The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this
Question:
The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books:
Transcribed Image Text:
Accounts receivable Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense $46,200 5,800 12,000 29,900 32,500 55,400 8,000 89,200 62,000 29,500 4,140
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
The four journal entries required to close the books are as follows 1 Entry to close income or reven...View the full answer
Answered By
Hande Dereli
Enthusiastic tutor, skilled in ACT and SAT tutoring. Raised one student's score on the SATs from 1100 combined to 1400. Graduated with a 3.9 GPA from Davidson College and led a popular peer tutoring group for three years. Scored in the top 0.06% in the nation on the SATs. The real reason I'm the one to help you nail the test? Results. Clients invariably praise my ability to listen and communicate in a low-stress, fun way. I think it's that great interaction that lets me raise retest SAT scores an average of 300 points.
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: Accounts...
-
The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Accounts receivable Prepaid insurance Land Accounts payable Notes...
-
The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Accounts receivable Prepaid insurance Land Accounts payable Notes...
-
Baxter Ltd requires a new machine to use in the manufacture of a new product. Two machines are available: Big Gee and Maxi-Shadbolt. Baxter Ltd. depreciates machinery using the straight-line method....
-
High tariffs usually lead to black markets and smuggling. How is government revenue reduced by such activity? Relate your answer to the graph in Exhibit 7 in this chapter. Does smuggling have any...
-
In auction bid-ding, the "winner's curse" is the phenomenon of the winning (or highest) bid price being above the expected value of the item being auctioned. The Review of Economics and Statistics...
-
Jason and the toddler present a classic legal puzzle: What, if anything, must a bystander do when he sees someone in danger? We will examine this issue to see how the common law works. The common law...
-
Earnings for several employees for the week ended March 12, 20--, are as follows: Calculate the employer's payroll taxes expense and prepare the journal entry as of March 12, 20--, assuming that FUTA...
-
write the equation of the line with slope=2/3 that passesthrough the point (6,-2) 2 answers
-
The accompanying table shows a portion of data consisting of the January, April, July, and October average temperatures of 50 selected U.S. cities. a. Perform agglomerative hierarchical clustering to...
-
The following accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Advertising expense Dividends Rent expense Salaries expense Service revenue...
-
For each of the following accounts, identify whether it would be closed at year-end (yes or no) and on which financial statement the account would be reported (Balance Sheet, Income Statement, or...
-
Inverse find the inverse of the mapping in Example 1. Show that under that inverse the lines x = const are the images of circles in the w-plane with centers on the line v = 1.
-
read the following article: Boyle, M. A., Augustine, J. J., Garton, E. M., Sharp, D. S., & Mansfield, H. M. (2022). Incorporating noncontingent reinforcement into functional communication training....
-
There are many different ways to add capacity. List several of these and discuss when each would be appropriate.
-
-Discuss the role of policies and procedures for outlining communication responsibilities and provide two (2) examples of human resource communication responsibilities. - Read the following case...
-
1. Communication and the concept of "communicative intelligence" are introduced in ELM #1 as "the lifeblood of [an] organization." This means that effective professional communication is an essential...
-
Find the rank and nullity, and bases for the Row, Column and Null -2 1 1 1 0 1 spaces of A= 3 222 0 2 3 1 1 2 3 -1 0 110-3 3
-
You inherit a tax problem that was researched five months ago. You believe the answer is correct, but you are unfamiliar with the general area. How would you find recent articles dealing with the...
-
2.) Find the Laplace transform of f(t) 7e-St cos 2t +9 sinh2 2t. Use Laplace Table. %3D
-
Schedule M1 of Form 1120 is used to reconcile financial net income with taxable income reported on the corporations income tax return as follows: net income per books + additions subtractions =...
-
In the current year, Woodpecker, Inc., a C corporation with $8.5 million in assets, deducted amortization of $40,000 on its financial statements and $55,000 on its Federal tax return. Is Woodpecker...
-
Hummingbird Corporation, a closely held C corporation that is not a PSC, has $40,000 of net active income, $15,000 of portfolio income, and a $45,000 loss from a passive activity. Compute...
-
Pinewood Products Company uses a periodic inventory system. It entered into the following purchases and sales transactions for April. Date Activities Units Acquired at Cost Units Sold at Retail Apr....
-
Some advantages of obtaining control by acquiring a controlling interest in stock include al but: O The cost may be lower since only a controlling interest in the assets, not the total assets, is...
-
Under individual employee coverage, the worker is covered by the FLSA if: a . the worker produces goods for interstate commerce. b . the worker is a housekeeper in a private home for 1 6 hours a...
Study smarter with the SolutionInn App