The September 30, 2018, adjusted trial balance of Buzzy?s, Inc., is shown next. Requirements 1. Prepare the
Question:
The September 30, 2018, adjusted trial balance of Buzzy?s, Inc., is shown next.
Requirements
1. Prepare the September closing entries for Buzzy?s, Inc.
2. Calculate the ending balance in Retained Earnings.
3. Prepare a post-closing trial balance.
Transcribed Image Text:
Buzzy's, Inc. Adjusted Trial Balance September 30, 2018 ACCOUNT DEBIT CREDIT $ 4,700 1,100 2,400 Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable 625 38,000 $ 3,200 900 Unearned Service Revenue 675 Salaries Payable Notes Payable 1,250 5,000 7,500 Common Stock Retained Earnings 12,100 8,400 Dividends Service Revenue 63,000 Interest Revenue 450 Salaries Expense Rent Expense Depreciation Expense, Equipment Utilities Expense Supplies Expense 28,400 6,250 2,100 1,325 775 $94,075 $94,075 Total
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (10 reviews)
Req 1 Journal DATE ACCOUNTS POST REF Dr Cr Sep 30 Service revenue 63000 Interest revenue 4...View the full answer
Answered By
Moses mwangi
With prior writing experience, be sure that I will give a great grade, If not an A+, it will be something close to this. My reviews speaks it all, Try me!!
4.80+
78+ Reviews
157+ Question Solved
Related Book For
Question Posted:
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
The adjusted trial balance of Rachael Rey Music Company at June 30, 2018, follows: Requirements 1. Prepare Rachael Rey's multi-step income statement for the year ended June 30, 2018. 2. Journalize...
-
The September 30, 2016, adjusted trial balance of Java Hut, Inc., is shown next. Requirements 1. Prepare the September closing entries for Java Hut, Inc. 2. Calculate the ending balance in Retained...
-
The September 30, 2015, adjusted trial balance of Java Jolt, Inc. is shown next. Requirements 1. Prepare the September closing entries for Java Jolt, Inc. 2. Calculate the ending balance in retained...
-
In Problems 2738, the reduced row echelon form of a system of linear equations is given. Write the system of equations corresponding to the given matrix. Use x, y; or x, y, z; or x 1 , x 2 , x 3 , x...
-
Suppose we use Theorem 2 to form a partition P from an equivalence relation R. What is the equivalence relation R' that results if we use Theorem 2 again to form an equivalence relation from P?
-
In preparing an income statement that measures contribution margin and responsibility margin for a responsibility center, two concepts are applied in classifying costs. One is whether the costs are...
-
Zedek Corporation had cash flows from operating activities during the past year of $216,000. During the year, the company expended $462,000 for property, plant, and equipment; sold property, plant,...
-
Following is the unadjusted trial balance for Augustus Institute as of December 31, 2013, which initially records prepaid expenses and unearned revenues in balance sheet accounts. The Institute...
-
Central Systems, Inc. desires a weighted average cost of capital of 10 percent. The firm has an after-tax cost of debt of 6 percent and a cost of equity of 13 percent. What debt-equity ratio is...
-
A car has a mass of 900 kg. It accelerates from rest at a rate of 1.2 m/s 2 . a. Calculate the time taken to reach a velocity of 30 m/s. b. Calculate the force required to accelerate the car at a...
-
Assume the unadjusted and adjusted trial balances for Affordable Pet Dental, Inc., at September 30, 2018, show the following data: Requirement Journalize the adjusting entries that account for the...
-
The adjusted trial balance of Valley Realty, Inc., at December 31, 2018, follows: Requirements 1. Prepare Valley Realty?s income statement and statement of retained earnings for the year ending...
-
Review the project management best practices presented in this chapter or describe several used in an organization you are familiar with. Select any two of them and write a short paper describing how...
-
Suppose a government has a deficit, and the government finances its deficit by issuing bonds. a. Do you think that it may have any impact on the Monetary Base of the economy? Explain your answer. b....
-
Matthew sold four stocks this year. He is in the 3 2 % tax bracket. The following is a summary of these transactions: Gain of $ 2 , 0 0 0 on his investment in Company A , which he held for two years...
-
In normal motion, the load exerted on the hip joint is 2.5 times body weight. Calculate the corresponding stress (in MPa) on an artificial hip implant with a crosssectional area of 5.64 cm in a...
-
Discuss the impact of changes to the superannuation system that were made during 2020. Discuss the potential range of future changes to superannuation. Discuss how these potential future changes...
-
Calculate the speed of a wave in m/s along a taut string with tension 12.3 Newtons and a mass per unit length of 7.8 grams per metre. Use two digits of precision in your answer.
-
Five number summary: (42, 72, 78, 80, 99); n = 120 Tails: 42, 63, 65, 67, 68, . . ., 88, 89, 95, 96, 99 Each describe a sample. The information given includes the five number summary, the sample...
-
What is a manufacturing system?
-
Indicate by letters which of the following control activities match with the following descriptions: Separation of duties (SD) Restricted access (RA) Proper authorization (PA) Adequate documents and...
-
Explain in your own words why separation of duties is often described as the corner-stone of internal control for safeguarding assets. Describe what can happen if the same person has custody of an...
-
Look at each of the following employees of Amandas Restaurant. Which of the elements of the fraud triangle apply? Perceived pressure (P) Perceived opportunity (O) Rationalization (R) _____ 1. As the...
-
Henry was hired as the Chief Operating Officer (COO) of Zeta Corporation, a publicly-traded company in the technology sector, on April 1, 2022. For the fiscal year 2023, Zeta Corporation compensated...
-
Standard Costing at Toyota Values: Cost Element Standard Cost Actual Cost Material Cost $18 per unit $17.50 per unit Labor Cost $38 per hour $40 per hour Requirements: Calculate the material price...
-
Revenue Recognition at Microsoft Values: Contract Value: $10,000,000 Costs Incurred: $8,000,000 Percentage of Completion: 80% Requirements: Apply the conservatism principle to recognize revenue....
Study smarter with the SolutionInn App