1. Using the accounts and balances above, prepare the closing entries for 2022. For those boxes in...
Question:
1. Using the accounts and balances above, prepare the closing entries for 2022. For those boxes in which no entry is required, leave the box blank.
Dec. 31 | Depreciation Expense, EquipmentDividends DeclaredIncome SummarySales RevenueUnearned Sales Revenue | - Select - | - Select - |
Depreciation Expense, EquipmentIncome SummaryIncome Tax ExpenseInterest ExpenseInterest Revenue | - Select - | - Select - | |
Accumulated Depreciation, EquipmentIncome SummaryIncome Tax PayablePrepaid RentService Revenue | - Select - | - Select - | |
(Close revenue account) | |||
Dec. 31 | EquipmentIncome SummaryUtilities ExpenseWages ExpenseWages Payable | - Select - | - Select - |
Accumulated Depreciation, EquipmentDepreciation Expense, EquipmentEquipmentRetained EarningsUnearned Service Revenue | - Select - | - Select - | |
Accounts PayableIncome SummaryIncome Tax ExpenseIncome Tax PayableService Revenue | - Select - | - Select - | |
Income SummaryInsurance ExpensePrepaid InsuranceRetained EarningsService Revenue | - Select - | - Select - | |
Accounts PayableEquipmentInterest ExpenseInterest PayableInterest Revenue | - Select - | - Select - | |
Income SummaryPrepaid RentRent ExpenseRetained EarningsUnearned Service Revenue | - Select - | - Select - | |
Accounts ReceivableCashCommon SharesSuppliesSupplies Expense | - Select - | - Select - | |
Accounts PayableIncome SummaryRetained EarningsService RevenueUtilities Expense | - Select - | - Select - | |
Income SummaryInterest RevenueService RevenueWages ExpenseWages Payable | - Select - | - Select - | |
(Close expense accounts) | |||
Dec. 31 | Depreciation Expense, EquipmentDividends DeclaredIncome SummaryIncome Tax ExpenseUtilities Expense | - Select - | |
Common SharesIncome SummaryInterest ExpenseRetained EarningsService Revenue | - Select - | ||
(Close Income Summary) | |||
Dec. 31 | Depreciation Expense, EquipmentDividends DeclaredIncome Tax ExpenseInterest ExpenseRetained Earnings | - Select - | |
CashDividends DeclaredIncome SummaryRetained EarningsService Revenue | - Select - | ||
(Close Dividends Declared) |
2. Prepare a statement of earnings for Port Austin Boat Repair.
Revenues: | ||
Retained earningsSales revenueSupplies expenseUnearned sales revenueUtilities expense | $- Select - | |
Depreciation expense, equipmentIncome tax expenseInsurance expenseInterest expenseInterest revenue | - Select - | $- Select - |
Expenses: | ||
Interest payablePrepaid rentRetained earningsWages expenseWages payable | - Select - | |
Insurance expenseInterest revenuePrepaid insuranceSales revenueUnearned sales revenue | - Select - | |
Accounts receivableCommon sharesSuppliesSupplies expenseWages payable | - Select - | |
Prepaid rentRent expenseRetained earningsSales revenueWages payable | - Select - | |
Accumulated depreciation, equipmentDepreciation expense, equipmentEquipmentIncome summaryWages payable | - Select - | |
Accumulated depreciation, equipmentEquipmentIncome summaryUnearned sales revenueUtilities expense | - Select - | |
Accounts receivableCommon sharesInterest expenseInterest payableInterest revenue | - Select - | |
Accounts payableIncome tax expenseIncome tax payableInterest revenueService revenue | - Select - | - Select - |
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill