Given the above information, prepare the following: a. The necessary closing entries Example of Answer: Dr....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Given the above information, prepare the following: a. The necessary closing entries Example of Answer: Dr. Equipment 10,000 10,000 Cr. Cash b. How much is the ending capital after the closing process? (Show your calculato Hadi Maintenance Company Adjusted Trial Balance December 31 Cash Accounts receivable Office supplies Office equipment Accumulated depreciation Office equipment Long term notes payable D. Chambers, Capital D. Chambers, Withdrawals Fees earned Salaries expense Rent expense Depreciation expense-Office equipment Office supplies expense Totals Debit Credit 23,500 13,000 6,000 49,600 20,000 39.500 1,000 37,000 32,800 10,000 3,960 2,800 $142.660 $142.660 Given the above information, prepare the following: a. The necessary closing entries Example of Answer: Dr. Equipment 10,000 10,000 Cr. Cash b. How much is the ending capital after the closing process? (Show your calculato Hadi Maintenance Company Adjusted Trial Balance December 31 Cash Accounts receivable Office supplies Office equipment Accumulated depreciation Office equipment Long term notes payable D. Chambers, Capital D. Chambers, Withdrawals Fees earned Salaries expense Rent expense Depreciation expense-Office equipment Office supplies expense Totals Debit Credit 23,500 13,000 6,000 49,600 20,000 39.500 1,000 37,000 32,800 10,000 3,960 2,800 $142.660 $142.660
Expert Answer:
Answer rating: 100% (QA)
b Ending Capital 32600 1 2 3 4 Closing entries Dr Fees Earned Cr Income Summary To record cl... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
Students also viewed these accounting questions
-
Given the above information on Nanosoft and your computations above, in which, if any, of the investments shown in the table below do you recommend that the company invest? Explain your reasoning....
-
Given the above information in Q1, Shannons wants to increase its sales to retailers by 20% in the next year. Management estimates that the incremental promotion program required to generate...
-
Account Title Debit Credit Cash Accounts receivable Office supplies Trucks 7,500 16, 000 6,380 191,000 Accumulated depreciation-Trucks $ 39,346 Land Accounts payable Interest payable Long-term notes...
-
In Exercises find the derivative of the algebraic function. f(x) = (2x + 5x)(x 3)(x + 2)
-
Four conditions must be met before revenue should be recognized. In each of the following cases, tell which condition has not been met: a. Company Alpha accepts a contract to perform services in the...
-
After a boat rescues everyone else from Gilligan's Island, the Professor and Gilligan remain behind, afraid of getting shipwrecked again with the same bunch of people. The Professor grows coconuts...
-
Claire Hunter plans on opening Claire Hunter Floral Designs. She is considering the various types of business organizations and wishes to organize her business with unlimited life and limited...
-
Tom Brown, controller of Microbiology Labs, informs you that the company has sold a segment of its business. Mr. Brown also provides you with the following information for 2012: The following...
-
2. Assume a company is going to make an investment of $450,000 in a machine and the following are the cash flows that two different products would bring in years one through four. Which of the two...
-
Huey and Dunham (1987) measured the running speed of fence lizards, Sceloporus merriami, in Big Bend National Park in Texas. Individual lizards were captured and placed in a 2.3-meter raceway, where...
-
What implications do emerging forms of digital inequality, such as the digital divide and algorithmic biases, have for social stratification in the digital age ?
-
18 0 Q4. If A = -2 and B 4 then find the value of X where 2A + 3B = 5X. Q5. Solve system of linear equations using determinant 2x + 3y+3z = 5, x-2y + z = -4,3x - y - 2z = 3.
-
Identify the role and function of the major components of the Canadian criminal justice system Demonstrate the manner in which the criminal justice system components relate and interact with each...
-
The service life that maximizes revenues generated by an asset the service life that minimizes the cost of replacing the asset the service life that accounts for the costs of an asset replacement the...
-
Can You Afford to Retire? initial Thoughts https://www.youtube.com/watch?v=dKlSOi5f6tQ What are your initial thoughts after watching the first 25 minutes of the video, "Can You Afford to Retire"?...
-
Identify an interesting website with a publicly available API that returns JSON data. Analyze the data by hand, and describe one or more relational tables that you could load a portion of the data...
-
LIST AND DESCRIBE EACH POINT DISCUSSED. LIST AND CAUTIONS OR WARNING HE EMPHASIZES TO AVOID IN READING PEOPLE. PROVIDE A THOUGHTFUL ANALYSIS OF THE VIDEO AND Its CONTENT AND WHAT YOU MAY HAVE LEARNED...
-
On April 1, 2014, Lisboa Limited entered into a cost-plus-fixed fee contract to manufacture an electric generator for Martinez Corporation. At the contract date, Lisboa estimated that it would take...
-
Aero Acrobats lent $47,573 to Afterburner Limited, accepting Afterburner's $49,000, three-month, zero interest-bearing notes. The implied interest is approximately 12%. Prepare Aeros; journal entries...
-
You are hired to review the accounting records of Sheridan Corporation (a public corporation) before it closes its revenue and expense accounts as at December 31, 2014, the end of its current fiscal...
-
Which of the following questions would an auditor ask while auditing accounts receivable to add value to an audit? a. Are accounts receivable pledged? b. Are customers satisfied with your billing...
-
What are some inquiries an auditor can make when examining the long-term debt account to add value to the audit?
-
Beta, Inc., is an affiliate of an audit client and is audited by another firm of auditors. Which of the following is most likely to be used by the auditor to obtain assurance that all guarantees of...
Study smarter with the SolutionInn App