Apachi Company ended its fiscal year on July 31, 2010. The company??s adjusted trial balance as of
Question:
Apachi Company ended its fiscal year on July 31, 2010. The company??s adjusted trial balance as of the end of its fiscal year is as shown at the top of page 182.
Instructions(a) Prepare the closing entries using page J15.(b) Post to B. J. Apachi, Capital and No. 350 Income Summary accounts. (Use the three-column form.)(c) Prepare a post-closing trial balance at July31.
APACHI COMPANY Adjusted Trial Balance July 31, 2010 Debits Credits No. Account Titles $ 14,840 8,780 15,900 Cash 101 112 Accounts Receivable Equipment Accumulated Depreciation Accounts Payable Unearned Rent Revenue 157 $ 7.400 167 201 4.220 208 1.800 45.200 301 B.J. Apachi, Capital B.J. Apachi, Drawing Commission Revenue 306 16,000 404 65.000 429 711 Rent Revenue 6,500 Depreciation Expense Salaries Expense Utilities Expense 4,000 720 55.700 732 14.900 $130,120 $130,120
Step by Step Answer:
a General Journal J15 Date Account Titles Ref Debit Credit July 31 Commission Revenue 404 65000 Rent ...View the full answer
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Accounting questions
-
Apachi Company ended its fiscal year on July 31, 2011. The companys adjusted trial balance as of the end of its fiscal year is as shown at the top of page 186. Instructions (a) Prepare the closing...
-
Turner Company ended its fiscal year on July 31, 2012. The company's adjusted trial balance as of the end of its fiscal year is as shown below. Instructions (a) Prepare the closing entries using page...
-
Roth Company ended its fiscal year on July 31, 2014. The companys adjusted trial balance as of the end of its fiscal year is as shown below. Instructions (a) Prepare the closing entries using page...
-
I need one or more queries on the basis of database of netflix. I can upload the picture of database Create Index Modify Table Schema Delete Table Print CREATE TABLE Dates ( [PK] INTEGER PRIMARY KEY...
-
At the beginning of the year, Han Company estimated the following: Overhead.........................$582,400 Direct labor hours..................80,000 Han uses normal costing and applies overhead on...
-
The T-accounts of McMahon Farm Equipment Repair follow as of May 31, 2018. Prepare McMahon Farm Equipment Repair's trial balance as of May 31, 2018. ASSETS LIABILITIES EQUITY EQUITY Contributed...
-
How are NDIs procured?
-
The following transactions relate to the City of Arlingtons Municipal Airport Fund for the fiscal year ended June 30, 2013. Prepare (a) The journal entries necessary to record these transactions in...
-
Hewlett-Packard (Canada) Co., established in Montreal in 1961, is a wholly owned subsidiary of California-based Hewlett-Packard Co., a technology solutions provider to consumers, businesses, and...
-
Students conduct an experiment to study the motion of two toy rockets. In the first experiment, rocket X of mass MR is launched vertically upward with an initial speed vo at time t = 0. The rocket...
-
Emil Skoda Company had the following adjusted trial balance. Instructions(a) Prepare closing entries at June 30, 2010.(b) Prepare a post-closing trialbalance. EMIL SKODA COMPANY Adjusted Trial...
-
The adjusted trial balance for Apachi Company is presented in E4-8. Instructions (a) Prepare an income statement and an owners equity statement for the year. Apachi did not make any capital...
-
Evaluate the expression. -72 9
-
How to characterize the rotation speed of a group of fluid masses?
-
What is a vortex? What are vorticity, eddy flux and velocity circulation?
-
How does the leading-edge vortex of modern fighter wings affect the lift?
-
How does the wingtip vortex in flight affect the lift of the aircraft?
-
Why can tornadoes pull up big trees? How to characterize the strength of the tornado?
-
The plan was to leave $5,000 on deposit in a savings account for 15 years at 6.5 percent interest compounded annually. It became necessary to withdraw $1,500 at the end of the fifth year. How much...
-
a. What is meant by the term tax haven? b. What are the desired characteristics for a country if it expects to be used as a tax haven? c. What are the advantages leading an MNE to use a tax haven...
-
How does the organization of an optical disk differ from the organization of a magnetic disk?
-
Olgivie Company had a bad year in 2013. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 60,000 units of product:...
-
Olgivie Company had a bad year in 2013. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 60,000 units of product:...
-
Alma Ortiz is the advertising manager for CostLess Shoe Store. She is currently working on a major promotional campaign. Her ideas include the installation of a new lighting system and increased...
-
The market price of a semi-annual pay bond is $957.95. It has 15.00 years to maturity and a coupon rate of 7.00%. Par value is $1,000. What is the yield to maturity? The market price of a semi-annual...
-
Compute the accumulated sum of the following payments: (a) $400 every six months for 4 years at 8% compounded semi-annually (b) $250 per month for 5 years at 7.5% compounded monthly.
-
The output is wrong. Sometimes a program lacking input will produce wrong output (as in this case), or no output. Remember to always pre-enter needed input. Type 2 in the input box, then click "Run...
Study smarter with the SolutionInn App