The adjusted trial balance at April 30, 2017, for Willard Co. follows. Required 1. Prepare the four
Question:
Required
1. Prepare the four closing entries.
2. Prepare a post-closing trial balance.
Transcribed Image Text:
Credit Debit $ 3,600 101 Cash .. 8,500 106 Accounts receivable.. Trucks ... Accumulated depreciation, trucks 153 26,000 $ 8,250 154 Franchise... 13,200 193 Franchise... Accounts payable... Salaries payable . Unearned revenue. 9,600 201 209 3,200 1,300 233 .... 301 Sid Willard, capital ... 29,100 Sid Willard, withdrawals 302 9,600 401 Plumbing revenue.... 42,050 611 Depreciation expense, trucks Salaries expense 4,900 622 17,800 3,000 640 Rent expense... Advertising expense 6,900 677 Income summary 901 $93,500 $93,500 Totals...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
1 2017 Closing entries Apr 30 Plumbing Revenue 42050 Income Summary 42050 To close revenue t...View the full answer
Answered By
Akash Goel
I am in the teaching field since 2008 when i was enrolled myself in chartered accountants course
Since then i have an experience of teaching of class XI, XII, BCOM, MCOM, MBA, CA CPT.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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 adjusted trial balance at April 30, 2014, for Willard Co. follows. Prepare the four closing entries and the post-closing trial balance. Debit Credit S 3,600 8,500 26,000 10 Cash 106 Accounts...
-
The adjusted trial balance at April 30, 2020, for Zhang Co. follows. Required 1. Prepare the four closing entries. 2. Prepare a post-closing trial balance. Debit Credit $ 3,400 101 Cash. Accounts...
-
The adjusted trial balance at April 30, 2019, for Tylers Plumbing Co. follows. Prepare the four closing entries and the post-closing trial balance. Acct # Account Name Dr. Cr. $ 8,200 24,000 41,000...
-
Suppose a state was trying to decide whether to fund primary and secondary education with a property tax or an income tax. What implications might this choice have for land use in the state?
-
A volume of 18.72 mL of 0.1500M K2Cr2O7 solution was required to titrate a sample of FeSO4 according to the equation in Problem 7.96. What is the mass of the sample?
-
The value of cross price elasticity of demand between goods X and Y is 1.25, while the cross price elasticity of demand between goods X and Z is -2.0, Characterize X and Y and X and Z as substitutes...
-
The specimen failed in a tension test at an angle of 52 when the axial load was 19.80 kip. If the diameter of the specimen is 0.5 in., determine the average normal and average shear stress acting on...
-
Following are two years of income statements and balance sheets for the Munich Exports Corporation. A. Calculate the cash build, cash burn, and net cash burn or build for Munich Exports in 2010. B....
-
Leadership is an integral element in any job, regardless of the work title. However, it is important to recognize that leadership is not just one single skill; instead, success in leadership depends...
-
A beginning accounting student tried to complete a work sheet for Joyce Lee's Tax Service. The following adjusting entries were to have been analyzed and entered onto the work sheet. The work sheet...
-
The December 31, 2017, unadjusted trial balance for Musical Sensations after its second year of operations follows: Required 1. Enter the unadjusted trial balance onto a work sheet. 2. Using the...
-
Your friend is a graphic designer who started his own business. He asks you How do I record revenue and expenses correctly? Explain when to record revenue and expenses based on the accrual basis of...
-
The concept of materiality is important to PAs in audits of financial statements and expressions of opinion on these statements. Required: How will materiality influence an auditors reporting...
-
Write Product/Pricing Strategy for caffeine chewing gum and including these steps: -What is your positioning strategy? (Pick one of the 5 discussed in class) -What is the Brand name & rationale...
-
Rank the following in terms of which hits the ground, from first to last: 100 g 10 m 100 g 10 m/s 10 m ) SEMEN 100 g 10 m THER ANDERE 20 m/s 200 g 4 10 m/s 10 m 100 g T 10 m/s 20 m PRIM
-
In 2 0 2 2 , Emma wrote a play called " My Kitchen Antics" which was based on the life of her late mother who was a celebrity chef. In August 2 0 2 2 she was offered a contract by a Sydney Theatre...
-
A beam of the cross section shown is made of a steel that is assumed to be elastoplastic with E= 200 GPa and ay= 236 MPa. The bending is about the z axis. A bending couple is applied to the beam...
-
Maui Fabricators Inc. is considering an investment in equipment that will replace direct labor. The equipment has a cost of $131,000 with a $11,000 residual value and a 10-year life. The equipment...
-
Which statement creates an array of five references to an abstract class named Currency? a. Currency[] = new Currency[5]; b. Currency[] currencyref = new Currency[5]; c. Currency[5] currencyref = new...
-
Beginning with a country that has a trade deficit, demonstrate graphically what will happen to a countrys potential output with globalization if that countrys costs of production fall. Explain your...
-
The March 31, 2020, adjusted trial balance for Amusement Park Repair is shown below with accounts in alphabetical order. Required Preparation Component: a. Place an X in the space provided beside...
-
Jozef?s Roofing Services showed the following post-closing trial balance after the posting of the closing entries on June 30, 2020: Required 1. Identify the error(s) in the post-closing trial...
-
The following closing entries were prepared for Apex Architectural Designs regarding its year just ended June 30, 2020: Required 1. Prepare an income statement based on the information provided. 2....
-
Explain how the OS and Utility programs work with application software. Summarize the features of several embedded operating systems course: introduction to information technology code: EBI...
-
Determine the complexity of the following pseudocode snippets in Big-O and Big-Q2. Do these code snippets have a Big-e? What are the functions doing? 1) my_func(some_nums) result = 0 for (num in...
-
Please explain and describe what are input and output devices. Explain what the differences are between an operating system, an embedded operating system, and a network operating system. Explain and...
Study smarter with the SolutionInn App