Fundamental Accounting Principles
23rd Edition
ISBN: 9781259536359
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 4, Problem 5E
Exercise 4-5
Determining effects of closing entries
C1
Capri Company began the current period with a $20,000 credit balance in the K. Capri, Capital account. At the end of the period, the company’s adjusted account balances include the following temporary accounts with normal balances.
1. After closing the revenue and expense accounts, what is the balance of the Income Summary account?
2. After all closing entries are journalized and posted, what is the balance of the K. Capri, Capital account?
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Problem #10
Identifying and Journalizing Closing Entries
The accountant for May Anne Castro has posted adjusting entries "a" 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:
Castro, Withdrawals
524,000
Accounts Receivable
230,000
(e)
35,000
Service Revenues
Supplies
40,000
1,030,000
35,000 (e)
20,000
(a)
Accumulated Depreciation-Furniture
50,000
30,000
Salaries Expense
280,000
15,000
(b)
(d)
Accumulated Depreciation-Building
Supplies Expense
(a)
20,000
330,000
60,000
(c)
Depreciation Expense-Furniture
(b)
Salaries Payable
15,000
(d)
30,000
Castro, Capital
494,000
Depreciation Expense-Building
(c)
60,000
Required:
Journalize the closing entries.
uestion Completion Status:
QUESTION 40
Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result after all closing journal entries were made and posted:
Adjusted Trial Balance. Cash 8,625 debit. Accounts receivable 11,600
debit. Accounts payable 8,450 credit. Unearned revenue 1,500 credit.
Common stock 10,000 credit. Retained earnings 12,275 credit. Dividends
2,000 debit. Service revenue 97,500 credit. Advertising expense 2,500 debit.
Rent expense 18,000 debit. Utilities expense 12,000 debit. Wages expense
75,000 debit. Debit total 129,725, credit total 129,725.
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Instructions
X Income Statement
Balance Sheet
Journal
spreadsheet, a part of which follows:
1. Prepare an income statement for the year ended June 30, 20Y3. Be sure to complete the
1. Prepare a balance sheet as of June 30, 20Y3. Fixed assets must be entered in order according to account number. Be sure
2. Based upon the end-of-period spreadsheet, joumalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles.
Finders Investigative Services
statement heading. Refer to the Chart of Accounts and the list of Labels and Amount
to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact
CNOW joumals do not use lines for joumal explanations. Every line on a joumal page
used for debit or credit entries. CNOW joumals will automatically
Descriptions for the exact wording of the answer choices for text entries. Enter amounts as
wording of the answer choices for text entries. You will not…
Chapter 4 Solutions
Fundamental Accounting Principles
Ch. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - 7. Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQ
Ch. 4 - Prob. 11DQCh. 4 - 12. How do reversing entries simplify...Ch. 4 - If a company recorded accrued salaries expense of...Ch. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - Prob. 4QSCh. 4 - Prob. 5QSCh. 4 - Prob. 6QSCh. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Exercise 4-1
Extending adjusted account balances...Ch. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Exercise 4-4 Completing a work sheet Pl The...Ch. 4 - Exercise 4-5 Determining effects of closing...Ch. 4 - Prob. 6ECh. 4 - Exercise 4-7 Preparing a work sheet and recording...Ch. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Exercise 4-13 Computing the current ratio A1 Use...Ch. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Prob. 16ECh. 4 - Prob. 17ECh. 4 - Problem 4-1A Applying the accounting cycle C1 C2...Ch. 4 - Prob. 2APSACh. 4 - Prob. 3APSACh. 4 - Prob. 4APSACh. 4 - Problem 4-5A Preparing trial balances, closing...Ch. 4 - Prob. 6APSACh. 4 - Prob. 1BPSBCh. 4 - Prob. 2BPSBCh. 4 - Prob. 3BPSBCh. 4 - Prob. 4BPSBCh. 4 - Prob. 5BPSBCh. 4 - Prob. 6BPSBCh. 4 - Business Solutions P2 P3 (This serial problem...Ch. 4 - Prob. 1GLPCh. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Prob. 4GLPCh. 4 - Prob. 5GLPCh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - Prob. 4BTNCh. 4 - Prob. 5BTNCh. 4 - Prob. 6BTNCh. 4 - Prob. 7BTNCh. 4 - Prob. 8BTNCh. 4 - Prob. 9BTN
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