The following account balances were taken from Long Tail Consultings year-end adjusted trial balance (assume these are
Question:
The following account balances were taken from Long Tail Consulting’s year-end adjusted trial balance (assume these are the company’s only temporary accounts).
Prepare the company’s necessary closing entries.
Transcribed Image Text:
Consulting fees earned Interest revenue Insurance expense Rent expense.. Depreciation expense: office equipment Salaries expense.. Dividends.. $320,000 4,000 18,000 60,000 36,000 220,000 9,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (5 reviews)
Consulting Fees Earned 320000 Interest Revenue 4000 Income Summary 324000 To close reven...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Financial And Managerial Accounting The Basis For Business Decisions
ISBN: 9781260247930
19th Edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Question Posted:
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
-
The following account balances were taken from the 2011 post-closing trial balance of the Bowler Corporation: cash, $5,000; accounts receivable, $10,000; inventory, $16,000; machinery and equipment,...
-
The following account balances were taken from Harris Corporation's year-end adjusted trial balance (assume these are the company's only temporary accounts): Dividends . . . . . . . . . . . . . . . ....
-
The following account balances were taken from Harris Corporation's year-end adjusted trial balance (assume these are the company's only temporary accounts)....
-
Consider a symmetric oligopoly in which firms technologies satisfy assumption 5.1. Assume that firms get part of the tax revenues refunded, according to their market shares. The refund share is 0 A...
-
Chucks convenience store has only one gas pump. Cars pull up to the pump at a rate of one car every eight minutes. Depending on the speed at which the customer works, the pumping time varies. Chuck...
-
An instructor wanted to know the relationship between his review sessions and passing the final exam. He recorded whether students attended his review session and whether they passed the final exam....
-
What are the key components of the Personnel Element? Give examples.
-
The TransCanada Lumber Company and Mill processes 10,000 logs annually, operating 250 days per year. Immediately upon receiving an order, the logging companys supplier begins delivery to the lumber...
-
Consider a list A. We define an interleaved sublist to be a non-contiguous sublist taken from either only the even-indexed elements of L, or only the odd-indexed elements of L, in the order they...
-
Cylinder 1 of diameter 200mm and cylinder 2 of diameter 300 mm are placed in a trough as shown in fig. 3. If cylinder 1 weighs 800 N and cylinder B weight 1200 N, determine the reactions developed at...
-
The following information was taken directly from the footnotes to the financial statements of Best Buy. 1. A gift card liability is initially established for the value of gift cards when they are...
-
The following account balances were taken from Hendersonville Corporations year-end adjusted trial balance (assume these are the companys only temporary accounts). Prepare the companys necessary...
-
Healthful Foods, Inc. a manufacturer of breakfast cereals and snack bars, has experienced several years of steady growth in sales, profits, and dividends while maintaining a relatively low level of...
-
How were LCCs in Europe affected by the EU Open Skies agreement?
-
List and briefly explain the eight provisions of Open Skies agreements.
-
What are some of the benefits of airport and ATC privatization?
-
Define Cabotage Law and explain the impact of cabotage agreements on international travel.
-
Why is an Emissions Trading Scheme cheaper for air transport than a command-and-control regulation?
-
Explain how the output from infinite loading is used.
-
Consider the combustion of methanol below. If 64 grams of methanol reacts with 160 grams of oxygen, what is the CHANGE in volume at STP. 2CH3OH(g) + 3O2(g) 2CO2(g) + 4H2O(1) The volume decreases by...
-
Boston Bait Shop uses a periodic inventory system. At December 31, Year 2, the accounting records include the following information: Inventory (as of December 31, Year 1) . . . . . . . . . . . . . ....
-
This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate...
-
This exercise stresses the relationships between the information recorded in a periodic inventory system and the basic elements of an income statement. Each of the five lines represents a separate...
-
Wimble Ltd had $400 million of debt outstanding at an interest rate of 9% and $600 million of equity (market value) outstanding. Wimble is subject to a 30% corporate tax rate. What is the amount of...
-
explain and comments thies pints Has existed for a long time One of the original fast-food establishments High standing Commonly recognized for its root beer. With high-quality cuisine Markets to...
-
12 Stiler XYZ currently has an enterprise value of $600 million, 20 million shares outstanding, $200 million in excess cash and no debt. Assuming XYZ uses its excess cash to repurchase shares, and...
Study smarter with the SolutionInn App