FUNDAMENTALS OF FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781260664386
Author: PHILLIPS, LIBB
Publisher: MCG
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Chapter 4, Problem 17ME
Recording Closing
Refer to the adjusted
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Prepare any necessary adjusting entries at June 30.
Using the information from the Adjusted Trial Balance, journalize the closing entries
for the end of the month.
Can you journalize the closing entries?
Chapter 4 Solutions
FUNDAMENTALS OF FINANCIAL ACCOUNTING
Ch. 4 - Prob. 1QCh. 4 - Explain the relationships between adjustments and...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - What is a contra-asset? Give an example of one.Ch. 4 - Explain the differences between depreciation...Ch. 4 - What is an adjusted trial balance? What is its...Ch. 4 - On December 31, a company makes a 59,000 payment...Ch. 4 - Using the information in question 8, determine the...Ch. 4 - Using the information in question 8, prepare the...
Ch. 4 - What is the equation for each of the following...Ch. 4 - Prob. 12QCh. 4 - What is the purpose of closing journal entries?Ch. 4 - Prob. 14QCh. 4 - Prob. 15QCh. 4 - What is a post-closing trial balance? Is it a...Ch. 4 - The owner of a local business complains that the...Ch. 4 - Which of the following accounts would not appear...Ch. 4 - Which account is least likely to appear in an...Ch. 4 - When a concert promotions company collects cash...Ch. 4 - On December 31, an adjustments made to reduce...Ch. 4 - An adjusting journal entry to recognize accrued...Ch. 4 - Prob. 6MCCh. 4 - Company A has owned a building for several years....Ch. 4 - Which of the following trial balances is used as a...Ch. 4 - Assume the balance in Prepaid Insurance is 2,500...Ch. 4 - Assume a company receives a bill for 10,000 for...Ch. 4 - Prob. 1MECh. 4 - Understanding Concepts Related to Adjustments...Ch. 4 - Matching Transactions with Type of Adjustment...Ch. 4 - Recording Adjusting Journal Entries Using the...Ch. 4 - Determine Accounting Equation Effects of Deferral...Ch. 4 - Prob. 6MECh. 4 - Determining Accounting Equation Effects of Accrual...Ch. 4 - Recording Adjusting Journal Entries Using be...Ch. 4 - Preparing Journal Entries for Deferral...Ch. 4 - Preparing Journal Entries for Deferral...Ch. 4 - Preparing Journal Entries for Deferral and Accrual...Ch. 4 - Reporting Adjusted Account Balances Indicate...Ch. 4 - Preparing an Adjusted Trial Balance Macro Company...Ch. 4 - Reporting an Income Statement The Sky Blue...Ch. 4 - Reporting a Statement of Retained Earnings Refer...Ch. 4 - Prob. 16MECh. 4 - Recording Closing Journal Entries Refer to the...Ch. 4 - Preparing and Posting Adjusting Journal Entries At...Ch. 4 - Preparing and Posting Adjusting Journal Entries At...Ch. 4 - Prob. 20MECh. 4 - Prob. 21MECh. 4 - Prob. 22MECh. 4 - Prob. 23MECh. 4 - Prob. 24MECh. 4 - Prob. 25MECh. 4 - Prob. 26MECh. 4 - Prob. 1ECh. 4 - Identifying Adjustments and Preparing Financial...Ch. 4 - Prob. 3ECh. 4 - Determining Adjustments and Accounting Equation...Ch. 4 - Determining Adjustments and Accounting Equation...Ch. 4 - Determining Adjustments and Accounting Equation...Ch. 4 - Recording Adjusting Journal Entries Refer to E4-6....Ch. 4 - Recording Typical Adjusting Journal Entries...Ch. 4 - Determining Accounting Equation Effects of Typical...Ch. 4 - Determining Adjusted Income Statement Account...Ch. 4 - Reporting Depreciation The adjusted trial balance...Ch. 4 - Recording Transactions Including Adjusting and...Ch. 4 - Analyzing the Effects of Adjusting Journal Entries...Ch. 4 - Reporting an Adjusted Income Statement Dyer, Inc.,...Ch. 4 - Recording Adjusting Entries and Preparing an...Ch. 4 - Recording Four Adjusting Journal Entries and...Ch. 4 - Recording Four Adjusting Journal Entries and...Ch. 4 - Prob. 18ECh. 4 - Analyzing, Recording, and Summarizing Business...Ch. 4 - Preparing Adjusting Entries, an Adjusted Trial...Ch. 4 - Preparing an Adjusted Trial Balance, Closing...Ch. 4 - Analyzing and Recording Adjusting Journal Entries...Ch. 4 - Prob. 3CPCh. 4 - Identifying and Preparing Adjusting Journal...Ch. 4 - Preparing a Trial Balance, Closing Journal Entry,...Ch. 4 - Analyzing and Recording Adjusting Journal Entries...Ch. 4 - Prob. 3PACh. 4 - Identifying and Preparing Adjusting Journal...Ch. 4 - Preparing a Trial Balance, Closing Journal Entry,...Ch. 4 - Recording Adjusting Journal Entries Cactus...Ch. 4 - Determining Accounting Equation Effects of...Ch. 4 - Identifying and Preparing Adjusting Journal...Ch. 4 - From Recording Transactions to Preparing Accrual...Ch. 4 - Prob. 2COPCh. 4 - Recording Transactions (Including Adjusting...Ch. 4 - From Recording Transactions (Including Adjusting...Ch. 4 - From Recording Transactions to Preparing Accrual...Ch. 4 - Prob. 6COPCh. 4 - Finding Financial Information Refer to the...Ch. 4 - Prob. 2SDCCh. 4 - Ethical Decision Making: A Mini-Case Assume you...Ch. 4 - Adjusting the Accounting Records Assume it is now...
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- Use the following excerpts from the year-end Adjusted Trial Balance to prepare the four journal entries required to close the books:arrow_forwardReconstruction of Closing Entries The following T accounts summarize entries made to selected general ledger accounts of Cooper $ Company. Certain entries, dated December 31, are closing entries. Prepare the closing entries that were made on December 31.arrow_forwardPosting to the general ledger from the special journals should be done at the end of the month. True or Falsearrow_forward
- For Course Project Milestone 3: (due at the end of Week 8) Record the closing entries. Post the closing entries to the general ledger. Prepare the post-closing trial balance.arrow_forwardJournalize the six adjusting entries required at July 31, based on the data presented.arrow_forwardThe short period return from Item No. 14 is required to be filed on or before July 15 June 15 September 15 October 15arrow_forward
- prepare closing entries for temporary accounts in problem 6-9A on page 206/207 in the new book and page 204 in the old book. Autumn's Home Designs. Journalize closing entries and prepare the post closing trial balance.arrow_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_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_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_forwardFrom the adjusting entries below, prepare the reversing entry(ies) that would be needed for January 1. GENERAL JOURNALPage 1 DateDescriptionPostRef. DebitCreditAdjusting EntriesDec.31Work in Process Inventory17,333.00Factory Overhead17,333.0031Interest Receivable2,367.00Interest Revenue2,367.0031Office Supplies Expense6,319.00Office Supplies6,319.0031Factory Overhead15,841.00Factory Supplies15,841.0031Bad Debt Expense4,320.00Allowance for Bad Debts4,320.0031Factory Overhead1,927.00Prepaid Insurance1,927.0031Factory Overhead6,210.00Accumulated Depreciation—FactoryBuilding6,210.0031Factory Overhead14,253.00Accumulated Depreciation—FactoryEquipment14,253.00arrow_forwardWhat would all the journal entries for 2021 fiscal year (Ended December 31) be?arrow_forward
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