College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 5, Problem 3A
The post-closing
- a. Analyze the work and prepare a response to what you have reviewed.
- b. Journalize the closing entries.
- c. What is the net income or net loss?
- d. Is there an increase or a decrease in Capital?
- e. What would be the ending amount of Capital?
- f. What is the new balance of the post-closing trial balance?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
What entry (debit or credit) would you make to: (a) increase revenue (b) decrease in expense, (c) record drawings (d) record the fresh capital introduced by the owner.
Asap
What entry (debit or credit) would you make to: (a) increase revenue (b) decrease in expense, (c) record drawings (d) record the fresh capital introduced by the owner.
Use the following T accounts to answer the questions.
Income Summary
A. C. Marker, Withdrawals
A. C. Marker, Capital
9,399
11,189
3,240
13,200
23.
What was the total revenue for the period?
...
BIUABC
Path:
24.
What were the total expenses?
BIU ABg E E = E-E E A- aby-
Path
Chapter 5 Solutions
College Accounting (Book Only): A Career Approach
Ch. 5 - What is the third step in the accounting cycle?...Ch. 5 - Which of the following accounts would be closed...Ch. 5 - If Income from Services had a 20,400 credit...Ch. 5 - Which of the following accounts would appear on a...Ch. 5 - Under the cash basis of accounting, which of the...Ch. 5 - Prob. 6QYCh. 5 - Number in order the following steps in the...Ch. 5 - List the steps in the closing procedure in the...Ch. 5 - What is the purpose of closing entries? What is a...Ch. 5 - What are real accounts? What are nominal accounts?...
Ch. 5 - What is the purpose of the Income Summary account?...Ch. 5 - What is the purpose of the post-closing trial...Ch. 5 - Write the third closing entry to transfer the net...Ch. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Classify the following accounts as real...Ch. 5 - The ledger accounts after adjusting entries for...Ch. 5 - As of December 31, the end of the current year,...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - After all revenue and expenses have been closed at...Ch. 5 - Identify whether the following accounts would be...Ch. 5 - Prob. 8ECh. 5 - Indicate with an X whether each of the following...Ch. 5 - Prepare a statement of owners equity for The...Ch. 5 - Prob. 1PACh. 5 - The partial work sheet for Ho Consulting for May...Ch. 5 - The account balances of Bryan Company as of June...Ch. 5 - Williams Mechanic Services prepared the following...Ch. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 4PBCh. 5 - Toms Catering Services prepared the following work...Ch. 5 - Rather than going directly to college, some...Ch. 5 - Prob. 2ACh. 5 - The post-closing trial balance submitted to you by...Ch. 5 - You are preparing a post-closing trial balance for...Ch. 5 - The bookkeeper has completed a work sheet and has...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - Prob. 1CP
Additional Business Textbook Solutions
Find more solutions based on key concepts
This year, Prewer Inc. received a 160,000 dividend on its investment consisting of 16 percent of the outstandin...
Principles Of Taxation For Business And Investment Planning 2020 Edition
Plantwide and Departmental Overhead Allocation; Activity-Based Costing; Segmented Income Statements Koontz Comp...
Introduction To Managerial Accounting
This year, Prewer Inc. received a 160,000 dividend on its investment consisting of 16 percent of the outstandin...
PRINCIPLES OF TAXATION F/BUS.+INVEST.
What are assets limited as to use and how do they differ from restricted assets?
Accounting for Governmental & Nonprofit Entities
Calculating certain information using the direct method (Learning Objective 4) 20-25 min. Trudeaus Marine, Inc....
Financial Accounting, Student Value Edition (5th Edition)
How would the decision to dispose of a segment of operations using a split-off rather than a spin-off impact th...
Advanced Financial Accounting
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The ledger accounts after adjusting entries for Cruz Services are presented below. a. Journalize the following closing entries and number as steps 1 through 4. b. What is the new balance of A. Cruz, Capital after closing? Show your calculations.arrow_forwardQuestion: I'm given a statement of owner's equity and I need to determine some of the missing amounts? 1. How do I get the drawings amount, if I'm only given the beginning capital, investment in the year, profit/lost for the year, and ending capital? 2. How do I get the beginning capital and the ending capital, when I'm only given the investment of the year, profit/lost for the year, and drawings? Please Explain, Thanks.arrow_forwardThe following information is available for the R. KandamilCompany before closing the accounts. After all of the closingentries are made, what will be the balance in the R.Kandamil, Capital account? Total revenues . . . $300,000Total expenses . . 195,000R. Kandamil, Capital . . . . . . $100,000R. Kandamil, Withdrawals . . 45,000 a. $360,000 d. $150,000b. $250,000 e. $60,000c. $160,000arrow_forward
- 8. The closing entry process consists of closing a. all asset and liability accounts. b. out the Owner's Capital account. C. all permanent accounts. d. all temporary accounts. 9. The final step in the accounting cycle is to prepare a. closing entries. b. financial statements. C. a post-closing trial balance. d. reversing entries. 10. The current ratio is expressed as a. current assets divided by current liabilities. b. current assets minus current liabilities. c. current liabilities divided by non-current liabilities. d. current assets minus owner's equity. ish (Canada)arrow_forwardThe final step of the accounting cycle is the closing process. The main goal of this stage of the cycle is to ensure that the balance of each temporary account is returned to zero and that net income is transferred to the owner's capital account. The first step in successfully undertaking the closing process is to understand the difference between a temporary account and a permanent account. Roscoe has some questions about the process. Answer the following questions (1) - (3). 1. If a temporary account has an ending balance of $57,000, what is its beginning balance for the following accounting period? If there is no amount or an amount is zero, enter “0”. 2. If a permanent account has an ending balance of $57,000, what is its beginning balance for the following accounting period? Roscoe has attempted to prepare the closing entries for Chandler Company on the Roscoe’s Journal panel. He’s not sure if he’s entered the journal entries correctly, and asks you to review them. You…arrow_forwardDirection: Analyze the transactions carefully. Draw four columns as showed in the illustration below. 1. Place the amount on a particular column that affected by the transaction. Use parentheses for decreases. 2. After answering all transactions, compute the total amount of assets, liabilities, and capital. Note: amount with parentheses means deduction in the amount of particular column where it is included. 3. Determine the total assets, same with total liabilities and capital. 4. Add the total liabilities and the total capital. check if assets is equal to liabilities and capital.arrow_forward
- Identify the effect of the account titles in the following transaction choose from the word inside the parenthesis. Support your answer. 1. If assets are recorded on the debit it (increases or decreases)? Why? 2. If liabilities are recorded on the debit side, (increases or decreases)? Why? 3. What happen to capital if there is an income? (increases, decreases)? why? 4. What happen to capital if there is an expense? (increases, decreases)? Why? 5. If there is an owners' drawing, it is (deducted or added) to capital? Why?arrow_forwardWhat is the primary purpose of the Statement of Affairs ? a. To determine how much is owed by the customers b. To determine the amount for the owners equity c. To determine how is left in the bank account d. To determine if there was a gain or loss on disposal The term Margin is determined by which of the following operations? a. Adding all the incomes b. Dividing gross profit by sales c. Subtracting expenses from sales d. Multiplying capital by a decimal The Sandy Bay is a trader in sand. On December 31, 2010 the closing inventory was completely destroyed by flood rains. The following information is available: (1) Inventory at December 1, 2010 at cost $31,400 (2) Purchases for December 2010 $55,600 (3) Sales for December 2010 $88,800 (4) Standard mark-up is 25% Based on this information, what was the value of the closing inventory? a. $15,960 b. $17,760 c. $20,400 d. $25,800…arrow_forwardWhat is the last account that should be listed in the Post Closing Trial Balance? a. Income Summary b. Capital account c. Cash d. Fees Earnedarrow_forward
- Which of the following is the entry to be recorded by alaw firm when it receives a payment from a new client thatwill be earned when services are provided in the future?a. Debit Accounts Receivable; credit Service Revenue.b. Debit Unearned Revenue; credit Service Revenue.c. Debit Cash; credit Unearned Revenue.d. Debit Unearned Revenue; credit Casharrow_forwardWhat are the 4 steps in the closing process and pick one and explain the step(entry) and why it is done and explain how to determine the ending balance in retained earnings?arrow_forward17. In preparing closing entries, which of the following columns of the work sheet are the most helpful? a. Adjustments columns b. Adjusted Trial Balance columns c. Income Statement columns d. Balance Sheet columns 18. The primary objective of reversing entries is to a. correct errorss. b. simplify the bookkeeping associated with accruals from the prior period. c. transfer the balance of the expense accounts to the Owner's Capital account and set the accounts equal to zero. d. place the expenses for the current period in the proper accounts. 19. Which of the following comes last in the accounting process? a. Preparation of a post-closing trial balance b. Preparation of an adjusted trial balance c. Worksheet preparation d. Journalizing external transactions 20. Which of the following accounts will appear on the post-closing trial balance? a. Building b. Depreciation expense - building c. Owner's withdrawals d. Service revenuesarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage Learning
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY