Closing Entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance. Rules for closing entries: Debit the account: All temporary accounts with credit balances. Credit the account: All temporary accounts with debit balances To prepare: Closing entries.

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Answer 1

Question

Chapter 4, Problem 4.19E

(a)

To determine

Closing Entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

Debit the account: All temporary accounts with credit balances.

Credit the account: All temporary accounts with debit balances

To prepare: Closing entries.

(b)

To determine

Reversing Entries: Reversing entries are passed to reverse the effect of Adjusting entries passed at the end of previous period. These entries are passed in the beginning of the period.

To prepare: reversing entries.

(c)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

(d)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

(e)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

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Answer. General Account Questions

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A firm sells 2,800 units of an item each year. The carrying cost per unit is $3.26 and the fixed costs per order are $74. What is the economic order quantity? (Please round units to the nearest whole number)

Answer 2

Question

Chapter 4, Problem 4.19E

(a)

To determine

Closing Entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

Debit the account: All temporary accounts with credit balances.

Credit the account: All temporary accounts with debit balances

To prepare: Closing entries.

(b)

To determine

Reversing Entries: Reversing entries are passed to reverse the effect of Adjusting entries passed at the end of previous period. These entries are passed in the beginning of the period.

To prepare: reversing entries.

(c)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

(d)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

(e)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

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Answer 3

Question

Chapter 4, Problem 4.19E

(a)

To determine

Closing Entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

Debit the account: All temporary accounts with credit balances.

Credit the account: All temporary accounts with debit balances

To prepare: Closing entries.

(b)

To determine

Reversing Entries: Reversing entries are passed to reverse the effect of Adjusting entries passed at the end of previous period. These entries are passed in the beginning of the period.

To prepare: reversing entries.

(c)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

(d)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

(e)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

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Answer 4

Question

Chapter 4, Problem 4.19E

(a)

To determine

Closing Entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

Debit the account: All temporary accounts with credit balances.

Credit the account: All temporary accounts with debit balances

To prepare: Closing entries.

(b)

To determine

Reversing Entries: Reversing entries are passed to reverse the effect of Adjusting entries passed at the end of previous period. These entries are passed in the beginning of the period.

To prepare: reversing entries.

(c)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

(d)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

(e)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

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Answer 5

Chapter 4, Problem 4.19E

(a)

To determine

Closing Entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

Debit the account: All temporary accounts with credit balances.

Credit the account: All temporary accounts with debit balances

To prepare: Closing entries.

(b)

To determine

Reversing Entries: Reversing entries are passed to reverse the effect of Adjusting entries passed at the end of previous period. These entries are passed in the beginning of the period.

To prepare: reversing entries.

(c)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

(d)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

(e)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

Answer 6

Chapter 4, Problem 4.19E

(a)

To determine

Closing Entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

Debit the account: All temporary accounts with credit balances.

Credit the account: All temporary accounts with debit balances

To prepare: Closing entries.

Answer 7

Chapter 4, Problem 4.19E

(a)

To determine

Closing Entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

Debit the account: All temporary accounts with credit balances.

Credit the account: All temporary accounts with debit balances

To prepare: Closing entries.

Answer 8

(b)

To determine

Reversing Entries: Reversing entries are passed to reverse the effect of Adjusting entries passed at the end of previous period. These entries are passed in the beginning of the period.

To prepare: reversing entries.

Answer 9

(b)

To determine

Reversing Entries: Reversing entries are passed to reverse the effect of Adjusting entries passed at the end of previous period. These entries are passed in the beginning of the period.

To prepare: reversing entries.

Answer 10

(c)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

Answer 11

(c)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

Answer 12

(d)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

Answer 13

(d)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

Answer 14

(e)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

Answer 15

(e)

To determine

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. 4 - Prob. 1Q Ch. 4 - 2. Explain the purpose of the worksheet. Ch. 4 - 3. What is the relationship, if any, between the...Ch. 4 - Prob. 4Q Ch. 4 - Prob. 5Q Ch. 4 - Prob. 6Q Ch. 4 - Prob. 7Q Ch. 4 - Prob. 8Q Ch. 4 - 9. Which of the following accounts would not...Ch. 4 - 10. Distinguish between a reversing entry and an...

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Reversing Entries: Reversing entries are passed to reverse the effect of Adjusting entries passed at the end of previous period. These entries are passed in the beginning of the period.

To prepare: reversing entries.

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

Want to see the full answer?

Chapter 4 Solutions

Concept explainers

Videos

Reversing Entries: Reversing entries are passed to reverse the effect of Adjusting entries passed at the end of previous period. These entries are passed in the beginning of the period. To prepare: reversing entries.

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

To prepare: (a) Closing entries, (b) reversing entries, (c) T-Accounts, (d) entries to record collection and payment and (e) posting entries to temporary accounts.

Want to see the full answer?

Chapter 4 Solutions

Reversing Entries: Reversing entries are passed to reverse the effect of Adjusting entries passed at the end of previous period. These entries are passed in the beginning of the period.

To prepare: reversing entries.