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. 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 next accounting period. To Prepare: Closing entries as on December 31.

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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.

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 next accounting period.

To Prepare: Closing entries as on December 31.

(b)

To determine

To Prepare: Reversing entries as on January 1.

(c)

To determine

To Post: the entries using the T-Accounts.

(d)

To determine

To Record: the collection of Accrued Revenue and payment of Interest Dues.

(e)

To determine

To Post: the entries to Temporary Accounts.

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Financial accounting question

The Fantastic Ice Cream Shoppe sold 9,000 servings of ice cream during June for $4 per serving. The shop purchases the ice cream in large tubs from the Dream Ice Cream Company. Each tub costs the shop $9 and has enough ice cream to fill 20 ice cream cones. The shop purchases the ice cream cones for $0.10 each from a local warehouse club. Located in an outdoor mall, the rent for the shop space is $2,050 per month. The shop expenses $290 a month for the depreciation of the shop's furniture and equipment. During June, the shop incurred an additional $2,700 of other operating expenses (75% of these were fixed costs).

Company's break even point in units is

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.

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 next accounting period.

To Prepare: Closing entries as on December 31.

(b)

To determine

To Prepare: Reversing entries as on January 1.

(c)

To determine

To Post: the entries using the T-Accounts.

(d)

To determine

To Record: the collection of Accrued Revenue and payment of Interest Dues.

(e)

To determine

To Post: the 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.

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 next accounting period.

To Prepare: Closing entries as on December 31.

(b)

To determine

To Prepare: Reversing entries as on January 1.

(c)

To determine

To Post: the entries using the T-Accounts.

(d)

To determine

To Record: the collection of Accrued Revenue and payment of Interest Dues.

(e)

To determine

To Post: the 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.

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 next accounting period.

To Prepare: Closing entries as on December 31.

(b)

To determine

To Prepare: Reversing entries as on January 1.

(c)

To determine

To Post: the entries using the T-Accounts.

(d)

To determine

To Record: the collection of Accrued Revenue and payment of Interest Dues.

(e)

To determine

To Post: the 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.

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 next accounting period.

To Prepare: Closing entries as on December 31.

(b)

To determine

To Prepare: Reversing entries as on January 1.

(c)

To determine

To Post: the entries using the T-Accounts.

(d)

To determine

To Record: the collection of Accrued Revenue and payment of Interest Dues.

(e)

To determine

To Post: the 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.

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 next accounting period.

To Prepare: Closing entries as on December 31.

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.

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 next accounting period.

To Prepare: Closing entries as on December 31.

Answer 8

(b)

To determine

To Prepare: Reversing entries as on January 1.

Answer 9

(b)

To determine

To Prepare: Reversing entries as on January 1.

Answer 10

(c)

To determine

To Post: the entries using the T-Accounts.

Answer 11

(c)

To determine

To Post: the entries using the T-Accounts.

Answer 12

(d)

To determine

To Record: the collection of Accrued Revenue and payment of Interest Dues.

Answer 13

(d)

To determine

To Record: the collection of Accrued Revenue and payment of Interest Dues.

Answer 14

(e)

To determine

To Post: the entries to Temporary Accounts.

Answer 15

(e)

To determine

To Post: the 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 - 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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To Prepare: Reversing entries as on January 1.

To Post: the entries using the T-Accounts.

To Record: the collection of Accrued Revenue and payment of Interest Dues.

To Post: the entries to Temporary Accounts.

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