The adjusted trial balance as of December 31, 2018, for Brooks Consulting Company contains the following selected
Question:
The adjusted trial balance as of December 31, 2018, for Brooks Consulting Company contains the following selected accounts.
a. Prepare entries to close these accounts in journal entry form.
b. Set up T-accounts for each of the ledger accounts. enter the balances above. and post the closing: entries to them. After these entries are posted. What is the post-closing balance of the Retained Earnings account?
Adjusted Account Balances Debit Credit Service fees earned.. Rent expense.. Salaries expense €80,300 €20,800 45,700 Supplies expense. Depreciation expense. Retained eamings 5,600 10,200 67,000
Step by Step Answer:
a b Brooks Consulting earned a loss during the period expenses exceeded revenues by 2000 s...View the full answer
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
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 Business questions
-
Selected data from Emporia Company follow: Balance Sheets As of December 31 2018 2017 Accounts receivable................................ $600,000......................... $480,000 Allowance for...
-
Selected accounts from Keystone Furniture's adjusted trial balance as of August 31, 2014, the end of the fiscal year, follow. Required 1. Prepare a multistep income statement for Keystone. Store...
-
Selected account balances from the adjusted trial balance for Lindo Corporation as of its calendar yearend December 31, 2009, follow. Required Answer each of the following questions by providing...
-
When a parameter is changed, does this affect the argument that was passed into the parameter?
-
Update the time series on per capita income growth (California, 1969-2002 in Figure 7.7). Plot the time series. Compute the autocorrelation and partial autocorrelation functions. Which time series...
-
An automobile manufacturer observes the demand for its brand increasing as per capita income increases. Sales increases also follow low interest rates, which ease credit conditions. Buyer purchase...
-
A current loop lying in the \(x y\) plane of an \(x y z\) coordinate system experiences a torque that is clockwise about the \(y\) axis when viewed looking down from the positive \(y\) axis toward...
-
Molly McDale is the controller for Roberts Manufacturing. It is a small company that manufactures plastic lumber and is run by the owner and CEO, Franklin Roberts. At the end of the year, Roberts is...
-
3. A particle of mass m is moving in the xy-plane such that its velocity at a point (x, y) is given as v = a(yx+2xy), where a is a non-zero constant. What is the force F acting on the particle? (A) F...
-
Lab Exercise -- C++ Structures Objective: The purpose of the program is to: 1. Write functions to read in and print an Employee struct 2. Write an additional function that passes in an array of...
-
For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement effects template, and (b) in journal entry form. 1. Unrecorded depreciation on...
-
Hatcher Company closes its accounts on December 31 each year. On December 31, 2018. Hatcher accrued $600 of interest income that was earned on an investment but not yet received or recorded (the...
-
On October 31, the stockholders equity section of Pele Companys balance sheet consists of common stock $648,000 and retained earnings $400,000. Pele is considering the following two courses of...
-
Explain what we mean by information asymmetry (between firm managers and investors), and provide a brief example (real or hypothetical).
-
Why is it a prudent policy to separate credit appraisal and sanctioning from the work out function?
-
In the following table, you will find annual return data for six high-tech companies between the years 1997 and 2007. Use the information below to compute the variance - covariance matrix of the...
-
What is expected price of the bond in 4 yrs? Assume the interest rate will remain the same. par = 1000 Yrs to maturity = 25 Coupon = 8% paid semi-annually B= 1.5 Rf = 4% Market Risk Premium = 8%
-
Given the zero coupon yields above, what is the arbitrage free, price of a $10 annual coupon (paid annually), 5 year maturity, $100 face value bond?
-
The citizens of Paris were terrified during World War I when they were suddenly bombarded with shells fired from a long-range gun known as Big Bertha. The barrel of the gun was 36.6 m long and it had...
-
Establish identity. cos( + k) = (-1)k cos , k any integer
-
Equipment was acquired at the beginning of the year at a cost of $324,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of eight years and...
-
A stockbroker advises a client to buy preferred stock. . . . With that type of stock, . . . [you] will never have to worry about losing the dividends. Is the broker right?
-
A stockbroker advises a client to buy preferred stock. . . . With that type of stock, . . . [you] will never have to worry about losing the dividends. Is the broker right?
-
Briefly explain what undefined behaviour is in the C standard. Under what circumstance(s) would calling the following C function result in undefined behaviour? int32_t divide(int32_t a, int32_t b) {...
-
Imagine you are stuck in a traffic jam on the freeway. Once traffic starts moving again you look for the reason of the traffic jam such as an accident or road work but there is nothing. This is...
-
How do I document at least 6 current standards or protocols? What are standards and telecommunications protocols?
Study smarter with the SolutionInn App