The following selected accounts and normal balances existed at year-end. Make the four journal entries required to
Question:
The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books:
Transcribed Image Text:
Accounts receivable Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense $33,200 6,000 48,000 27,050 65,800 9,350 2,200 70,500 41,770 22,400 1,835
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
The four journal entries required to close the books are Closing ...View the full answer
Answered By
Rodrigo Louie Rey
I started tutoring in college and have been doing it for about eight years now. I enjoy it because I love to help others learn and expand their understanding of the world. I thoroughly enjoy the "ah-ha" moments that my students have. Interests I enjoy hiking, kayaking, and spending time with my family and friends. Ideal Study Location I prefer to tutor in a quiet place so that my students can focus on what they are learning.
5.00+
1+ 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 selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Accounts receivable Prepaid insurance Land Accounts payable Notes...
-
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: Retained earnings Dividends Fees earned revenue Selling expenses...
-
Jason and Mary Wells, friends of yours, were married on December 30, 2020. They know you are studying taxes and have sent you an e-mail with a question concerning their filing status. Jason and Mary...
-
Poverty among the elderly fell dramatically between 1959 and 1974 and has continued to decline. However, poverty among that portion of the U.S. population that is less than 18 years old is no lower...
-
Distinguish between a low-pass channel and a band-pass channel.
-
Describe the difference between the two types of criterion validity and provide an example of each.
-
Was the purpose of the audit to exert cybernetic control, go/no-go control, or post-project control? Explain. MINI CASE It was July 2004. John West and Joy Adams had been through a lot since the...
-
The Keyshawn Harris officer earns $10,100 per month. As of May 31, her gross pay was $50,500. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137,700...
-
As noted in Problem 8-24B, Watonga Swimsuit makes swimsuits. In 2018, Watonga produced its most popular swimsuit, the Sarong, for a standard labor price of $33.60 per hour. The standard amount of...
-
Which of the following accounts is considered a temporary or nominal account? A. Fees Earned Revenue B. Prepaid Advertising C. Unearned Service Revenue D. Prepaid Insurance
-
Assume you are the controller of a large corporation, and the chief executive officer (CEO) has requested that you refrain from posting closing entries at 20X1 year-end, with the intention of...
-
A computer system uses passwords consisting of the lowercase letters (az) and the integers (09). There are 10,000 users with unique passwords. A hacker randomly selects (with replacement) passwords...
-
Prepare a make or buy analysis. 6.. FILE Paste Clipboard A1 De 10 11 HOME 12 Calibri INSERT 12 Supplier price 13 14 7 Font 11 X Units used per year PAGE LAYOUT % BIU - A Alignment Number Conditional...
-
Q1 Question 2 (6 points) On 1/1/2023 Hatch Inc. acquired 100% assets of Stewart Com and paid $500,000 cash Below includes the information of assets and liabilities of Stewart Com right before the...
-
If you ever need help within the program, click on the Question Mark button in the lower left edge (or press the F1 key), to open the Help window. This window gives you a list of shortcuts that will...
-
Question 3 Please answer the following questions based on the income statement provided below: (1) What was the total amount of direct expenses (including all operated departments)? (2) What was the...
-
The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2. Cash receipts journal VAT input Sales column Cash payments journal Purchases column...
-
Let T: V V be a linear operator where dim V = n. If U is a T-invariant subspace of V, let T1 : U U denote the restriction of T to U (so Tj(u) = T(u) for all u in U). Show that c T(x) = cTI(x) q(x)...
-
Subprime loans have higher loss rates than many other types of loans. Explain why lenders offer subprime loans. Describe the characteristics of the typical borrower in a subprime consumer loan.
-
Whindy Corporation, an S corporation, reports a recognized built-in gain of $80,000 and a recognized built-in loss of $10,000 this year. Whindy holds an $8,000 unexpired NOL carryforward from a C...
-
Flint, an S corporation with substantial AEP, reports operating revenues of $410,000, taxable interest income of $390,000, operating expenses of $260,000, and deductions attributable to the interest...
-
Bonnie and Clyde each own one-third of a fast-food restaurant, and their 13-year-old daughter owns all of the other shares. Both parents work full-time in the restaurant, but the daughter works...
-
a) The function is increasing. The table below gives values for the function at selected values of x. A logarithmic regression y=a+blnx is used to model the data. Find the logarithmic regression...
-
4. It can be shown using material from a later section that is given by 0-122 dx (-1)na2n+1 n!2n (2n+1) n=0 for any positive value of a. When a is positive, this series is an alternating series. (a)...
-
Using desmos, graph each of the following functions. Identify the open interval(s) for which the requested characteristic is displayed. #1 ON [-2,2] FUNCTION INCREASING f(x)=xcosx (0.96,0.96) FIRST...
Study smarter with the SolutionInn App