College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 6, Problem 8SPB
PROBLEM 6-7B
CLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to the work sheet for Juanita’s Consulting in Problem 6-7B. The trial balance amounts (before adjustments) have been entered in the ledger accounts provided in the working papers. If you are not using the working papers that accompany this book, set up ledger accounts and enter these balances as of June 30, 20--. A chart of accounts is provided below.
REQUIRED
- 1. Journalize (page 10) and post the
adjusting entries . - 2. Journalize (page 11) and post the closing entries.
- 3. Prepare a post-closing trial balance.
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CLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to thework sheet in Problem 6-7A for Megaffin's Repairs. The trial balanceamounts (before adjustments) have been entered in the ledger accountsprovided in the working papers. If you are not using the working papersthat accompany this book, set up ledger accounts and enter thesebalances as of January 31, 20--. A chart of accounts is provided attached.
REQUIRED
1. Journalize (page 10) and post the adjusting entries.2. Journalize (page 11) and post the closing entries.3. Prepare a post-closing trial balance.
Requirements
Sheet in Workbook
Requirement 1—Prepare the Journal Entries in the General Journal
Journal Entries
Requirement 2—Post Journal Entries to the General Ledger
General Ledger
Requirement 3—Prepare a Trial Balance
Trial Balance
Requirement 4—Prepare the Adjusting Entries
Adjusting Entries
Requirement 5—Post Adjusting Entries to the General Ledger
General Ledger
Requirement 6—Prepare an Adjusted Trial Balance
Adjusted Trial Balance
Requirement 7—Prepare the Financial Statements
Financial Statements
Requirement 8—Prepare the Closing Entries
Closing Entries
Requirement 9—Post Closing Entries to the General Ledger
General Ledger
Requirement 10—Prepare the Post Closing Trial Balance
Post-Closing Trial Balance
During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation,
completed the following transactions.
July 1
Began business by making a deposit in a company…
The general ledger of Zips Storage at January 1, 2024, includes the following account balances:
Accounts
Cash
Accounts Receivable
Prepaid Insurance
Land
Accounts Payable!
Deferred Revenue
Common Stock
Retained Earnings
Totals
Debits
$25,500
16,300
13,800
157,000
$212,600
Credits
$7,600
6,700
Pay property taxes, $9,400.
Pay on accounts payable, $12,300.
152,000
46,300
$212,600
The following is a summary of the transactions for the year:
1. January 9
2. February 12
3. April 25
4. May 6
5. July 15
6. September 10
7. October 31
8. November 20
9. December 30
Provide storage services for cash, $143,100, and on account, $56,700.
Collect on accounts receivable, $52,400.
Receive cash in advance from customers, $13,800..
Purchase supplies on account, $11,000.
Pay salaries, $132,600.
Issue shares of common stock in exchange for $36,000 cash.
Pay $3,700 cash dividends to stockholders.
Insurance expired during the year is $7,900. Supplies remaining on hand at the end of the year equal $3,800.…
Chapter 6 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 6 - Expenses are listed on the income statement as...Ch. 6 - Additional investments of capital during the month...Ch. 6 - Prob. 3TFCh. 6 - Prob. 4TFCh. 6 - Temporary accounts are closed at the end of each...Ch. 6 - Multiple choice Which of these types of accounts...Ch. 6 - Which of these accounts is considered a temporary...Ch. 6 - Which of these is the first step in the closing...Ch. 6 - The ________ is prepared after closing entries are...Ch. 6 - Steps that begin with analyzing source documents...
Ch. 6 - Joe Fisher operates Fisher Consulting. A partial...Ch. 6 - Prob. 2CECh. 6 - Prob. 3CECh. 6 - Identify the source of the information needed to...Ch. 6 - Describe two approaches to listing the expenses in...Ch. 6 - Prob. 3RQCh. 6 - If additional investments were made during the...Ch. 6 - Identify the sources of the information needed to...Ch. 6 - What is a permanent account? On which financial...Ch. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQCh. 6 - List the 10 steps in the accounting cycle.Ch. 6 - Prob. 1SEACh. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS Page 206 shows a work sheet...Ch. 6 - PROBLEM 6-7A CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - INCOME STATEMENT From the partial work sheet for...Ch. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS A work sheet for Juanitas...Ch. 6 - PROBLEM 6-7B CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - MASTERY PROBLEM Elizabeth Soltis owns and operates...Ch. 6 - CHALLENGE PROBLEM This problem challenges you to...
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