing journal entries were made and posted: Adjusted Trial Balance. Cash 8,625 debit. Accounts receivable 11,600 debit. Accounts payable 8,450 credit. Unearned revenue 1,500 credit. Common stock 10,000 credit. Retained earnings 12,275 credit. Dividends 2,000 debit. Service revenue 97,500 credit. Advertising expense 2,500 debit. Rent expense 18,000 debit. Utilities expense 12,000 debit. Wages expense 75,000 debit. Debit total 129,725, credit total 129,725. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial X² X₂ P >11< - + ✓ V 10pt T "" 2 4 Click Save and Submit to save and submit. Click Save All Answers to save all answers. A 冈 !!! V A 88 18 Ix HAE % 0 +8arrow_forward
- Closing entries; net income Based on the data presented in Exercise 5-27, journalize the closing entries. EX 5-27 Multiple-step income statement On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows:arrow_forwardPROBLEM 6-7B CLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to the work sheet for Juanitas Consulting in Problem 6-7B. The trial balance amounts (before adjustments) have been entered in the ledger accounts provided in the working papers. If you are not using the working papers that accompany this book, set up ledger accounts and enter these balances as of June 30, 20--. A chart of accounts is provided below. 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.arrow_forwardbalance. Use the closing entry numbers as posting references to post each closing entry to the relevant accounts, then compute the ending balance of each account Label the ending balances with End. Bal. (For accounts with a 50 ending balance, select "End. Bal." and enter "0" on the normal balance side of the t-account.) Review the closing entries you prepared above. Adj. Bal. Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Cash 1,734,900 0 0 Supplies 250,000 0 0 360,000 0 0 Equipment 0 0 Accounts Payable 1,275,000 1,734,000 0 0 280.000 0 Closing entry 2 O Closing entry 3 End. Bal. 250,000 Wages Payable 0 Closing entry 2 0 Closing entry 3 End. Bal. 0 Closing entry 2 0 Closing entry 3 360,000 End. Bal. 1,275,000 Adj. Bal. 0 Closing entry 3 0 End. Bal. 280,000 Adj. Bal. 0 Closing entry 3 0 End. Bal. Adj. Bal. Closing entry 1 End. Bal. Adj. Bal. Closing entry…arrow_forward
- ADJUSTING. CLOSING. AND REVERSING ENTRIES A 6-column spreadsheet for Baldwin Company is shown on the next page. Data for adjusting the accounts are as follows: REQUIRED 1. Prepare the December 31 adjusting journal entries for Baldwin Company. 2. Prepare the December 31 closing journal entries for Baldwin Company. 3. Prepare the reversing journal entries as of January 1,20-2, for Baldwin Company. PROBLEM 27-8Aarrow_forwardBrief Exercise 2-33 Posting Journal Entries Listed below are selected T-accounts and their beginning balances for Galle Inc. Required: Post the journal entries from Brief Exercise 2-32 to these accounts and compute the ending balance for each account.arrow_forwardQuestion Content Area The journal entry to close the Fees Earned, $128, and Rent Revenue, $29, accounts during the year-end closing process would involve: a.a credit to a general revenue account b.a debit to a general revenue account c.credits to the two revenue accounts d.debits to the two revenue accountsarrow_forward
- A dog training business began on December 1. The following transactions occurred during its first month. December 1 Receives $21,000 cash as an owner investment in exchange for common stock. December 2 Pays $6,120 cash for equipment. December 3 Pays $3,660 cash (insurance premium) for a 12-month insurance policy. Coverage began on December 1. December 4 Pays $1,020 cash for December rent expense. December 7 Provides all-day training services for a large group and immediately collects $1,150 cash. December 8 Pays $205 cash in wages for part-time help. December 9 Provides training services for $2,420 and rents training equipment for $610. The customer is billed $3,030 for these services. December 19 Receives $3,030 cash from the customer billed on Dec. 9. December 20 Purchases $2,010 of supplies on credit from a supplier. December 23 Receives $1,620 cash in advance of providing a 4-week training service to a customer. December 29 Pays $1,305 cash as a partial payment toward the accounts…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.arrow_forwardActivity 1.a - Calculate post-closing ending balances Verify all ending balances for each specific account after closing entries are journalized and posted. Be sure to enter all zero balances on the normal balance side and enter balances for permanent accounts! Dec. 31 Bright, Capital 24,100 40,200 5,900 Adj. Bal. Dec. 31 Bal. Dec. 31 Dec. 31 Income Summary 9,000 7,800 16,800 Dec. 31 7,800 Bal. Bal.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning
College Accounting, Chapters 1-27 (New in Account...AccountingISBN:9781305666160Author:James A. Heintz, Robert W. ParryPublisher:Cengage Learning
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
College Accounting, Chapters 1-27 (New in Account...
Accounting
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY