The Income Statement columns of the work sheet of Redfax Company for the fiscal year ended December
Question:
The Income Statement columns of the work sheet of Redfax Company for the fiscal year ended December 31 follow. During the year, D. Redfax withdrew $12,000. Journalize the closing entries.
Transcribed Image Text:
INCOME STATEMENT DEBIT ACCOUNT NAME 7Income from Services 8 Rental Revenue 9 Wages Expense 10 | Utilities Expense CREDIT 32,750.00 18,000.00に 36,725.00 8,650.00 2,415.00 47790.00 2,960.00 Miscellaneous Expense 50,750.00 12 13 Net Income 14 15 50.750.00し 1 HI'', sheet1 Sheet2 Sheet3
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
GENERAL JOURNAL PAGE DATE DESCRIPTION POST REF DEBIT CREDIT 20 Closing E...View the full answer
Answered By
Payal Mittal
I specialize in finance and accounts.You can ask any question related to til undergradution.Organizational behaviour and HRM are my favourites for you can always relate to them and is an art with practical knowledge base.
4.90+
226+ Reviews
778+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
The steps performed in completing a work sheet are listed below in random order. a. Extend the adjusted trial balance amounts to the Income Statement columns and the Balance Sheet columns. b. Enter...
-
The Income Statement columns of the work sheet of Dunn Company for the fiscal year ended June 30 follow. During the year, K. Dunn withdrew $ 4,000. Journalize the closingentries. INCOME STATEMENT...
-
The Income Statement columns of the work sheet of Cederblom Company for the fiscal year ended December 31 follow. During the year, S. Cederblom withdrew $ 17,000. Journalize the closingentries....
-
Please help me calculate the current assets and current liabilities. Cash and cash equivalents Deposits Marketable securities Inventory Property & equipment, net Loan to shareholders Notes receivable...
-
A hydraulic lift is used to raise an automobile of mass 1500 kg. The radius of the shaft of the lift is 8 cm and that of the piston is 1 cm. How much force must be applied to the piston to raise the...
-
A vertical thermosiphon reboiler is required for a column. The liquid at the base of the column is essentially pure n-butane. A vapor rate of 5 kg/s is required. The pressure at the base of the...
-
On a distant planet small-amplitude waves travel across a \(1-\mathrm{m}\)-deep pond with a speed of \(5 \mathrm{~m} / \mathrm{s}\). Determine the acceleration of gravity on the surface of that...
-
Swedish Imports is an importer of silver, brass, and furniture items from Sweden. Sandra Gustafson is the general manager of Swedish Imports. Gustafson employs two other people in the business. Mandy...
-
You have a light spring which obeys Hooke's law. This spring stretches 2.88 cm vertically when a 2.30 kg object is suspended from it. Determine the following. (a)the force constant of the spring (in...
-
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:...
-
The ledger accounts after adjusting entries for Cruz Services are presented below. a. Journalize the following closing entries and number as steps 1 through 4. b. What is the new balance of A. Cruz,...
-
Identify whether the following accounts would be included on a postclosing trial balance. Post-Closing Trial Balance Account Title Yes No 0. Example: Cash a Service Revenue b. Prepaid Insurance c....
-
Is socialization brainwashing? Explain.
-
Let F = (5t +4, sin(41), 5t) Find the indefinite vector integral F F(t) dt = ( +C2, +C1, +C3)
-
How is scope affected if an auditor decides that a smaller amount of misstatement is material for the same detection risk?
-
Calculate and report the value for the Upper Control Limit (UCL) and the Lower Control Limit (LCL) of the Proportion (p) control chart. Please do all calculations and report your final answers...
-
8 0 , 0 0 0 lb / h of a 1 0 % soda solution in water will be concentrated to 5 0 % . Water vapor available at 1 0 0 psia and 3 4 0 F will be used. The third evaporator has a pressure of 2 psia. The...
-
A particle starts from the origin at t=0 with an initial velocity of 5.5 m/s along the positive axis. If the acceleration is (-3.5 +4.2 m/s, determine (a)the velocity and (b)position of the particle...
-
Is the right to life a negative right or a positive right? In other words, when we say someone has the right to life, are we simply saying we have an obligation not to harm that person, or are we...
-
The electric field due to a line charge is given by where l is a constant. Show that E is solenoidal. Show that it is also conservative. E =
-
Unit-level (variable) manufacturing costs for Smyrna Manufacturing Company amount to $4. Fixed manufacturing costs are $4,500 per month. Production workers provided 800 hours of direct labor in...
-
Upcott Manufacturing Company started 2014 with the following balances in its inventory accounts: Raw Materials, $2,500; Work in Process, $3,000; Finished Goods, $3,300. During 2014, Upcott purchased...
-
The following information was drawn from the accounting records of Vanner Manufacturing Company. During the accounting period, Vanner paid $16,000 to purchase raw materials, $15,000 for direct labor,...
-
In the context of solid-liquid extraction, how do particle size distribution, porosity, and surface area of the solid matrix impact extraction kinetics and overall efficiency? Provide examples of...
-
Discuss the challenges and opportunities associated with the extraction of bioactive compounds from natural sources using environmentally benign solvents and green extraction techniques, such as...
-
The driver of a car traveling at 31.9 m/s applies the brakes and undergoes a constant deceleration of 1.12 m/s 2 . How many revolutions does each tire make before the car comes to a stop, assuming...
Study smarter with the SolutionInn App