MY Autobody's adjusted trial balance on December 31, 2014, appears in the work sheet as follows:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
MY Autobody's adjusted trial balance on December 31, 2014, appears in the work sheet as follows: No. 101 Cash 124 Shop supplies 128 Prepaid insurance Account 167 Equipment 168 Accumulated depreciation, equipment 201 Accounts payable 210 Wages payable 301 Mike Yang, capital 302 Mike Yang, withdrawals 401 Repair fees earned 612 Depreciation expense, equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals Debit $27,900 1,750 4,100 87,500 35,500 8,400 104,400 1,850 51,850 4,700 2,840 330,790 Credit $ 7,400 18,900 8,760 139,000 156,730 330,790 Required 1. Prepare closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) MY Autobody's adjusted trial balance on December 31, 2014, appears in the work sheet as follows: No. 101 Cash 124 Shop supplies 128 Prepaid insurance Account 167 Equipment 168 Accumulated depreciation, equipment 201 Accounts payable 210 Wages payable 301 Mike Yang, capital 302 Mike Yang, withdrawals 401 Repair fees earned 612 Depreciation expense, equipment 623 Wages expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 690 Utilities expense Totals Debit $27,900 1,750 4,100 87,500 35,500 8,400 104,400 1,850 51,850 4,700 2,840 330,790 Credit $ 7,400 18,900 8,760 139,000 156,730 330,790 Required 1. Prepare closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Expert Answer:
Answer rating: 100% (QA)
Closing Entries Close Repair Fees Earned Debit Repair Fees Earned 401 156730 Credit Mike Yang Capita... View the full answer
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Posted Date:
Students also viewed these accounting questions
-
MY Auto bodys adjusted trial balance on December 31, 2017, appears in the work sheet as follows: Required 1. Prepare closing entries. 2. Prepare the post-closing trial balance at December 31, 2017....
-
Suppose you receive the following coded message which you know has been encoded with the 1 2 3) matrix A= 1 1 1. Decode the message: 41 55 71 31 23 20 52 36 28 77 46 33 77 62 4 2 1 62 40 50 65 26 43...
-
MY Autobody?s adjusted trial balance on December 31, 2020, appears in the work sheet as follows: Required 1. Prepare closing entries. 2. Prepare the post-closing trial balance at December 31, 2020....
-
Mr. and Mrs. Thomas are buying a new house for $330,000. Compare the two loan offers by finding the monthly payments for each and calculating the total amount paid for each. Loan Options Down Payment...
-
A plane light wave falls on Fresnel mirrors with an angle a = 2.0' between them. Determine the wavelength of light if the width of the fringe on the screen x = 0.55 mm.
-
Refer to the information in PA 10-5 for Darting Around Company. Required: Prepare the journal entry to record the following for Darting Around: 1. Direct materials costs and related variances. Assume...
-
What are trend percentages and how are they calculated? What pitfalls must financial statement users avoid when preparing trend percentages?
-
Rocky Jackson, a friend of yours, just started a new job. He is attempting to fill out Form W-4 and has asked for your help. He would like to receive a large refund when he files his return and would...
-
Required: A bank is quoting the following exchange rates against the dollar for the Swiss franc and the Australian dollar: SFr / $ = 1 . 5 9 7 4 8 4 A$ / $ = 1 . 7 2 5 3 6 3 An Australian firm asks...
-
The management of the WBC television network has been celebrating for days. What a coup! After several unsuccessful attempts in recent decades, they finally have hit the big jackpot. They have won...
-
4. The process of separation of (d, I)-mixture into its constituents is referred to as (a) fractional distillation. (b) resolution. (c) fragmentation. (d) sedimentation.
-
Cigarette Smoking in China On May 1, 2011, the Chinese Government issued a call for no-smoking in 28 public indoor spaces such as offices, restaurants, museums, waiting rooms of train stations, bus...
-
Sunshine Inc., sells a single product. The company's most recent income statement is given below: Sales (4,000 units) P120,000 Less: Flexible expenses 68,000 Contribution margin P52,000 Less:...
-
Does acetazolamide have self limiting effect?
-
To find the best solution to a conflictit will be necessary to have a clear plan and decide on a type of solution. Name 3 types of solution that may be considered.
-
Does acetazolamide produce hyperkalemia?
-
What is the error to this Matlab code for part 3b? Please do parts 3b - 3e Image transcription text WC=1; [-,idx] = min (abs (wout - wc) ) ; A = mag (idx) ; - theta = phaseDeg (idx) ; DO YOUIA WN t...
-
Refer to the data for problem 13-36 regarding Long Beach Pharmaceutical Company. Required: Compute each division's residual income for the year under each of the following assumptions about the...
-
On December 31, 2017, Toro Companys Allowance for Doubtful Accounts had an unadjusted credit bal- ance of $31,000. The accountant for Toro has prepared a schedule of the December 31, 2017, accounts...
-
Jack Tasker opened his Auto Repair Shop in November 2017. The balance sheet at November 30, 2017, prepared by an inexperienced part-time bookkeeper, is shown below. Required Prepare a correct balance...
-
Peeters Consulting completed these transactions during June 2017: June 2. Trevor Peeters, the sole proprietor, invested $46,000 cash and office equipment with a $24,000 fair value in the business. 4....
-
The following attributes are associated with the corporate form of organization. Identify each one. as either an advantage or a disadvantage of the corporate form over other forms of organization: 1....
-
Which of the following sentences is false? a. In the early days of corporations, the par value represented the market value of the stock. b. Par value represents the average value of the stock. c. In...
-
Match the description in the right column with the appropriate term in the left column: 1. Authorized 2. Outstanding 3. Common stock 4. Preemptive right 5. Preferred stock 6. Cumulative preference a....
Study smarter with the SolutionInn App