Rae Services, Inc. provides healthcare diagnostics for patients with autoimmune diseases. At the end of their...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Rae Services, Inc. provides healthcare diagnostics for patients with autoimmune diseases. At the end of their first year of operations, Rae Services account balances are shown in the adjusted trial balance shown below: Rae Services, Inc. Adjusted Trial Balance December 31, 2012 Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Common stock Retained earnings Dividends Service revenue Advertising expense Depreciation expense-Equipment Insurance expense Rent expense Salaries expense Supplies expense Utilities expense 174,500 141,500 4,650 2,200 85,800 66,000 2,500 3,700 1,200 9,600 165,000 3,700 67,000 240,000 120,000 230,731 1,405 3,376 661,431 661,431 a) Prepare closing entries. b) Prepare a post-closing Trial Balance Rae Services, Inc. provides healthcare diagnostics for patients with autoimmune diseases. At the end of their first year of operations, Rae Services account balances are shown in the adjusted trial balance shown below: Rae Services, Inc. Adjusted Trial Balance December 31, 2012 Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Common stock Retained earnings Dividends Service revenue Advertising expense Depreciation expense-Equipment Insurance expense Rent expense Salaries expense Supplies expense Utilities expense 174,500 141,500 4,650 2,200 85,800 66,000 2,500 3,700 1,200 9,600 165,000 3,700 67,000 240,000 120,000 230,731 1,405 3,376 661,431 661,431 a) Prepare closing entries. b) Prepare a post-closing Trial Balance
Expert Answer:
Answer rating: 100% (QA)
To prepare the closing entries for Rae Services Inc we must close out the temporary accounts revenues expenses and dividends to the permanent accounts ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
The trial balances shown below are before and after adjustment for Bere Company at the end of its fiscal year. Instructions Prepare the adjusting entries that weremade. BERE COMPANY Trial Balance...
-
The adjusted trial balance of Elite Realty, Inc., at December 31, 2012, follows: Requirements 1. Prepare Elite Realtys income statement and statement of retained earnings for the year ending December...
-
The trial balance and adjustment data of Brookes Motors, Inc., at September 30, 2012, follow: Additional data at September 30, 2012: a. Depreciation on equipment, $1,100. b. Accrued wage expense,...
-
Southern Stitches is a local casual clothing shop that makes a variety of t-shirt styles. Below is some actual vs. budget information for Southern's t-shirts for the month of May. Assume no...
-
Consider the broad shifts in marketing. Do any themes emerge in them? Can you relate the shifts to the major societal forces? Which force has contributed to which shift?
-
The compressor discussed in Illustrations 3.4-4 and 4.5-1 is being used to compress air from 1 bar and 290 K to 10 bar. The compression can be assumed to be adiabatic, and the compressed air is found...
-
Refer to the information in Exercise 16-12. Prepare a process cost summary using the FIFO method. (Round cost per equivalent unit calculations to two decimal places.) Data From Exercise 16-12 The...
-
(Issuance of Bonds between Interest Dates, Straight-Line, Retirement) Presented below are selected transactions on the books of Simonson Corporation. May 1, 2010 Bonds payable with a par value of...
-
Define what is meant by an asset and a liability. Give an example of each.
-
Thompson Distributors packages and distributes industrial supplies. A standard shipment can be packaged in a class A container, a class K container, or a class T container. A single class A container...
-
Evaluate the line integral below Where C consists of the arc C 1 of the parabola y = x 2 from (0 ,0) to (1, 1) followed by the vertical line segment C 2 from (1, 1) to (1, 2). 2xds
-
I walked into the empty restaurant in Managua carrying a backpack stuffed with cash, thick stacks of Nicaraguan crdobas bound by rubber bands. The waiter, as expected, asked me to hand over the...
-
Assume that, before purchasing Acuxen, a patient in a pharmacy asked the pharmacist about the product and that the pharmacist remarked that in his opinion the product seemed to be effective for...
-
This is an administrative hearing before the DEA, not a court case. The pharmacist in this case initially meant well by refilling a narcotic prescription for an employee that he was certain would be...
-
To make a zig-zag pattern, a graphic designer sketches two parallel line segments. Then the designer draws blue and green triangles as shown below. A B C D K E F G
-
The pharmacist in this case was an employee at will, which means that he was not subject to an employment contract and as such could be terminated for any reason or no reason at all. Despite this...
-
Python Number Converter (program) which will convert a decimalnumber (base 10) to its equivalent in Hexadecimal (base 16) Octal (base 8) Binary (base 2) values. Sample Test Runs Number Converter...
-
Which of the followingcarbocations is the least stable? CH3CH2 . CH3CHCH3 CH3 I . CH3C0 T CH3 IV. V. CH3 CH3CCH2 CH3
-
Refer to the information in QS 6-5 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on weighted average. December 7 10...
-
Esteban Co. owns a machine that costs $38,400 with accumulated depreciation of $20,400. Esteban exchanges the machine for a newer model that has a market value of $48,000. (1) Record the exchange...
-
Describe the relations among the income statement, the manufacturing statement, and a detailed listing of factory overhead costs.
-
What are the six books of original entry?
-
Show the journal entries necessary to record the following items: 2017 Apr 1 Bought office furniture on credit from Durham Brothers Ltd 1,400. 4 We take goods costing 270 out of the business...
-
You are to show the journal entries necessary to record the following items which occured in 2016: (a) May 1 Bought a motor bike on credit from Lakeside Garage for 5,500. (b) May 3 A debt of 347...
Study smarter with the SolutionInn App