Journalizing: Journalizing is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts. Closing Entries: Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts such as income summary. Income Summary: Income Summary is the account prepared at the end of the accounting period to which all the incomes and expenses are transferred. Any difference arising shall be Net profit / Net loss for the period. To Prepare: The closing entries as on June 30.

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Answer 1

Question

Chapter 4, Problem 4.11E

(a)

To determine

Journalizing: Journalizing is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Closing Entries: Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts such as income summary.

Income Summary: Income Summary is the account prepared at the end of the accounting period to which all the incomes and expenses are transferred. Any difference arising shall be Net profit / Net loss for the period.

To Prepare: The closing entries as on June 30.

(b)

To determine

To Post: the closing entries to Income Summary.

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Savannah Construction reported beginning total assets of $1,100,000 and ending total assets of $1,200,000 for 2020. Its net income for this period was $520,000, and its net sales were $3,000,000. Compute the company's asset turnover for 2020.

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Answer 2

Question

Chapter 4, Problem 4.11E

(a)

To determine

Journalizing: Journalizing is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Closing Entries: Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts such as income summary.

Income Summary: Income Summary is the account prepared at the end of the accounting period to which all the incomes and expenses are transferred. Any difference arising shall be Net profit / Net loss for the period.

To Prepare: The closing entries as on June 30.

(b)

To determine

To Post: the closing entries to Income Summary.

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Answer 3

Question

Chapter 4, Problem 4.11E

(a)

To determine

Journalizing: Journalizing is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Closing Entries: Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts such as income summary.

Income Summary: Income Summary is the account prepared at the end of the accounting period to which all the incomes and expenses are transferred. Any difference arising shall be Net profit / Net loss for the period.

To Prepare: The closing entries as on June 30.

(b)

To determine

To Post: the closing entries to Income Summary.

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Answer 4

Question

Chapter 4, Problem 4.11E

(a)

To determine

Journalizing: Journalizing is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Closing Entries: Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts such as income summary.

Income Summary: Income Summary is the account prepared at the end of the accounting period to which all the incomes and expenses are transferred. Any difference arising shall be Net profit / Net loss for the period.

To Prepare: The closing entries as on June 30.

(b)

To determine

To Post: the closing entries to Income Summary.

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Answer 5

Chapter 4, Problem 4.11E

(a)

To determine

Journalizing: Journalizing is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Closing Entries: Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts such as income summary.

Income Summary: Income Summary is the account prepared at the end of the accounting period to which all the incomes and expenses are transferred. Any difference arising shall be Net profit / Net loss for the period.

To Prepare: The closing entries as on June 30.

(b)

To determine

To Post: the closing entries to Income Summary.

Answer 6

Chapter 4, Problem 4.11E

(a)

To determine

Journalizing: Journalizing is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Closing Entries: Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts such as income summary.

Income Summary: Income Summary is the account prepared at the end of the accounting period to which all the incomes and expenses are transferred. Any difference arising shall be Net profit / Net loss for the period.

To Prepare: The closing entries as on June 30.

Answer 7

Chapter 4, Problem 4.11E

(a)

To determine

Journalizing: Journalizing is the process of recording the transactions of an organization in a chronological order. Based on these journal entries recorded, the amounts are posted to the relevant ledger accounts.

Closing Entries: Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts such as income summary.

Income Summary: Income Summary is the account prepared at the end of the accounting period to which all the incomes and expenses are transferred. Any difference arising shall be Net profit / Net loss for the period.

To Prepare: The closing entries as on June 30.

Answer 8

(b)

To determine

To Post: the closing entries to Income Summary.

Answer 9

(b)

To determine

To Post: the closing entries to Income Summary.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 4 - Prob. 1Q Ch. 4 - 2. Explain the purpose of the worksheet. Ch. 4 - Prob. 3Q Ch. 4 - 4. If a company’s revenues are $125,000 and its...Ch. 4 - Prob. 5Q Ch. 4 - Prob. 6Q Ch. 4 - 7. Describe the nature of the Income Summary...Ch. 4 - Prob. 8Q Ch. 4 - 9. Which of the following would not appear in the...Ch. 4 - 10. Distinguish between a reversing entry and an...

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