At the end of its fiscal year, the adjusted trial balance of Donatello Company is as follows:
Question:
At the end of its fiscal year, the adjusted trial balance of Donatello Company is as follows:
Instructions
(a) Prepare the closing entries and post them to the correct accounts.
(b) Prepare a post-closing trial balance at July 31, 2014?
Transcribed Image Text:
DONATELLO COMPANY Adjusted Trial Balance July 31, 2014 Debit Credit Cash Accounts receivable Prepaid rent Supplies Debt investments Equipment Accumulated depreciation-equipment Patents Accounts payable Interest payable Unearned revenue Notes payable (due on July 1, 2016) B. Donatello, capital B. Donatello, drawings Service revenue Interest revenue Depreciation expense Interest expense Rent expense Salaries expense Supplies expense S 4,650 11,400 500 750 8,000 19,950 $ 5,700 18,300 4,245 750 2,050 45,000 28,285 16,500 75,000 320 2,850 3,000 18,550 36,050 20,850 $161,350 $161,350
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
a b Date July GENERAL JOURNAL Account Titles and Explanation 31 Service Reven...View the full answer
Answered By
OTIENO OBADO
I have a vast experience in teaching, mentoring and tutoring. I handle student concerns diligently and my academic background is undeniably aesthetic
4.30+
3+ Reviews
10+ Question Solved
Related Book For
Accounting Principles Part 1
ISBN: 978-1118306789
6th Canadian edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
Question Posted:
Students also viewed these Cost Accounting questions
-
The adjusted trial balance for Donatello Company is presented in E4-3. Instructions (a) Prepare an income statement and statement of owner's equity for the year. Mr. Donatello invested $5,000 cash in...
-
At the end of its fiscal year, Berwyn Cleaners, Inc.'s trial balance is as follows. The following information is also available: a. A study of the company's insurance policies shows that $680 is...
-
The adjusted trial balance for Donatello Company is presented in E4-3. Instructions (a) Prepare an income statement and statement of owner's equity for the year. Mr. Donatello invested $5,000 cash in...
-
trade on the common stock of Taz, Inc. that have a strike price of $ 51.00 and a premium of $ 1.00 . In each of the next four parts, calculate the net profit (or loss) on the option position. Note:...
-
Why is the amount of overhead cost allocated to a product or division in an ABC system not necessarily proportional to a single measure of activity such as direct labor hours?
-
The continuous random variable X has probability density function given by Find E(X(X - 1)). (23 - x) 7 < x < 11 f(x) = 56 otherwise.
-
Sophie's Sofas buys sofas for \($1400\) each and sells them for \($2400\) each. On 1 July 2025, 45 sofas were in inventory. Sophie's Sofas completed the transactions below during July. A physical...
-
A major car manufacturer developed the following information as part of its target costing efforts: Required(a) Prepare an exhibit similar to Exhibit 8-9 showing percentage contributions of each...
-
1 Define Management? 2 Define Leadership? 234 4 Explain the Qualities of a successful leader? Define transformational leadership? 5 Explain about Decision making process? Explain the types of...
-
On January 1, Edward Schmidt received a new myPhone 11, manufactured by Peach Inc., which he ordered directly from Peach's website. When he left for work on January 3, 2020, his phone was still in...
-
Selected T accounts for Victoire Esthetics to August 31, 2014, follow. Instructions (a) Prepare a statement of owner's equity for August 2014. (b) Prepare entries to close the income summary and...
-
An alphabetical list of the adjusted account balances (all accounts have normal balances) at August 31, 2014, for Alpine Bowling Lanes is as follows: Instructions (a) Prepare the closing entries at...
-
What is the basic objective of monetary policy? What are the major strengths of monetary policy? Why is monetary policy easier to conduct than fiscal policy in a highly divided national political...
-
Based on the information provided , identify and discuss one most important business risks faced by the firm. - Business risk chosen: Global Pandemic Marking Criteria: - Business risks reflect a...
-
Estimation of future project cash flows using only the relevant parts of the financial statements Ascertaining how an action would affect a firm's taxes Comparing the financial statements from one...
-
Creation of Digital Files Prepare an analysis report for the capital expenditure decision. Once completed, publish the created file online for a board audience using open source repositories with...
-
Suppose f(7) = 9, f'(7) = 3, g(7) = 5, and g'(7) = 6. Find h(7) and h'(7), where h(x) = 4f(x) + 5g(x). h(7) = (Simplify your answer.) ...
-
What are the most used and most important financial statements in a nonprofit and for profit company? Why, be very detailed.
-
What is MySQL?
-
What is removed during each of the three stages of wastewater treatment: primary, secondary, and tertiary? During which state would you expect items to be recovered that were accidentally flushed,...
-
The following is a selected list of ratios comparing Long Inc. and Circular Corporation for a recent year: Instructions (a) Classify each of the above ratios as a liquidity (L), solvency (S), or...
-
Selected comparative financial data (in thousands, except for share price) for Indigo Books & Music are shown below. Instructions (a) Calculate the following ratios for 2011: 1. Asset turnover 2....
-
Presented below is an in-completed income statement for Riverdance Limited. RIVERDANCE LIMITED Income Statement Year Ended December 31, 2014 Net sales ..................................... (a) Cost...
-
Given the following Python code: x = 20 while x > 10: #do something x = x 1 How many times this loop will iterate. 10 11 20 20 0
-
The HTML program is fine I want help to figure out what's wrong with CSS that would not make my website look the same as the picture I provided. @charset "UTF-8"; /* CSS Document for CA3 */ body {...
-
Consider a twisted pair link of distance 2 km. It is required to compute the amount of received power Pr, assuming the transmit power Pt = 1 Watt and the cable attenuation is 20 dB/km.
Swallowing – Physiology, Disorders, Diagnosis And Therapy 1st Edition - ISBN: 8132224191 - Free Book
Study smarter with the SolutionInn App