The following adjusted trial balance contains the accounts and balances of Ferrara Company as of December 31,
Question:
The following adjusted trial balance contains the accounts and balances of Ferrara Company as of December 31, 2011, the end of its fiscal year.
(1) Prepare the December 31, 2011, closing entries for Ferrara Company.
(2) Prepare the December 31, 2011, post-closing trial balance for Ferrara Company.
Transcribed Image Text:
No. Account Titde Debit Credit $18,000 126 Supplies ....13,900 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment .. 307 Common stock .. 2,000 23,000 $ 6,500 18,168 30,000 319 Dividends 6,000 37,200 612 Depreciation expense-Equipment ······.. . 2,000 622 Salaries expense.... 637 Insurance expense 640 Rent expense.. 652 Supplies expense 1,227 21,687 1,562 2,492 $91,868 $91,868
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
1 2011 Dec 31 Services Revenue 37200 Income Summary 37200 To close the revenue account 31 Incom...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The following adjusted trial balance contains the accounts and balances of Stilz Co. as of December 31, 2014, the end of its fiscal year: Required Prepare the closing entries for the company. No...
-
The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2013, the end of its fiscal year. (1) Prepare the December 31, 2013, closing entries for...
-
The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2017, the end of its fiscal year. (1) Prepare the December 31, 2017, closing entries for...
-
Logistical Logistics Inc. (Logistical Logistics or the "Company") provides transportation and logistics services to customers throughout a network of offices in North America, South America, and...
-
x + y = 4 2x - y = 8 Use the graphical method to solve each of the above pairs of equations.
-
Start with the point (5, 5) and add at least four ordered pairs, (x, y), to make a set of ordered pairs that display the following properties. Show that your sample satisfies the requirements. a. The...
-
A proton moves at \(6.67 \times 10^{5} \mathrm{~m} / \mathrm{s}\) undeflected in the \(+x\) direction through a velocity selector, a device containing crossed electric and magnetic fields. You...
-
Cairns owns 75 percent of the voting stock of Hamilton, Inc. The parents interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other...
-
The following trial balance was extracted from the books of accounts of KOWA partnership operated by Kori and Wangui partners for the period ended 31/12/2018 after preparing a trading account. KOWA...
-
During a pregame warmup period, two basketballs collide above the hoop when in the positions shown. Just before impact, ball 1 has a velocity v 1 which makes a 30 angle with the horizontal. If the...
-
On November 1, 2010, a company paid a $15,300 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table. Balance...
-
Use the following adjusted trial balance of Resource Trucking Company to prepare the (1) Income statement, (2) Statement of retained earnings, for the year ended December 31, 2011. Account Title...
-
Safety Auto Accessories manufactures an automobile safety seat for children that it sells through several retail chains. Safety Auto makes sales exclusively within its five-state region in the...
-
What is volumetric charging?
-
Those who shop only at Walmart believe they will receive the lowest price on quality service and products without hassles. This type of pricing strategy is known as ____ pricing. a. dynamic b....
-
What are the key characteristics of the five principal modes of transport?
-
What do you mean by cam and cam followers? Give some example of their industrial applications?
-
You just learned about the basics of marketing. Consider how this content relates to other areas of business. What information would you need to plan for how marketing impacts finance? And how would...
-
A simple random sample of front-seat occupants involved in car crashes is obtained. Among 2823 occupants not wearing seat belts, 31 were killed. Among 7765 occupants wearing seat belts, 16 were...
-
In muscle tissue, the ratio of phosphorylase a to phosphorylase b determines the rate of conversion of glycogen to glucose 1phosphate. Classify how each event affects the rate of glycogen breakdown...
-
Each of two similar companies has sales of $20,000 and total costs of $15,000 for a month. Company As total costs include $10,000 of variable costs and $5,000 of fixed costs. If Company Bs total...
-
_______ of _______ reflects expected sales in excess of the level of break-even sales.
-
Apple produces iPods for sale. Identify some of the variable and fixed product costs associated with that production.
-
The first video I have for your discussion is "Shock and Awe:The Story of Electricity" Part 1 is called "Spark"It runs from 0:00 to about 58 min, on the following link....
-
Find the present value of a 1 0 - year annuity of $ 8 0 0 0 per annum, given the interest rate of 6 % for the first year, 7 % for the second year, 8 % for the third year, 9 % for the fourth year, and...
-
The management accounting team of XYZ plc also came up with some questions and requested you to explain/answer them for the upcoming board meeting: 1. A chain of XYZ plc, BHealthy Ltd is a wholesale...
Study smarter with the SolutionInn App