At the end of its fiscal year, the adjusted trial balance of Sunland Company is as...
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At the end of its fiscal year, the adjusted trial balance of Sunland Company is as follows:, SUNLAND COMPANY Adjusted Trial Balance July 31, 2021 Debit Credit Cash $3.130 Accounts receivable 11,490 Prepaid rent 8,500 Supplies 750 Equipment 19,950 Accumulated depreciation-equipment $5,700 Patents 18,300 Accounts payable 4,315 Interest payable 750 Unearned revenue 2,050 Notes payable (due on July 1, 2023) 45,400 B. Sunland, capital 28,285 B. Sunland drawings 16,600 Service revenue 74,100 Interest revenue 320 Depreciation expense 2,850 Interest expense 3,000 Rent expense 18,550 Salaries expense 36,950 Supplies expense 20,850 $160,920 $160,920 Prepare the closing entries (Credit account titles are automatically indented when amount is entered. Do not indent manually required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit July 31 (To close revenue accounts) July 31 (To close expense accounts) July 31 (To close profit to capital) July 31 (To close drawngs account) Cullumber Company provides property management services to a variety of companies. At its fiscal year end on April 30, 2021, adjustments were required for the following items: Services of S600 were provided but not recorded or collected. Of the balance in the Unearned Revenue account, $250 of services have been provided. 3. Depreciation expense for the year ended April 30, 2021, was $5.100. 4. Interest of S635 on a note payable had accrued. 5. Prepaid insurance of $455 had expired. Property taxes for the calendar year are payable every year on June 30. The company estimated property taxes for 2021 to be $4,008. (a) Identify the adjustments for which it could be useful to prepare reversing entries. It could be useful to prepare reversing entries for 1. 2. 6. At the end of its fiscal year, the adjusted trial balance of Sunland Company is as follows:, SUNLAND COMPANY Adjusted Trial Balance July 31, 2021 Debit Credit Cash $3.130 Accounts receivable 11,490 Prepaid rent 8,500 Supplies 750 Equipment 19,950 Accumulated depreciation-equipment $5,700 Patents 18,300 Accounts payable 4,315 Interest payable 750 Unearned revenue 2,050 Notes payable (due on July 1, 2023) 45,400 B. Sunland, capital 28,285 B. Sunland drawings 16,600 Service revenue 74,100 Interest revenue 320 Depreciation expense 2,850 Interest expense 3,000 Rent expense 18,550 Salaries expense 36,950 Supplies expense 20,850 $160,920 $160,920 Prepare the closing entries (Credit account titles are automatically indented when amount is entered. Do not indent manually required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit July 31 (To close revenue accounts) July 31 (To close expense accounts) July 31 (To close profit to capital) July 31 (To close drawngs account) Cullumber Company provides property management services to a variety of companies. At its fiscal year end on April 30, 2021, adjustments were required for the following items: Services of S600 were provided but not recorded or collected. Of the balance in the Unearned Revenue account, $250 of services have been provided. 3. Depreciation expense for the year ended April 30, 2021, was $5.100. 4. Interest of S635 on a note payable had accrued. 5. Prepaid insurance of $455 had expired. Property taxes for the calendar year are payable every year on June 30. The company estimated property taxes for 2021 to be $4,008. (a) Identify the adjustments for which it could be useful to prepare reversing entries. It could be useful to prepare reversing entries for 1. 2. 6.
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Date Account Titles and Explanation Debit Credit 74100 320 74420 July 31 Service revenue Interest r... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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