A completed worksheet for Cedar Valley Nursery and Landscape is shown below. INSTRUCTIONS 1. Record the balances
Question:
A completed worksheet for Cedar Valley Nursery and Landscape is shown below.
INSTRUCTIONS
1. Record the balances as of December 31 in the ledger accounts.
2. Journalize (use 3 as the page number) and post the adjusting entries. Use account number 131 for Prepaid Advertising and the same account numbers for all other accounts as shown on page 186 for Wells’ Consulting Services chart of accounts.
3. Journalize (use 4 as the page number) and post the closing entries.
4. Prepare a postclosing trial balance.
Analyze: What total credits were posted to the general ledger to complete the closingentries?
Cedar Valley Nursery and Landscape Worksheet Month Ended December 3 TRIAL BALANCE AOODUNT NAME DEBT Cash Accounts Receivoble Suppbes Prepaid Advertising Equipment Accumulated Accounts Payable Scott Scott Jeremy, Drowing Fees Income Suppbes Expense 32 40 oo 60000 9.0100 60 0 c) 1500 900000 82 20 000 y Copito! 8 4000 461 800 g) 3000100 b) 1121 이 이 00 c) 150000 g Expense ment Salaries Expense Utilities Expense otals Net Income 14 40 00 18 00 00 138 이 000 138| 이 00 00 700 00 700
Step by Step Answer:
1 Davis made the following errors preparing the closing entries a Accumulated Depreciation and Accounts Payable are permanent accounts that continue f...View the full answer
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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 Accounting questions
-
A completed worksheet for Cedar Canyon Nursery and Landscape is shown on pages 180-181. INSTRUCTIONS 1. Record the balances as of December 31 in the ledger accounts. 2. Journalize (use 3 as the page...
-
The condensed balance sheets as of December 31 for Rice and Associates and Rachel Excavation are as follows: As of December 31, the market values of Rachels inventories and property, plant, and...
-
A completed worksheet for The King Group is shown on the bottom of these two pages. INSTRUCTIONS 1. Record balances as of December 31, 2016, in the ledger accounts. 2. Journalize (use 3 as the page...
-
Suppose an economy is at full-employment equilibrium at a GDP of $25 billion and investment declines by $4 billion. According to Keynes, this economy will: OA. Quickly self adjust back to full...
-
What are the characteristics of a multinomial experiment? Compare the characteristics to those of a binomial experiment.
-
The standard process for making a polymer has mean yield \(35 \%\). A chemical engineer has developed a modified process. He runs the process on 10 batches and measures the yield (in percent) for...
-
What are some of the best practices to manage information security and privacy in terms of procedural, technical, and physical controls?
-
Variable costs, fixed costs, total costs. Ana Compo is getting ready to open a small restaurant. She is on a tight budget and must choose between the following long-distance phone plans: Plan A: Pay...
-
1. As a Marketing researcher, you would like to establish the-cause-and-the-effect relationship between two variables X and Y (e.g., X causes Y). Explain why such a causal relationship is very hard...
-
1. Using the spreadsheet model from Case 2.1 as a starting point, use Solver to find the optimal set of projects to approve. The solution should maximize the total NPV from the approved projects, and...
-
Sanford Cleaning and Maintenance, owned by Fred Sanford, provides cleaning services to hotels, motels, and hospitals. On January 31, 2016, the firms worksheet showed the following adjustment data....
-
On December 31, after adjustments, The Jackson Family Farms ledger contains the following account balances. 101 Cash .................$85,500 Dr. 111 Accounts Receivable .......... 21,600 Dr. 121...
-
The small postal scale consists of a counterweight W1 connected to the members having negligible eight. Determine the weight W2 that is on the pan in terms of the angles and and the dimension sown....
-
Explain the difference between a held-to-maturity financial instrument, available-for-sale financial asset, and financial assets and liabilities held for trading.
-
On September 7, 2005, Biran Limited signed a contract to buy equipment from a U.S. manufacturer. The price of the equipment was US$500,000. On the same date, Biran entered into a forward contract...
-
Which policy verbs authorize groups to interact with resources with the highest level of permission? A. inspect B. read C. administer D. use
-
Sneakers have evolved from being functional footwear to being a fashion staple underpinned by brand loyal consumers and a subculture of #sneakerheads with their own language, rituals, and sneaker...
-
To improve your listening skills, stop talking, your surroundings should be controlled, be listening for main points, and an open mind must be kept. Your Task. Revise the following sentences so that...
-
In the previous question, suppose the corporate tax rate is 22 percent. What is EBIT in this case? What is the WACC? Explain. Data From previous Question MM Sugar Skull Corp. uses no debt. The...
-
How do the principles of (a) Physical controls and (b) Documentation controls apply to cash disbursements?
-
Legg Masons Value Trust, managed by Bill Miller, outperformed the S&P 500 in each of the 15 years ending in 2005. Is Millers performance sufficient to dissuade you from a belief in efficient markets?...
-
What information does the statement of owner's equity contain?
-
What information is shown in the heading of a financial statement?
-
Why does the third line of the headings differ on the balance sheet and the income statement?
-
9. An arrow 2.5 cm high is placed at a distance of 25 cm from a diverging mirror of focal length 20 cm., Find the nature, position and size of the image formed. 10. The image formed by a convex...
-
1. Find the focal length of a convex mirror of radius of curvature 1m. 2. Focal length of a convex mirror is 50 cm. What is its radius of curvature? 3. Radius of curvature of a concave mirror is 25...
-
When an object is placed at the focus of a concave mirror, the image formed is (i) at infinity (ii) real and inverted, and (iii) highly magnified (or highly enlarged) M E A D C B P F At infinity N
Study smarter with the SolutionInn App