After the accountant posted the adjusting entries for M. Wally, Designer, the work sheet contained the following
Question:
After the accountant posted the adjusting entries for M. Wally, Designer, the work sheet contained the following account balances on May 31:
Required
1. Write the owner’s name on the Capital and Drawing T accounts.
2. Record the account balances in the T accounts for owner’s equity, revenue, and expenses.
3. Journalize the closing entries using the four steps in correct order. Number the closing entries 1 through 4.
4. Post the closing entries to the T accounts immediately after you journalize each one to see the effect of the closing entries. Number the closing entries 1 through4.
ADJUSTED TRIAL BALANCE ACCOUNT NAME DEBIT CREDIT 7 Cash 8 Acoounts Receivable 2.029.00 886.00 400.00 1.460.00 4,672.00 9 Supplies 10 Prepaid Insurance 1 Office Equipment 12 Accumulated Depreciation, Office Equipment 13 Accounts Payable 14 M.Waly, Capital 15M.Wally. Drawing 1.170.00 943.00 9.221.00 1.600.00 16 Commissions Earned 17 Rent Expense 18 Supplies Expense -19-1 Depreciation Expense, Office Equipment 20 Utilites Expense 21 Miscellaneous Expense 1,997.00 990.00 480.00 420.00 26.00 108.00 13,331.00 13,331.00 23 KSheet1 Sheet Sheets
Step by Step Answer:
GENERAL JOURNAL PAGE POST DATE DESCRIPTION REF DEBIT CREDIT 20 x Cl...View the full answer
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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
-
After the accountant posted the adjusting entries for B. Lyon, Designer, the work sheet contained the following account balances on May 31: Required 1. Write the owners name on the Capital and...
-
After the accountant posted the adjusting entries for B. Lyon, Designer, the work sheet contained the following account balances on May 31: Required If you are using working papers, complete the...
-
Journalize the adjusting entries from the partial work sheet on the next page for Brady Company for the month ended May 31. Brady Company Work Sheet For Month Ended May 31,20 INCOME STATEMENT DEBIT...
-
An examiners close inspection of the annual financial statements and the accounting records revealed that Mawani Inc. may have violated some accounting principles. The examiner questioned the...
-
What is the usual consequence of an increase in country risk on a national stock market? Do stock markets in high-risk countries have higher or lower volatility than other markets? Do they have...
-
Search on "3i Group PLC" and answer the following questions: Outline possible alternatives (not necessarily all of them). Explain why alternatives were rejected? Constraints/reasons Why are...
-
With reference to Exercise 11.9, test the null hypothesis \(\beta=0.40\) against the alternative hypothesis \(\beta>\) 0.40 at the 0.05 level of significance. Data From Exercise 11.9 11.9 Scientists...
-
1. What did Nancy Denny think she was buying? What did she buy? On what legal theories did she sue? On what basis did she win? 2. Elsewhere in the decision, dissenting Judge Simons argues that the...
-
Majesty Company uses target costing to ensure that its products are profitable. Assume Majesty is planning to introduc product with the following estimates: Estimated market price Annual demand Life...
-
Gomez issues $240,000 of 6%, 15-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $198,494 when the market rate is 8%. Required 1....
-
Williams Mechanic Services prepared for the following work sheet for the year ended March 31, 20. Required 1. Complete the work sheet. 2. Prepare an income statement. 3. Prepare a statement of...
-
The partial work sheet for Emil Consulting for June is as follows: Required 1. Write the owners name on the Capital and Drawing T accounts. 2. Record the account balances in the T accounts for owners...
-
A distributor is positioned in the supply channel between his customers and suppliers. He knows that the customers maintain inventory that should be taken into account in planning his own inventory...
-
5. Leaders are expected to perform the following functions, except... Fill in the gaps within the organization Provide a vision for the company to follow Motivate employees and colleagues to embrace...
-
WHAT ARE THE DIMESIONS OF CULTURAL DIVERSITY EXPLAIN
-
How do you convince an audience that being wrong might actually be the key to innovation, and the rediscovery of wonder? How it has helped you to navigate the conversation?
-
what is the dependent and independent variables of cultural diversity?
-
How can businesses successfully manage their customer relationship? explain
-
(A) Use electrode potential data to determine G for the reaction (B) The hydrogenoxygen fuel cell is a voltaic cell with a cell reaction of 2 H 2 (g) + O 2 (g) 2 H 2 O(l). Calculate E cell for this...
-
A spacecraft has left the earth and is moving toward Mars. An observer on the earth finds that, relative to measurements made when the spacecraft was at rest, its a. length is shorter b. KE is less...
-
Patrick Corporations adjusted trial balance contained the following asset accounts at December 31, 2015: Capitalized Development Costs $18,000, Prepaid Rent $12,000, Goodwill $50,000, Franchise Fees...
-
Harold Long started a business in May 20-- called Harolds Home Repair. Long hired a part-time college student as an assistant. Long has decided to use the following accounts for recording...
-
Refer to the trial balance of Harold's Home Repair in Problem 3-13A to determine the following information. Use the format provided below. 1. a. Total revenue for the month _________ b. Total...
-
Refer to the trial balance in Problem 3-13A and to the analysis of the change in owners equity in Problem 3-14A. REQUIRED 1. Prepare an income statement for Harolds Home Repair for the month ended...
-
You are planning for retirement in 20 years and currently have $85,000 in a savings account and $25,000 in a mutual fund. Assuming your savings account returns 4% compounded semi-annually, while your...
-
An Italian company is expecting to receive Kuwait dinars in 9 months' time. The spot rate is Lire/dinar 5.467.Your Company could borrow in dinar at 9% per annum or in Lire at 14% per Annum No forward...
-
Gold coast organics has a total assets turnover of 2.5 and a net profit margin of 3.5 percent.the total debt ratio for the firm is 50 percent.calculate the gold coast organics return On equity.
Study smarter with the SolutionInn App