Retained Earnings : Retained Earnings are the total earnings of the company to be reinvested into the business after distributing the dividend to Shareholders. Income Summary: The Income summary is the summary prepared at the end of a period for all the revenues and expenses. The excess of revenues over expenses is referred to as Net Profit and the excess of expenses over revenues is referred to as Net Loss. Post-Closing Trial Balance : Post-closing trial balance is the statement of trial balance which is prepared after journalizing the closing entries and posting them to the respective ledgers. 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. To Prepare: The closing entries as on July 31, 2015, Accounts of Income Summary and Retained Earnings and Post Closing Trial Balance.

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Answer 1

Question

Chapter 4, Problem 4.8E

(a)

To determine

Retained Earnings:

Retained Earnings are the total earnings of the company to be reinvested into the business after distributing the dividend to Shareholders.

Income Summary:

The Income summary is the summary prepared at the end of a period for all the revenues and expenses. The excess of revenues over expenses is referred to as Net Profit and the excess of expenses over revenues is referred to as Net Loss.

Post-Closing Trial Balance:

Post-closing trial balance is the statement of trial balance which is prepared after journalizing the closing entries and posting them to the respective ledgers.

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.

To Prepare: The closing entries as on July 31, 2015, Accounts of Income Summary and Retained Earnings and Post Closing Trial Balance.

(c)

To determine

Prepare Post-Closing Trial Balance

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Answer 2

Question

Chapter 4, Problem 4.8E

(a)

To determine

Retained Earnings:

Retained Earnings are the total earnings of the company to be reinvested into the business after distributing the dividend to Shareholders.

Income Summary:

The Income summary is the summary prepared at the end of a period for all the revenues and expenses. The excess of revenues over expenses is referred to as Net Profit and the excess of expenses over revenues is referred to as Net Loss.

Post-Closing Trial Balance:

Post-closing trial balance is the statement of trial balance which is prepared after journalizing the closing entries and posting them to the respective ledgers.

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.

To Prepare: The closing entries as on July 31, 2015, Accounts of Income Summary and Retained Earnings and Post Closing Trial Balance.

(c)

To determine

Prepare Post-Closing Trial Balance

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Answer 3

Question

Chapter 4, Problem 4.8E

(a)

To determine

Retained Earnings:

Retained Earnings are the total earnings of the company to be reinvested into the business after distributing the dividend to Shareholders.

Income Summary:

The Income summary is the summary prepared at the end of a period for all the revenues and expenses. The excess of revenues over expenses is referred to as Net Profit and the excess of expenses over revenues is referred to as Net Loss.

Post-Closing Trial Balance:

Post-closing trial balance is the statement of trial balance which is prepared after journalizing the closing entries and posting them to the respective ledgers.

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.

To Prepare: The closing entries as on July 31, 2015, Accounts of Income Summary and Retained Earnings and Post Closing Trial Balance.

(c)

To determine

Prepare Post-Closing Trial Balance

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Answer 4

Question

Chapter 4, Problem 4.8E

(a)

To determine

Retained Earnings:

Retained Earnings are the total earnings of the company to be reinvested into the business after distributing the dividend to Shareholders.

Income Summary:

The Income summary is the summary prepared at the end of a period for all the revenues and expenses. The excess of revenues over expenses is referred to as Net Profit and the excess of expenses over revenues is referred to as Net Loss.

Post-Closing Trial Balance:

Post-closing trial balance is the statement of trial balance which is prepared after journalizing the closing entries and posting them to the respective ledgers.

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.

To Prepare: The closing entries as on July 31, 2015, Accounts of Income Summary and Retained Earnings and Post Closing Trial Balance.

(c)

To determine

Prepare Post-Closing Trial Balance

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Answer 5

Chapter 4, Problem 4.8E

(a)

To determine

Retained Earnings:

Retained Earnings are the total earnings of the company to be reinvested into the business after distributing the dividend to Shareholders.

Income Summary:

The Income summary is the summary prepared at the end of a period for all the revenues and expenses. The excess of revenues over expenses is referred to as Net Profit and the excess of expenses over revenues is referred to as Net Loss.

Post-Closing Trial Balance:

Post-closing trial balance is the statement of trial balance which is prepared after journalizing the closing entries and posting them to the respective ledgers.

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.

To Prepare: The closing entries as on July 31, 2015, Accounts of Income Summary and Retained Earnings and Post Closing Trial Balance.

(c)

To determine

Prepare Post-Closing Trial Balance

Answer 6

Chapter 4, Problem 4.8E

(a)

To determine

Retained Earnings:

Retained Earnings are the total earnings of the company to be reinvested into the business after distributing the dividend to Shareholders.

Income Summary:

The Income summary is the summary prepared at the end of a period for all the revenues and expenses. The excess of revenues over expenses is referred to as Net Profit and the excess of expenses over revenues is referred to as Net Loss.

Post-Closing Trial Balance:

Post-closing trial balance is the statement of trial balance which is prepared after journalizing the closing entries and posting them to the respective ledgers.

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.

To Prepare: The closing entries as on July 31, 2015, Accounts of Income Summary and Retained Earnings and Post Closing Trial Balance.

Answer 7

Chapter 4, Problem 4.8E

(a)

To determine

Retained Earnings:

Retained Earnings are the total earnings of the company to be reinvested into the business after distributing the dividend to Shareholders.

Income Summary:

The Income summary is the summary prepared at the end of a period for all the revenues and expenses. The excess of revenues over expenses is referred to as Net Profit and the excess of expenses over revenues is referred to as Net Loss.

Post-Closing Trial Balance:

Post-closing trial balance is the statement of trial balance which is prepared after journalizing the closing entries and posting them to the respective ledgers.

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.

To Prepare: The closing entries as on July 31, 2015, Accounts of Income Summary and Retained Earnings and Post Closing Trial Balance.

Answer 8

(c)

To determine

Prepare Post-Closing Trial Balance

Answer 9

(c)

To determine

Prepare Post-Closing Trial Balance

Answer 10

Expert Solution & Answer

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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