Question: can you do #1 and please do it by hand. 1. Prepare the closing entries for Mia's Marketing based on the following Information: Income Statement

 can you do #1 and please do it by hand. 1.

can you do #1 and please do it by hand.

1. Prepare the closing entries for Mia's Marketing based on the following Information: Income Statement Mia's Marketing 1-1/12-31-2020 Revenue: Marketing Services $600,000 Expenses Salaries Rent Utilities Total Expenses $90,000 100,000 10,000 (200,000) Net Income $400,000 2. Adjusting Journal Entries a. Elm Company signed a lease and paid $90,000 cash on July 1st. The term of the lease is three months beginning July 1st. Required: Prepare the appropriate journal entries for July 1st and July 31st. b. Oak Company's employees earned $110,000 during the last week of April. These salaries will be paid with the first payroll in May. Required:Prepare the appropriate journal entry for April 30, 2020 C. Birch Company purchased $20,000 worth of supplies for cash on June 1st. On June 30th $8,000 worth of Supplies remained at Birch Required: Prepare the appropriate journal entries for June 1st and June 30th. d. On July 1st, Beechwood Company received a $200,000 cash retainer from Acme Inc for Consulting work to be provided in the future. During July Beechwood provided Acme with $80,000 worth of Consulting Services. Required: Prepare the appropriate Journal Entries for July 1st and July 31st

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!