The following accounts and normal balances existed at year-end. Make the four journal entries required to close
Question:
The following accounts and normal balances existed at year-end. Make the four journal entries required to close the books:
Transcribed Image Text:
Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense $22,000 6,000 90,000 45,000 16,000 2,300
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (9 reviews)
To close Fees Earned ...View the full answer
Answered By
Labindao Antoque
I graduated in 2018 with a Bachelor of Science degree in Psychology from Dalubhasaan ng Lungsod ng San Pablo. I tutored students in classes and out of classes. I use a variety of strategies to tutor students that include: lecture, discussions about the subject matter, problem solving examples using the principles of the subject matter being discussed in class , homework assignments that are directed towards reinforcing what we learn in class , and detailed practice problems help students to master a concept. I also do thorough research on Internet resources or textbooks so that I know what students need to learn in order to master what is being taught in class .
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
The following accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Retained earnings Dividends Fees earned revenue Selling expenses...
-
The following accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Automobile expense Dividends Insurance expense Office expense Sales revenue...
-
The following accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Advertising expense Dividends Rent expense Salaries expense Service revenue...
-
If net assets of a business totalled 200,000 and its total assets on that date amounted to 325,000, its liabilities would amount to: (a) 125,000 (b) 200,000 (c) 525,000 (d) Not sufficient information...
-
How do arbitrageurs help ensure that exchange rates are the same in markets around the world?
-
We need a three-stage space-division switch with N = 100. We use 10 crossbars at the first and third stages and 4 crossbars at the middle stage. a. Draw the configuration diagram. b. Calculate the...
-
Why doesn't it make sense to simply combine, for example, test grades across different courses- just take an average and call it a day?
-
Disclosure of Estimates Nancy Tercek, the financial vice president, and Margaret Lilly, the controller, of Romine Manufacturing Company are reviewing the financial ratios of the company for the years...
-
The atoms in a nickel crystal vibrate as harmonic oscillators with an angular frequency of 5.5x 1013 rad/s. The mass of a nickel atom is 9.75 x 10-26 kg. What is the difference in energy between...
-
Record the adjusting entry for supplies remaining on hand at the end of the year equal to $3,900. Record the closing entry for revenue. Record the closing entry for expenses. Record the closing entry...
-
If a journal entry includes a debit or credit to the Retained Earnings account, it is most likely which of the following? A. A closing entry B. An adjusting entry C. An ordinary transaction entry D....
-
Search the US Securities and Exchange Commission website (https://www.sec.gov/edgar/searchedgar/companysearch.html) and locate the latest Form 10-K for a company you would like to analyze. Submit a...
-
The 5d 3p transition in the emission spectrum of sodium has a wavelength of 499 nm. What is the energy of the 5d state?
-
Howard Jones is the Chief Financial Officer (CFO) for Swan Company which makes special order printers for personal computers. As his assistant, he wants you to compute certain items of information...
-
Case Study- Furnmart Inc. Furnmart Inc is a medium size Ontario Company, which supplies office furniture to different shops in the GTA. The company does not have the financial resources to hold high...
-
The following table presents four variables that may be used to estimate Value of an Office Building. Floor space in square feet Number of offices Number of entrances Age of the office bu 215 2 2 20...
-
You have graduated from your program at BVC and are working for an organization (come up with a fake name) in your field of study. The person you report to (use your instructor's name) has asked that...
-
05 Guesion No: 02 a). Briefly explain the terms diameter and 90% effective diameter in the context of graphs. For the graph shown in figure below, what is the diameter and 90% effective diameter? (4...
-
In each case, find a scalar multiple of v that is a unit vector. (a) v = f in C[O, 1] wheref(x) = x2 (b) v = fin C[-Ï. Ï ] where f(x) = cos x (c) (d) in R (v, w) = v 2]
-
On March 31, 2018, Gardner Corporation received authorization to issue $30,000 of 9 percent, 30-year bonds payable. The bonds pay interest on March 31 and September 30. The entire issue was dated...
-
Machine Corp. has several pending lawsuits against its company. Review each situation and (1) determine the treatment for each situation as probable and estimable, probable and inestimable,...
-
Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan include a repayment of principal in eight, equal installments, paid annually from the April 1 date....
-
Barkers Baked Goods purchases dog treats from a supplier on February 2 at a quantity of 6,000 treats at $1 per treat. Terms of the purchase are 2/10, n/30. Barkers pays half the amount due in cash on...
-
What factors contribute to the formation of high-performance teams, and how can organizations cultivate and sustain these dynamics over time ?
-
The standard 2-pass spur gear train with the # of teeth on each gear as shown is driven is driven at 1000 RPM from shaft 2 with a torque of 25 in-lb. All the gears in the set have a diametral pitch...
-
Marigold, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2022 are: March April May June July Budgeted sales $299500 $290000 $319700 $279100 $209800...
Study smarter with the SolutionInn App