Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. Cash SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Account Title Accounts Receivable. Office Supplies Prepaid Rent Furniture Accumulated Depreciation-- Furniture Accounts Payable Salaries Payable Interest Payable Unearned Revenue Notes Payable Bright, Capital Bright, Withdrawals Service Revenue Depreciation Expense-- Furniture Interest Expense Rent Expense Total Salaries Expense Supplies Expense Balance Debit 16,200 8,900 200 10,800 18,900 27,500 2,100 300 3,200 3,700 800 Credit 6,400 2,100 500 300 5,400 7,500 21,400 49,000 92,600 92,600 Date Dec. 31 Date Dec. 31 Date Dec. 31 Date Dec. 31 Accounts and Explanation Service Revenue Income Revenue To close Revenue Accounts and Explanation Income Summary Depreciation Expense--Fur Interest Expense Rent Expense Salaries Expense Supples Expense To close Expenses Accounts and Explanation Income Summary Bright, Capital To close Income Summary Accounts and Explanation Bright, Capital Bright, Withdraws To close Withdrawals Debit 49000 Debit 10100 Debit 38900 Debit 27500 Credit 49000 Credit 2100 300 3200 3700 800 Credit 38900 Credit 27500 Using the information from the Adjusted Trial Balance, journalize the closing entries for the end of the month. Cash SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Account Title Accounts Receivable. Office Supplies Prepaid Rent Furniture Accumulated Depreciation-- Furniture Accounts Payable Salaries Payable Interest Payable Unearned Revenue Notes Payable Bright, Capital Bright, Withdrawals Service Revenue Depreciation Expense-- Furniture Interest Expense Rent Expense Total Salaries Expense Supplies Expense Balance Debit 16,200 8,900 200 10,800 18,900 27,500 2,100 300 3,200 3,700 800 Credit 6,400 2,100 500 300 5,400 7,500 21,400 49,000 92,600 92,600 Date Dec. 31 Date Dec. 31 Date Dec. 31 Date Dec. 31 Accounts and Explanation Service Revenue Income Revenue To close Revenue Accounts and Explanation Income Summary Depreciation Expense--Fur Interest Expense Rent Expense Salaries Expense Supples Expense To close Expenses Accounts and Explanation Income Summary Bright, Capital To close Income Summary Accounts and Explanation Bright, Capital Bright, Withdraws To close Withdrawals Debit 49000 Debit 10100 Debit 38900 Debit 27500 Credit 49000 Credit 2100 300 3200 3700 800 Credit 38900 Credit 27500
Expert Answer:
Answer rating: 100% (QA)
Account Debit Credit Close Revenue Accounts to Income Summary Service Revenue 49000 Income Summary 4... View the full answer
Related Book For
Foundations of Financial Management
ISBN: 978-1259194078
15th edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
Posted Date:
Students also viewed these accounting questions
-
1. Steady state laminar flow occurs in a fluid between two parallel plates, shown in figure Q1. Since the distance, d, between the moving top plate and stationary bottom surface is constant, this...
-
B Ltd purchased an asset for $200 000 on 1 July 2015. This asset has a five year life and is depreciated straight line for both accounting and taxation purposes. B Ltd sold this asset to A Ltd on 1...
-
An asset is purchased for 240 000 It is expected to provide an additional 56 000 of annual net cash inflows The asset has a 10 year life and an expected salvage value of 24 000 The hurdle rate is 10...
-
Record your responses on the spreadsheet template. 2014 February 1 - Brady and Manning decide to start up a partnership. Brady brings in $10 000 cash and equipment costing $60 000, with $17 000 in...
-
Give systematic (IUPAC) names for the following diols and phenols. (a) (b) (c) (d) HO HO HO HO OH No OH Cl Br
-
An 8.82-g sample of Br 2 is placed in an evacuated 1.00 L flask and heated to 58.8C, the normal boiling point of bromine. Describe the contents of the flask under these conditions.
-
Tony is a sole proprietor who owns 40 cabs doing business in Chicago under the name of Tonys Cabs. The companys total net worth is over one million dollars and Tony has personal assets totaling...
-
In recent years, Darnell Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each...
-
11. SO2Cl2 on reaction with excess of water results into acidic mixture SO2Cl2 + H2O H2SO4 + 2HC1 16 moles of NaOH is required for the complete neutralization of the resultant acidic mixture. The...
-
Large central power stations (about 1000 MW electrical) using fluidized bed combustors may be built some day These giants would be fed 240 tons of coallhr (90% C, 10 % H2,), 50% of which would burn...
-
7. (8%) You are given the following Prolog code. foo (alice, carol). bar (bob, carol). bar (bob, dave). bar (eve, bob). qux (X, Y) :- ham (Z, X), ham (Z, Y). ham (X, Y) bar (X, Y). ham (X, Y) :- foo...
-
a. Consider the points \(\mathrm{a}\) and \(\mathrm{b}\) in Figure Q23.18. Is the potential difference \(\Delta V_{\mathrm{ab}}\) between points a and \(\mathrm{b}\) zero? If so, why? If not, which...
-
Rank in order, from largest to smallest, the currents \(I_{1}, I_{2}\), and \(I_{3}\) in the circuit diagram in Figure Q23.12. R = 3R www R = 2R ww ww T FIGURE Q23.12
-
Initially, bulbs A and B in Figure Q23.17 are both glowing. Bulb B is then removed from its socket. Does removing bulb B cause the potential difference \(\Delta V_{12}\) between points 1 and 2 to...
-
Describe how the principles of operant learning theory and social cognitive theory can be used to manage workplace diversity and reduce the effects of workplace stereotypes. How can the...
-
Using an Internet-based search on 'build operate transfer," find an additional definition from a source other than used in Section 14.2. Copy and paste it, as well as any graphics, examples,...
-
A business retains 79% of its customers from one year to the next. If the business uses a 11% discount rate, calculate the margin multiple. Rounding: 2 decimal places.
-
Is it a breach of fiduciary duty for a director of a real estate investment trust (REIT) negotiating a joint venture on behalf of the REIT with another director for the development of a portfolio of...
-
Katie Homes and Garden Co. has 10,640,000 shares outstanding. The stock is currently selling at $52 per share. If an unfriendly outside group acquired 25 percent of the shares, existing stockholders...
-
What allegations are sometimes made against foreign affiliates of multinational firms and against the multinational firms themselves?
-
Morgan Jennings, a geography professor, invests $50,000 in a parcel of land that is expected to increase in value by 12 percent per year for the next five years. He will take the proceeds and provide...
-
Is Fairmont in compliance with company policy that requires explicit approval of all hours of eighty hours or more.
-
In what year was the original company formed?
-
What is meant by inventory shrinkage?
Study smarter with the SolutionInn App