As the bookkeeper of Patrick's Plowing, you have been asked to complete portions of the accounting...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
As the bookkeeper of Patrick's Plowing, you have been asked to complete portions of the accounting cycle for Patrick. View the adjusted trial balance through balance sheet columns of Patrick's Plowing's worksheet Read the requirements. Requirement 1. Journalize closing entries for November. (Record debits first, then credits. Exclude explanations from closing entries.) Begin by closing out the revenue account. Account Titles Date Nov. 30 Close out the expense accounts. Date Nov. 30 Account Titles Debit Debit Credit point Credit Close out Income Summary. Date Nov. 30 Close out the Withdrawals account Date Nov 30 Account Titles Account Titles Debit Debit Credit Credit Requirement 2. Post the closing entries to the ledger Patrick's November transactions and adjustments have been entered into the ledger accounts for you. (The transaction and adjusting entry information has been entered into the ledger accounts for you. If more than one entry is required to be posted to an account, post the entries in the same order as the closing entries you prepared in Assignment 1. If the balance is zero after posting an entry, leave the balance fields blank. Do not enter a "0". For purposes of this problem, ignore posting references. Select the applicable description in the "Explanation" column) Review the closing entries that you prepared above Date 202X Nov. Explanation Cash Post. Ref. Debit 13.000 13,000 Credit Account No. 111 Balance 5,500 1,000 Debit 13.000 7,500 6.500 19.500 Credit Nov Now Date 202X Date 202X 20 Accounts Receivable Post. Ref. Explanation Explanation Prepaid Rent Post. Ref. Debit 1,500 Debit 5500 Credit Credit Account No. Balance Debit 1,500 Account No. Balance Debit knal 112 Credit 114 Credit Nov. Date 202X Date 202X 69 Explanation 30 Adjusting Snow Supplies Post. Ref. Office Equipment Post. Ref. Explanation Debit 1,000 Debit Credit Credit 300 EXTE Account No. Debit Balance 1,000 700 Account No. Debit Balance 115 Credit 121 Credit Nov Date 202X Date 202X Accumulated Depreciation, Office Equipment Post. Ref. Explanation 30 Adjusting Snow Equipment Post. Ref. Explanation Debit Debit Credit Account No. Credit Debit 110 Balance Credit Account No. 123 Balance 122 Debit Credit 110 Nov. Date 202X Date 202X Accumulated Depreciation, Snow Equipment Post. Ref. Debit Explanation 30 Adjusting Accounts Payable Post. Ref. Explanation Debit Credit Credit 210 Account No. Balance Debit Debit Account No. 211 Balance Credit 124 Credit ^^^^ 210 Nov. Date 202X Nov Date 202X Salaries Payable Post. Ref. Explanation 30 Adjusting P. Madison, Capital Post. Ref. Explanation Debit Debit Credit Credit 270 25,600 Account No. Debit Balance. Account No. Balance Debit 212 Credit 311 Credit 25,600 270 Nov. Nov. Date 202X Date 202X 12 P. Madison, Withdrawals Post. Ref. Explanation Income Summary Post. Ref. Explanation Debit 5,000 Debit Credit Credit Account No. Balance Debit Credit 5,000 312 Debit Account No. 313 Balance Credit Nov. Date 202X Date 202X 81 201 Explanation Plowing Fees Post. Ref. Salaries Expense Post. Ref. Explanation Debit Debit enol 13,000 1,500 Credit Account No. Credit Debit Credit *** Account No. Balance Debit Balance maal 313 13,000 14,500 511 Credit Nov. Date 202X Nov Date 202X 29 30 Advertising Expense Post. Ref. Explanation Cell Phone Expense Post. Ref. Explanation Debit Debit 700 140 Credit Credit Account No. 512 Balance Debit Debit *** 700 140 Account No. 513 Balance Credit Credit Nov. Nov Date 202X Date 202X Explanation 30 Adjusting Explanation 30 Adjusting Rent Expense Post. Ref. Debit 1,100 Snow Supplies Expense Post. Ref. Debit 300 Credit Credit Account No. 514 Balance Debit Sm 1,100 Balance Debit 300 Credit 515 Credit Nov. Date 202X Nov. Date 202X Depreciation Expense, Office Equipment Post. Ref. Explanation 30 Adjusting Explanation Debit Depreciation Expense, Snow Equipment Post. Ref. 30 Adjusting 110 Debit 210 Credit Credit Balance Debit Credit Debit 110 Balance 516 210 517 Credit Requirement 3. Prepare a post-closing trial balance. Review the general ledger that you prepared above. Patrick's Plowing Post-Closing Trial Balance November 30, 202X Account Debit Credit Worksheet Account Titles Cash Accounts Receivable Prepaid Rent Snow Supplies Office Equipment Snow Equipment Accounts Payable P Madison, Capital P. Madison, Withdrawals Plowing Fees Salaries Expense Advertising Expense Call Dhana. Guna Debit 9,460 1,500 4.400 700 6.600 12,600 5.000 1,870 700 * Print Credit 4,000 25.600 14,500 Done Debit Credit 1,870 700 14.500 Debit 9,460 1,500 4,400 700 6,600 12,600 5,000 Credit 4,000 25,600 <-X Salaries Expense Advertising Expense Cell Phone Expense Snow Supplies Expense Rent Expense Dep. Expense, Office Equip. Acc. Dep., Office Equip Dep. Expense, Snow Equip. Acc. Dep., Snow Equip. Salaries Payable Totals Net Income 1,870 700 140 300 1,100 110 210 44,690 Print 110 210 270 44,690 Done 1,870 700 140 300 1,100 110 210 4,430 10,070 14,500 40.260 110 210 270 30,190 10,070 Requirements 1. Journalize closing entries for November. Post the closing entries to the ledger. 3. Prepare a post-closing trial balance. 2. - X As the bookkeeper of Patrick's Plowing, you have been asked to complete portions of the accounting cycle for Patrick. View the adjusted trial balance through balance sheet columns of Patrick's Plowing's worksheet Read the requirements. Requirement 1. Journalize closing entries for November. (Record debits first, then credits. Exclude explanations from closing entries.) Begin by closing out the revenue account. Account Titles Date Nov. 30 Close out the expense accounts. Date Nov. 30 Account Titles Debit Debit Credit point Credit Close out Income Summary. Date Nov. 30 Close out the Withdrawals account Date Nov 30 Account Titles Account Titles Debit Debit Credit Credit Requirement 2. Post the closing entries to the ledger Patrick's November transactions and adjustments have been entered into the ledger accounts for you. (The transaction and adjusting entry information has been entered into the ledger accounts for you. If more than one entry is required to be posted to an account, post the entries in the same order as the closing entries you prepared in Assignment 1. If the balance is zero after posting an entry, leave the balance fields blank. Do not enter a "0". For purposes of this problem, ignore posting references. Select the applicable description in the "Explanation" column) Review the closing entries that you prepared above Date 202X Nov. Explanation Cash Post. Ref. Debit 13.000 13,000 Credit Account No. 111 Balance 5,500 1,000 Debit 13.000 7,500 6.500 19.500 Credit Nov Now Date 202X Date 202X 20 Accounts Receivable Post. Ref. Explanation Explanation Prepaid Rent Post. Ref. Debit 1,500 Debit 5500 Credit Credit Account No. Balance Debit 1,500 Account No. Balance Debit knal 112 Credit 114 Credit Nov. Date 202X Date 202X 69 Explanation 30 Adjusting Snow Supplies Post. Ref. Office Equipment Post. Ref. Explanation Debit 1,000 Debit Credit Credit 300 EXTE Account No. Debit Balance 1,000 700 Account No. Debit Balance 115 Credit 121 Credit Nov Date 202X Date 202X Accumulated Depreciation, Office Equipment Post. Ref. Explanation 30 Adjusting Snow Equipment Post. Ref. Explanation Debit Debit Credit Account No. Credit Debit 110 Balance Credit Account No. 123 Balance 122 Debit Credit 110 Nov. Date 202X Date 202X Accumulated Depreciation, Snow Equipment Post. Ref. Debit Explanation 30 Adjusting Accounts Payable Post. Ref. Explanation Debit Credit Credit 210 Account No. Balance Debit Debit Account No. 211 Balance Credit 124 Credit ^^^^ 210 Nov. Date 202X Nov Date 202X Salaries Payable Post. Ref. Explanation 30 Adjusting P. Madison, Capital Post. Ref. Explanation Debit Debit Credit Credit 270 25,600 Account No. Debit Balance. Account No. Balance Debit 212 Credit 311 Credit 25,600 270 Nov. Nov. Date 202X Date 202X 12 P. Madison, Withdrawals Post. Ref. Explanation Income Summary Post. Ref. Explanation Debit 5,000 Debit Credit Credit Account No. Balance Debit Credit 5,000 312 Debit Account No. 313 Balance Credit Nov. Date 202X Date 202X 81 201 Explanation Plowing Fees Post. Ref. Salaries Expense Post. Ref. Explanation Debit Debit enol 13,000 1,500 Credit Account No. Credit Debit Credit *** Account No. Balance Debit Balance maal 313 13,000 14,500 511 Credit Nov. Date 202X Nov Date 202X 29 30 Advertising Expense Post. Ref. Explanation Cell Phone Expense Post. Ref. Explanation Debit Debit 700 140 Credit Credit Account No. 512 Balance Debit Debit *** 700 140 Account No. 513 Balance Credit Credit Nov. Nov Date 202X Date 202X Explanation 30 Adjusting Explanation 30 Adjusting Rent Expense Post. Ref. Debit 1,100 Snow Supplies Expense Post. Ref. Debit 300 Credit Credit Account No. 514 Balance Debit Sm 1,100 Balance Debit 300 Credit 515 Credit Nov. Date 202X Nov. Date 202X Depreciation Expense, Office Equipment Post. Ref. Explanation 30 Adjusting Explanation Debit Depreciation Expense, Snow Equipment Post. Ref. 30 Adjusting 110 Debit 210 Credit Credit Balance Debit Credit Debit 110 Balance 516 210 517 Credit Requirement 3. Prepare a post-closing trial balance. Review the general ledger that you prepared above. Patrick's Plowing Post-Closing Trial Balance November 30, 202X Account Debit Credit Worksheet Account Titles Cash Accounts Receivable Prepaid Rent Snow Supplies Office Equipment Snow Equipment Accounts Payable P Madison, Capital P. Madison, Withdrawals Plowing Fees Salaries Expense Advertising Expense Call Dhana. Guna Debit 9,460 1,500 4.400 700 6.600 12,600 5.000 1,870 700 * Print Credit 4,000 25.600 14,500 Done Debit Credit 1,870 700 14.500 Debit 9,460 1,500 4,400 700 6,600 12,600 5,000 Credit 4,000 25,600 <-X Salaries Expense Advertising Expense Cell Phone Expense Snow Supplies Expense Rent Expense Dep. Expense, Office Equip. Acc. Dep., Office Equip Dep. Expense, Snow Equip. Acc. Dep., Snow Equip. Salaries Payable Totals Net Income 1,870 700 140 300 1,100 110 210 44,690 Print 110 210 270 44,690 Done 1,870 700 140 300 1,100 110 210 4,430 10,070 14,500 40.260 110 210 270 30,190 10,070 Requirements 1. Journalize closing entries for November. Post the closing entries to the ledger. 3. Prepare a post-closing trial balance. 2. - X
Expert Answer:
Answer rating: 100% (QA)
Here are the stepbystep calculations to close the Income Summary and post closing entries for Patric... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
As the bookkeeper of Petes Plowing of Fredericton, you have been asked to complete the entire accounting cycle for Pete from the following information Adjustment Data a. Snow supplies on hand, $400...
-
List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...
-
Case Study: Quick Fix Dental Practice Technology requirements Application must be built using Visual Studio 2019 or Visual Studio 2017, professional or enterprise. The community edition is not...
-
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different corporations: Determine the missing amounts, identifying them...
-
What would happen to the NPV of the above project if the inflation rate was expected to be 4 percent in each of the next four years?
-
Post an assessment of your chosen qualitative study utilized in Week 2. Your assessment should include the following: Briefly describe key components of your chosen article: problem statement,...
-
What audit procedures are useful in verifying (a) existence or occurrence, (b) completeness, and (c) valuation or allocation of long-term debt balances?
-
Cranergy Products is a cranberry cooperative that operates two divisions, a harvesting division and a processing division. Currently, all of harvestings output is converted into cranberry juice by...
-
Natural gas with a lower heating value (LHV) of 45,000 kJ/kg is burned on a gas stove with a combustion efficiency of 94.7% to produce 4.49 kW of heat. Calculate the mass flow rate (in milligrams per...
-
Dylan, Devon, and Ricken form Lemon Corporation in the current year. Dylan contributes $30,000 cash in exchange for 30 shares of Lemon. Devon contributes land with a market value of $50,000 (basis of...
-
Manufacturing has been the engine of value creation in our society. We all consume products made from various kinds of manufacturing processes. Management of manufacturing is an integral part of...
-
The first time Swedish furniture company IKEA searched outside Scandinavia for new design inspiration, it looked to China. The resulting product line, called Trendig, was a cultural collaboration...
-
Jewels home was completely destroyed by fire in 2017. The building had an appraised value of $185,000 before the fire. Four years ago Jewel paid $160,000 for the house and the land, with $25,000 of...
-
What are people and their immediate relatives, including parents and siblings, called?
-
Cora was in Europe from Thanksgiving of 2016 until early January of 2017. When she returned to her home, she found it had been broken into and jewelry with a fair market value of $40,000 and a basis...
-
Social structure embodies a cultures fundamental organization. What does this include?
-
You have learned about the employer requirements related to ADA accommodations, the payment of overtime, and the prevention of sexual harassment. You have just been hired as a Compliance consultant...
-
How can a promoter avoid personal liability for pre-incorporation contracts?
-
Journalize the following transaction in correct form: 201X Mar. 20 The business returned to the vendor a damaged inventory item that cost $420.
-
From the following comparative balance sheet of Howe Co., prepare a common-size comparative balance sheet. (Round all percentages to the nearest tenth of apercent.) 2013 $210,000 490,000 $700,000...
-
The total wage expense for Orange Co. was $150,000. Of this total, $26,000 was above the OASDI wage base limit and not subject to this tax. All earnings are subject to Medicare tax, and $62,000 was...
-
Assume two periods to expiration, \(u=1.05, d=1 / 1.05, r_{f}=1.02, S_{0}=\$ 100\), no dividends, and \(X=\$ 100\) on a European put expiring at the end of the second period. a. Find: \(P_{u w}, P_{u...
-
Using the put-call parity model, determine the equilibrium price of the put in Question 1, given the equilibrium call value as determined by the binomial model. Comment on the consistency of the...
-
Suppose the US investor in Question 8 were risk averse, instead of risk neutral, and wants a risk premium of \(1 \%\) (annual) for assuming the exchange-rate risk on the international investment. a....
Study smarter with the SolutionInn App