Drop down arrows on either side of the chart T-accounts have been opened using the balances from
Fantastic news! We've Found the answer you've been seeking!
Question:
Drop down arrows on either side of the chart
Transcribed Image Text:
T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for all accounts. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries (REID) as post references and include Bal. references where appropriate. For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account. Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Service Revenue 28,900 Dec. 31 Income Summary 7,820 Income Summary 28.900 Salaries Expense 5.000 Depreciation Expense-Furniture 300 Insurance Expense 250 Utlites Expense 290 Rent Expense 1,900 Supplies Expense 80 Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec, 31 Income Summary 21,080 Dec. 31 Retaned Earnings 4500 Retained Earmings 21.080 Dividends 4.500 T-accounts have been opened using the balances from the adjusted trial balance. Post the closing entries to the t-accounts and calculate ending balances for all accounts. For accounts that have a zero balance, enter the zero on the normal balance side. Use the acronym for closing entries (REID) as post references and include Bal. references where appropriate. For the Income Summary account, calculate and enter the Balance (Bal.) before posting the entry to close out the account. Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec. 31 Service Revenue 28,900 Dec. 31 Income Summary 7,820 Income Summary 28.900 Salaries Expense 5.000 Depreciation Expense-Furniture 300 Insurance Expense 250 Utlites Expense 290 Rent Expense 1,900 Supplies Expense 80 Date Accounts and Explanation Debit Credit Date Accounts and Explanation Debit Credit Dec, 31 Income Summary 21,080 Dec. 31 Retaned Earnings 4500 Retained Earmings 21.080 Dividends 4.500
Expert Answer:
Answer rating: 100% (QA)
Retained Earnings Dividends D 4500 0 Bal Bal 4500 4500 D 21080 16580 B... View the full answer
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Posted Date:
Students also viewed these accounting questions
-
Liquidity management can be practiced on either side of the balance sheet. How are asset and liability management similar and how do they differ? Why do smaller banks have limited access to liability...
-
Two amusement parks that are located on either side of a highway are considering promotional advertising campaigns to stimulate demand. If both parks advertise, then both will experience a $20...
-
When two unequal masses are balanced on either side of the (balanced) meter stick, what is the relationship between the ratios of the masses and the ratios of their lever arms? Is it possible that...
-
A study in Batu Pahat General Hospital's on patient account division has compiled data on the age of accounts receivables. The data collected indicates that the age of the accounts follows a normal...
-
Given that the random variable Y has mean = 25 and SD = 10, fnd the mean and SD of each of these random variables that are defined from Y: (a) 2Y + 20 (b) 3Y (c) Y / 2 + 0.5 (d) 6 Y
-
Jill and George are married and file a joint return. They expect to have $425,000 of taxable income in the next year and are considering whether to purchase a personal residence that would provide...
-
For the data in Table 12.1, confirm that the Pearson statistic in equation (12.3) is 41.98 . Table 12.1 (12.3) Count Observed (j) (nj) Fitted Counts Using the Poisson Distribution (np;) 01234 6,996...
-
Figure shows three rotating, uniform disks that are coupled by belts. One belt runs around the rims of disks A and C. Another belt runs around a central hub on disk A and the rim of disk B. The belts...
-
Consider the following fixed-point iteration: xn+1 = g(xn), where [f(x)] 2 g(x) = x (x + f(x)) f(x)* (a) What is the order of convergence for the method? (e.g. what is p?). Hint: Show that the method...
-
The trial balance of Jeremina plc as at 31 March 20X2 is as follows: Notes: (i) Stock of finished goods on 31 March 20X2 163,000. (ii) Motor expenses and depreciation on motors to be apportioned:...
-
Use the graph below to find a Minimum Spanning Tree by (a) Prim's Algorithm (10 points) and (b) Kruskal Algorithm (10 points) BO b 9 8 00 10 1 5 O
-
Why might a company choose to raise finance for new green projects by issuing bonds, rather than other sources of capital?
-
Most countries in Europe do not have stringent laws to protect whistleblowers. True/false
-
Identify the seven eras of business in the United States. How did business change during each era?
-
The National Crisis Inquiry Report (2011) concluded that the financial crisis was unavoidable. True/false
-
What might be the business advantages of developing bespoke green loan products?
-
If I add more neurons to my neural network, what may I expect? 1 1 point Underfitting A perfect model Overfitting
-
You purchase a bond with a coupon rate of 6.7 percent, a par value $1,000, and a clean price of $905. Assume a par value of $1,000. If the next semiannual coupon payment is due in two months, what is...
-
Sales volume has been dropping at Winona Publishing Company. During this time, however, the Shipping Department manager has been under severe financial constraints. The manager knows that most of the...
-
Jupiter Company expects to operate at 90% of productive capacity during May. The total manufacturing costs for May for the production of 25,000 batteries are budgeted as follows: Direct materials...
-
Shane Raburn is planning to manage and operate Birdie Caddy Service at Biloxi Golf and Country Club during June through August 2008. Shane will rent a small maintenance building from the country club...
-
The distribution of the energy of the molecules is also of importance in the kinetics of chemical reactions. The fraction of molecules with energy in the range between \(E\) and \(E+d E\) is given...
-
Show the details leading to the equation (1.52) in the text, \[D_{\mathrm{AA}}=\frac{1}{3} \bar{c} \lambda\] where \(D_{\mathrm{AA}}\) is the self-diffusion coefficient.
-
The simple formula \(C_{p}=(5 / 2) R\) (molar units) is valid only for monatomic gases. A simple extension that has been suggested is \[C_{p}=\left(5+N_{\mathrm{r}} ight) \frac{1}{2} R\] where...
Study smarter with the SolutionInn App