INTERMEDIATE ACCOUNTING
3rd Edition
ISBN: 9780136946694
Author: GORDON
Publisher: RENT PEARS
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Question
Chapter 4, Problem 4.5P
a.
To determine
To prepare: The necessary closing entries at year-end.
b.
To determine
To prepare: The post-closing trial balance as of December 31, 2018.
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Use the following information to answer Exercises E5-23 through E5-25.
The adjusted trial balance of Quality Office Systems at March 31, 2018, follows:
Journalizing closing entries Requirements
Journalize the required dosing entries at March 31, 2018.
Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances.
How much was Quality Office’s net income or net loss?
identifying and Journalizing Closing Entries
through "e" to the accounts at Dec. 31, 2020. All the income, expense, and equity
accounts of the entity are listed here in T-account form:
Journalize the closing entries.
Completing the Accounting Cycle | 283
NAME:
SCORE:
SECTION:
PROFESSOR:
Problem #4
dentifying and Journalizing Closing Entries
The accountant for Estela Pascual Events Planner has posted adjusting entries "a"
through "e" to the accounts at Dec. 31, 2020. All the income, expense, and equity
counts of the entity are listed here in T-account form:
Accounts Receivable
230,000
35,000
Pascual, Withdrawals
524,000
je)
Supplies
40,000
Service Revenues
20,000
(a)
1,030,000
35,000 (e)
Accumulated Depreciation-Furniture
Salaries Expense
50,000
280,000
30,000
(b)
(d)
15,000
Accumulated Depreciation-Building
Supplies Expense
330,000
60,000
(a)
20,000
(c)
Depreciation Expense-Furniture
(b)
Salaries Payable
15,000
(d)
30,000
Pascual, Capital
494,000
Depreciation Expense-Building
(c)…
Closing Entries (Net Income)
Use the following partial listing of T accounts to complete this exercise.
1. Prepare closing entries dated April 30, 20--. Do not enter the posting references until you complete part 2. If an amount box does not require an entry, leave it blank.
2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1.
Cash
101
Bal.
500
Accounts Receivable
122
Bal.
1,500
Wages Payable
219
Bal.
400
Javian Davis, Capital
311
Bal.
9,000
Javian Davis, Drawing
312
Bal.
1,000
Income Summary
313
Tennis Instruction Fees
401
Bal.
4,000
Wages Expense
511
Bal.
760
Advertising Expense
512
Bal.
200
Travel Expense
515
Bal.
600
Supplies Expense
524
Bal.
500
Insurance Expense
535…
Chapter 4 Solutions
INTERMEDIATE ACCOUNTING
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Ch. 4 - Explain the difference between the accrual basis...Ch. 4 - Under the accrual basis of accounting when do...Ch. 4 - Why are adjusting journal entries made? When do...Ch. 4 - What is a deferred revenue? When will the full...Ch. 4 - What is the purpose of the adjusted trial...Ch. 4 - Which statements can be prepared from the adjusted...Ch. 4 - Prob. 4.17QCh. 4 - Jefferson, CPAs provides accounting services for a...Ch. 4 - Gates Accounting Services (GAS), a sole...Ch. 4 - Prob. 4.3MCCh. 4 - State University sold all of its basketball...Ch. 4 - Prob. 4.5MCCh. 4 - Sampson Manufacturing Company (SMC) has an empty...Ch. 4 - On July 15, Year 1, Southeastern University hired...Ch. 4 - Embree Corp. purchased a four-year insurance...Ch. 4 - The Cougars football team sells season tickets in...Ch. 4 - Prob. 4.10MCCh. 4 - Prob. 4.1BECh. 4 - Transaction Analysis. Florences Floral...Ch. 4 - Journal Entries. Using the information provided in...Ch. 4 - Transaction Analysis; Journal Entries. Cals...Ch. 4 - Transaction Analysis; Journal Entries. Using the...Ch. 4 - Journal Entries; T-accounts. Using the information...Ch. 4 - Retained Earnings. In its first year of...Ch. 4 - Retained Earnings. Using the information provided...Ch. 4 - Prob. 4.9BECh. 4 - Prob. 4.10BECh. 4 - Adjusting Journal Entries. Barnard and Associates...Ch. 4 - Prob. 4.12BECh. 4 - Prob. 4.13BECh. 4 - Prob. 4.14BECh. 4 - Prob. 4.15BECh. 4 - Closing Entries. Using the information provided in...Ch. 4 - Closing Entries. At year-end Nelsons Nursery, Inc...Ch. 4 - Closing Entries. Readers, Inc., an online...Ch. 4 - Adjusting Journal Entries. Barnard and Associates...Ch. 4 - Prob. 4.20BECh. 4 - Adjusting Journal Entries. Gerhard News collects...Ch. 4 - Prob. 4.22BECh. 4 - Prob. 4.23BECh. 4 - Prob. 4.24BECh. 4 - Transaction Analysis. The following transactions...Ch. 4 - Prob. 4.2ECh. 4 - Transaction Analysis; Journal Entries. Master Mind...Ch. 4 - Prob. 4.4ECh. 4 - Prob. 4.5ECh. 4 - Posting to the General Ledger. Using the...Ch. 4 - Preparing Journal Entries in the General Journal....Ch. 4 - Preparing the T-accounts. Using the information...Ch. 4 - Transaction Analysis: Journal Entries and Posting...Ch. 4 - Transaction Analysis: Journal Entries and Posting...Ch. 4 - Prob. 4.11ECh. 4 - Adjusting Journal Entries: T-accounts. Fanatical...Ch. 4 - Prob. 4.13ECh. 4 - Prob. 4.14ECh. 4 - Prob. 4.15ECh. 4 - Prob. 4.16ECh. 4 - Prob. 4.17ECh. 4 - Adjusting Journal Entries; Adjusted Trial Balance....Ch. 4 - Preparing Financial Statements. Using the adjusted...Ch. 4 - Prob. 4.20ECh. 4 - Prob. 4.21ECh. 4 - Closing Entries. Diane s Dairy Sales Delivery...Ch. 4 - Prob. 4.23ECh. 4 - Prob. 4.24ECh. 4 - Transaction Analysis; Journal Entries; Adjusting...Ch. 4 - Transaction Analysis; Journal Entries; Adjusting...Ch. 4 - Prob. 4.3PCh. 4 - Prob. 4.4PCh. 4 - Prob. 4.5PCh. 4 - Journal Entries; Post to the General Ledger;...Ch. 4 - Preparing the Trial Balance; Adjusting Journal...Ch. 4 - Transaction Analysis; Journal Entries; Adjusting...Ch. 4 - Closing Process. Using the information in P4-6 and...Ch. 4 - Closing Process. Sherlock Locksmiths, Inc has the...Ch. 4 - Transaction Analysis; Journal Entries, Posting,...Ch. 4 - Transaction Analysis; Journal Entries, Posting,...
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