In the General Journal Closing Entries the journal entry to close Income Summary to Tom Jones, Capital
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During the second half of December 20-1, TJ's Specialty Shop engaged in the following transactions: Dec. 16 Received payment from Lucy Greene on account, 51,960. 16 Sold merchandise on account to Kim Fields, $160, plus sales tax of $8. Sale No. 640. Returned merchandise to Evans Essentials for credit, $150. Issued Check No. 813 to Evans Essentials in payment of December 1 balance of $1,250, less the credit received on December 17. Sold merchandise on account to Lucy Greene, $620, plus tax of $31. Sale No. 641. 17 18 19 Received payment from John Dempsey on account, $1,560. Issued Check No. 814 for the purchase of supplies, $120. (Debit Supplies) Purchased merchandise on account from West Wholesalers, $1,200. Invoice No. 465, dated December 24, terms n/30. Purchased merchandise on account from Nathen Co., $800. Invoice No. 817, dated December 26, terms 2/10, n/30. Issued Check No. 815 to KC Power & Light (Utilities Expense) for the month of December, $630. 22 23 24 26 27 Sold merchandise on account to John Dempsey, S2,020, plus tax of $101. Sale No. 642. 27 29 Received payment from Martha Boyle on account, $2,473. 29 Issued Check No. 816 in payment of wages (Wages Expense) for the two-week period ending December 28, $1,100. Issued Check No. 817 to Meyers Trophy Shop for a cash purchase of merchandise, $200. 30 As of December 16, TJ's account balances were as follows: Account Account No. Debit Credit $ 9,705 Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Supplies Prepaid Insurance Land 101 122 10,256 131 21,800 135 250 141 1,035 1,380 8,750 52,000 145 161 Building Accum. Depr.-Building Store Equipment Accum. Depr.-Store Equipment Accounts Payable Customer Refunds Payable 171 171.1 $ 9,200 181 28,750 9,300 3,600 300 181.1 202 203 During the second half of December 20-1, TJ's Specialty Shop engaged in the following transactions: Dec. 16 Received payment from Lucy Greene on account, 51,960. 16 Sold merchandise on account to Kim Fields, $160, plus sales tax of $8. Sale No. 640. Returned merchandise to Evans Essentials for credit, $150. Issued Check No. 813 to Evans Essentials in payment of December 1 balance of $1,250, less the credit received on December 17. Sold merchandise on account to Lucy Greene, $620, plus tax of $31. Sale No. 641. 17 18 19 Received payment from John Dempsey on account, $1,560. Issued Check No. 814 for the purchase of supplies, $120. (Debit Supplies) Purchased merchandise on account from West Wholesalers, $1,200. Invoice No. 465, dated December 24, terms n/30. Purchased merchandise on account from Nathen Co., $800. Invoice No. 817, dated December 26, terms 2/10, n/30. Issued Check No. 815 to KC Power & Light (Utilities Expense) for the month of December, $630. 22 23 24 26 27 Sold merchandise on account to John Dempsey, S2,020, plus tax of $101. Sale No. 642. 27 29 Received payment from Martha Boyle on account, $2,473. 29 Issued Check No. 816 in payment of wages (Wages Expense) for the two-week period ending December 28, $1,100. Issued Check No. 817 to Meyers Trophy Shop for a cash purchase of merchandise, $200. 30 As of December 16, TJ's account balances were as follows: Account Account No. Debit Credit $ 9,705 Cash Accounts Receivable Merchandise Inventory Estimated Returns Inventory Supplies Prepaid Insurance Land 101 122 10,256 131 21,800 135 250 141 1,035 1,380 8,750 52,000 145 161 Building Accum. Depr.-Building Store Equipment Accum. Depr.-Store Equipment Accounts Payable Customer Refunds Payable 171 171.1 $ 9,200 181 28,750 9,300 3,600 300 181.1 202 203
Expert Answer:
Answer rating: 100% (QA)
COMPLETE THE ABOVE SENTENSES SO THAT I GET PROPER FIGURES OF OPENING TRIAL BALAN... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
Students also viewed these accounting questions
-
The post closing trial balance of Baher & Maher Partnership and Amin & Yasin partnership follows: Baher & Maher Amin & Yasin Trial Balance Trial Balance Dr. (S) | Cr. (S) Dr. (S) | Cr. (S) Cash...
-
An investor who invests capital in early-stage, high-potential start-ups is called a. Entrepreneurs b. Credit investors c. Wealthy individuals d. Venture capitalist
-
can anyone help me to find the solutions manual for the book in the photo below (ISBN 978-0-07-339820-4) Mechanical Engineering Design? Richard G. Budynas J. Keith Nisbett Tenth Edition Shigley's...
-
On January 1, 2014, Iron Mountain Ski Corporation purchased a new snow-grooming machine for $50,000. The machine is estimated to have a 10-year life with a $2,000 salvage value. What journal entry...
-
What are the three conditions for long-run equilibrium? What happens if each of the conditions is violated?
-
A client who is a small independent oil and gas producer asks you to determine whether the business qualifies for percentage depletion. The client is worried that it may be classified as a refiner....
-
Provide an example, real or imagined, of a hypothesis test for the difference between two means.
-
Abernathy, Inc., produces two different generators and is concerned about their quality. The company has identified the following quality activities and costs associated with the two products:...
-
A company requires 1000 units per month of an oil filter from a supplier to produce its final produce. Ordering cost, and the annual inventory carrying charge for the filter are estimated at S = $25...
-
The Webber Company is an international conglomerate with a real estate division that owns the right to erect an office building on a parcel of land in downtown Sacramento over the next year. This...
-
A conflict of interest between the stockholders and management of a firm is called: A. Stockholders' liability B. Corporate breakdown C. The agency problem D. Corporate activism E. Legal liability...
-
Write a short essay on what you would like your personal brand to be.
-
Revisit the definition of strategic communication and then review the vignette at the beginning of the chapter. Match the different terms in the definition to the different entities in the vignette.
-
For a balanced-Y impedance load with per-phase impedance of \(Z_{Y}\) and a neutral impedance \(Z_{n}\), the zero-sequence voltage \(V_{0}=Z_{0} I_{0}\), where \(Z_{0}=\) Fill in the Blank.
-
Why are marketers increasingly embracing marketing analytics?
-
Identify the media you use and determine how you might be able to use them strategically in communication practice.
-
Assume that we have a fixed supply of a depletable resource to allocate between two periods. Assume further that the demand function is constant in the two periods, the marginal willingness to pay is...
-
According to a New York Times columnist, The estate tax affects a surprisingly small number of people. In 2003, . . . just 1.25 percent of all deaths resulted in taxable estates, with most of them...
-
Lang Company reports net assets with a book value and fair value of $200,000 Pace Corporation acquires 75 percent ownership for $150,000. Pace reports net assets with a book value of $520,000 and a...
-
Following are four independent transactions or events that relate to a local government and a voluntary health and welfare organization: 1. Made a disbursement of $25,000 from the general fund...
-
Pride Corporation owns 80 percent of Simba Corporation's outstanding common stock. Simba, in turn, owns 10 percent of Pride's outstanding common stock. Required a. What percent of the dividends paid...
-
What is the general reporting format on financial statements prepared in accordance with a comprehensive basis of accounting other than generally accepted accounting principles?
-
What is negative assurance within the context of an auditor's report? How does it differ from positive assurance?
-
What body establishes standards for a. All audits and for reviews of interim financial information and preparation of unaudited financial statements of public companies? b. Reviews and compilations...
Study smarter with the SolutionInn App