Presented below is an adjusted trial balance for Shawn Company, at December 31, 2014. Instructions: (a) Prepare
Question:
Instructions:
(a) Prepare closing entries for December 31, 2014.
(b) Prepare a post-closing trial balance.
Transcribed Image Text:
$ 7,700 Cash Accounts payable Accounts receivable payable Prepaid insurance depreciation- Equipment $10,000 Notes 20,000 9,000 15,000 Accumulated 35,000 Equipment Depreciation expense 14,000 Service 7,000 29,000 revenue Owner's Drawings capital Advertising expense 1,500 24,000 1,400 Owner's Unearned service 16,000 revenue 800 Rent expense Salaries and wages exp.12,000 Insurance expense 1.600 $102,000 $102,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (13 reviews)
a We need to calculate the net income in order to prepare the closing entries The net income is calc...View the full answer
Answered By
Mwangi Clement
I am a tried and tested custom essay writer with over five years of excellent essay writing. In my years as a custom essay writer, I have completed more than 2,000 custom essays in a diverse set of subjects. When you order essays from me, you are working with one of the best paper writers on the web. One of the most common questions I get from customers is: “can you write my essay?” Upon hearing that request, my goal is to provide the best essays and overall essay help available on the web. I have worked on papers in subjects such as Nursing and Healthcare, English Literature, Sociology, Philosophy, Psychology, Education, Religious Studies, Business, Biological Sciences, Communications and Media, Physical Sciences, Marketing and many others. In these fields, my specialties lie in crafting professional standard custom writings. These include, but are not limited to: research papers, coursework, assignments, term papers, capstone papers, reviews, summaries, critiques, proofreading and editing, and any other college essays.
My extensive custom writings experience has equipped me with a set of skills, research abilities and a broad knowledge base that allows me to navigate diverse paper requirements while keeping my promise of quality. Furthermore, I have also garnered excellent mastery of paper formatting, grammar, and other relevant elements. When a customer asks me to write their essay, I will do my best to provide the best essay writing service possible. I have satisfactorily offered my essay writing services for High School, Diploma, Bachelors, Masters and Ph.D. clients.
I believe quality, affordability, flexibility, and punctuality are the principal reasons as to why I have risen among the best writers on this platform. I deliver 100% original papers that pass all plagiarism check tests (Turnitin, Copyscape, etc.). My rates for all papers are relatively affordable to ensure my clients get quality essay writing services at reasonable prices.
4.50+
5+ Reviews
14+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Cost Accounting questions
-
Winter Companys balance sheet at December 31, 2013, is presented below. During January 2014, the following transactions occurred. Winter uses the perpetual inventory method. Jan. 1 Winter accepted a...
-
Morgan Companys balance sheet at December 31, 2013, is presented below. During January 2014, the following transactions occurred. (Morgan Company uses the perpetual inventory system.) 1. Morgan paid...
-
Winter Companys balance sheet at December 31, 2014, is presented below. During January 2015, the following transactions occurred. Winter uses the perpetual inventory method. Jan. 1 Winter accepted a...
-
Lungameni Enterprises (Pty) Ltd ("Lungameni Enterprises") manufactures product A, which it sells to local customers at a mark-up of 25%. Lungameni Enterprises currently absorbs its overhead costs on...
-
A vaulted roof truss is loaded as shown. Determine the force in members BE, CE, and DF. 000 y IN
-
"Leaders of all kinds have a fantastic tool available to them for sending a subtle message about the behavior they are trying to encourage. They simply have to model that behavior themselves. And if...
-
Why does it make sense to model computer vision systems on the human vision system? Can you think of any suitable alternative models?
-
Determining Merchandise Amounts?Periodic Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2009 2010 2011 $290.000...
-
Amtrak's 20th-Century Limited is on route from Chicago to New York at 120km/h when the engineer spots a cow on the track. The train brakes to a halt in 1.3min, stopping just in front of the cow. a)...
-
Investment X offers to pay you $5,300 per year for eight years, whereas Investment Y offers to pay you $7,300 per year for five years. Which of these cash flow streams has the higher present value if...
-
Prepare the necessary journal entries to record the following transactions, assuming a periodic inventory system: (a) Purchased $400,000 of merchandise on account, terms 2 / 10, n / 30 (b) Returned...
-
Reineman Supply Company uses a periodic inventory system. During April, the following transactions and events occurred. Sept. 3 Purchased 80 backpacks at $25 each from Zuzu Company, terms 2 / 10, n /...
-
Using a diagram like Figure 10.13, demonstrate what will happen under perfect competition when there is an increase in the productivity of a particular type of capital. Consider the effects on the...
-
On July 31, 2015, Bismarck Company engaged Duval Tooling Company to construct a special-purpose piece of factory machinery. Construction began immediately and was completed on November 1, 2015. To...
-
Kalin Corporation had 2015 net income of 1,000,000. During 2015, Kalin paid a dividend of 2 per share on 100,000 preference shares. During 2015, Kalin had outstanding 250,000 ordinary shares. Compute...
-
Ludwick Steel Company as lessee signed a lease agreement for equipment for 5 years, beginning December 31, 2015. Annual rental payments of \($40\),000 are to be made at the beginning of each lease...
-
Dominquez Company establishes a share-appreciation rights program that entitles its new president Dan Scott to receive cash for the difference between the market price of the shares and a...
-
Zambrano Companys net income for 2015 is 40,000. The only potentially dilutive securities outstanding were 1,000 options issued during 2014, each exercisable for one share at 8. None has been...
-
Steven Edwards has had difficulties throughout the audit of Kingston Catering. The company is a long-standing client of the audit firm and there have been no problems in the past. However, four...
-
In Exercises delete part of the domain so that the function that remains is one-to-one. Find the inverse function of the remaining function and give the domain of the inverse function. f(x) = 16x4 -3...
-
Figure shows four-capacitor arrangement that is connected to a larger circuit at points A and B. The capacitances are C1 = l0 p and C2 = C3 = C4 = 20F.The charge on capacitor 1 is 30C. What is the...
-
A 10 V battery is connected to a series of n capacitors, each of capacitance 2.0F. If the total energy stored in the capacitors is 25J, what is n?
-
During the 4.0 min a 5.0 A current is set up in a wire, how many (a) Coulombs and (b) Electrons pass through any cross section across the wire's width?
-
What extent does emotional intelligence among leaders and employees contribute to effective teamwork and conflict resolution, and what methods can be employed to enhance emotional intelligence within...
-
Determine the exponential function y = c(b) that goes through the points (-2, 16) and (1,54). Algebraic work must be shown for full credit.
-
Solve 6. 8. 8 So log x (1 + x)(4+ x) [log x] 2 dx 0 1 + x So dx
Study smarter with the SolutionInn App