Listed below, in alphabetical order, are the account balances (after adjustments) from the general ledger of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Listed below, in alphabetical order, are the account balances (after adjustments) from the general ledger of Nairb Company at December 31, 2021. All accounts have normal balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Office expense B. Fairview, capital B. Fairview, drawings Cash Depreciation expense Equipment Interest expense $3,870 10,000 2,418 6,100 14,122 7,200 2,700 1,209 12,090 587 Notes payable Rent expense Salaries expense Salaries payable Service revenue Supplies Supplies expense Travel expense $2,200 13,100 30,860 580 64.900 200 644 3,400 Prepare closing entries for Nairb Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Prepare closing entries for Nairb Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Dec. 31 (To close revenue accounts) Debit Credit Dec. 31 Dec. 31 (To close income summary) (To close drawings account) Listed below, in alphabetical order, are the account balances (after adjustments) from the general ledger of Nairb Company at December 31, 2021. All accounts have normal balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Office expense B. Fairview, capital B. Fairview, drawings Cash Depreciation expense Equipment Interest expense $3,870 10,000 2,418 6,100 14,122 7,200 2,700 1,209 12,090 587 Notes payable Rent expense Salaries expense Salaries payable Service revenue Supplies Supplies expense Travel expense $2,200 13,100 30,860 580 64.900 200 644 3,400 Prepare closing entries for Nairb Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Prepare closing entries for Nairb Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Dec. 31 (To close revenue accounts) Debit Credit Dec. 31 Dec. 31 (To close income summary) (To close drawings account)
Expert Answer:
Answer rating: 100% (QA)
Date Accounts Debit Credit 2021 Dec 31 Service Revenue 64900 Income Sum... 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
Posted Date:
Students also viewed these accounting questions
-
The following data were taken from the general ledger of Thornton Merchandisers on January 31, the end of the first month of operations in the current fiscal year: Merchandise inventory, January 1 ....
-
The following data were taken from the general ledger of Donald Merchandisers on January 31, the end of the first month of operations in the current fiscal year: Merchandise inventory, January 1 . ....
-
The following data were taken from the general ledger of Owens Booksellers on January 31, the end of the first month of operations in the current fiscal year: Merchandise inventory, January...
-
1. Given the image of the circle, identify the length of the radius, diameter, and circumference. Also, find the area. Make sure to show work (area and circumference) to receive credit. Choose a...
-
Construct a histogram, a frequency polygon, and an ogive for the following frequency distribution. Class Interval Frequency 50under 60 ............13 60under 70 ............27 70under 80...
-
Bag A contains 3 red, 6 black, and 5 white balls, and bag B contains 4 red, 5 black, and 7 white balls. A bag is selected at random and a ball is drawn. If the ball is white, what is the probability...
-
What qualifications does an individual need to serve a summons and complaint?
-
The Brick Company had cash sales of $280,000 for 2018, its first year of operation. On April 2, the company purchased 210 units of inventory at $390 per unit. On September 1, an additional 160 units...
-
Explore the financial market of China. Liquidity Capital Market: Stock and Bond Markets Market Capitalization Money Market: Treasury Bills, Commercial Paper, and (bank) Transaction Accounts Currency...
-
a. What is the maximum amount that Roy should advise his client to withdraw on her 60th birthday? If she lives until age 90, how much should the client expect to leave to her heirs? b. Roy is now...
-
From the salary of an officer, 10% is deducted as house rent, 15% of the rest he spends on children's education and 10% of the balance, he spends on clothes. After this expenditure he is left with...
-
How might a hospital that expects to have a cash shortage sometime during the coming year make sure that needed funds will be available?
-
What are accruals, and what is their role in short-term financing?
-
Why is good supply chain management important to a firms success?
-
What are some implications for the revenue cycle of value-based payment?
-
What is country risk? Describe several types of country risk.
-
The financial advisor to EEW Company is evaluating whether to keep company cars for 3, 4 or 5 years. The following information has been gathered:- A car costs $60,000 and depreciation is 20% pa...
-
Determine the values of the given trigonometric functions directly on a calculator. The angles are approximate. tan 0.8035
-
Melody Lane Co. provides music lessons to many clients across the city. The following information is available to be used in recording annual adjusting entries at the company's September 30, 2017,...
-
You are given the following information for transactions by Schwinghamer Co. All transactions are settled in cash. Schwinghamer uses a perpetual inventory system and the FIFO cost formula....
-
On August 31, 2017, the account balances of Pitre Equipment Repair were as follows: During September, the following transactions were completed: Sept. 1 Borrowed $10,000 from the bank and signed a...
-
Assume WestJet repaired one of its Boeing 737 aircraft at a cost of \(\$ 0.8\) million, which West Jet paid in cash. Further, assume that the WestJet accountant erroneously capitalized this cost as...
-
Assume that at the beginning of 2020, Porter Airlines purchased a Bombardier Q400 aircraft at a cost of \(\$ 25,000,000\). Porter expects the plane to remain useful for five years \((5,000,000...
-
Assume that on September 30, 2020, Swiss, the national airline of Switzerland, purchased an Airbus aircraft at a cost of \( 40,000,000\) ( \(\) is the symbol for the euro). Swiss expects the plane to...
Study smarter with the SolutionInn App