Required: 1. Record the adjusting entries in the general journal (transactions 1-3). 2. Record the closing...
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Required: 1. Record the adjusting entries in the general journal (transactions 1-3). 2. Record the closing entries in the general journal (transactions 4-7). 3. Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. 4. Prepare a postclosing trial balance. Analyze: How many accounts are listed in the adjusted and postclosing trial balance section? Account Name Cash Accounts receivable Supplies Prepaid advertising Equipment Accumulated depreciation-Equipment Accounts payable Delva King, Capital Delva King, Drawing Fees income Supplies expense Advertising expense Depreciation expense-Equipment Salaries expense Utilities expense Totals Net income THE KING GROUP Worksheet Month Ended December 31, 20X1 Trial Balance Debit 92,000 11,600 5,200 20,800 50,000 8,000 Credit Debit 11,600 128,000 63,600 Adjustments 14,000 1,600 203,200 203,200 (a) 2,000 (b) 2,600 (c) 2,000 6,600 Credit (a)2,000 (b) 2,600 (c) 2,000 Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit 92,000 92,000 11,600 11,600 3,200 3,200 18,200 50,000 8,000 2,000 2,600 2,000 2,000 11,600 128,000 63,600 14,000 1,600 6,600 205,200 205,200 2,000 2,600 63,600 18,200 50,000 8,000 2,000 11,600 128,000 2,000 14,000 1,600 22,200 63,600 183,000 141,600 41,400 41,400 63,600 63,600 183,000 183,000 B BBVT Publishing - Introduction to Macroeconomics 6/3 - Chapter 3 Section 1 Ch 06 P6-2a i 1 20 points eBook ● Ask ✔ Print 0 References Mc Graw Hill Supplies Date Dec 31, 20X1 Dec 31, 20X1 Accumulated Depreciation- Equipment Date Dec 31, 20X1 Debit Dec 31, 20X1 Dec 31, 20X1 Delva King, Drawing Date Debit Dec 31, 20X1 Dec 31, 20X1 Debit Fees Income Date Data Debit Utilities Expense Date Dec 31, 20X1 Dec 31, 20X1 Debit Depreciation Expense- Equipment Debit Account No: 121 Credit 92,000 Credit Account No: 142 2.000 Credit Balance Account No: 302 Credit 92,000 0 Credit Balance Account No: 401 Credit Balance Account No: 514 2,000 Balance Balance Account No: 523 Balance ezto.mheducation.com M Question 1- Ch 06 P6-2a - Connect Prepaid Advertising Date Dec 31, 20X1 Dec 31, 20X1 Date Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Delva King, Capital Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Seved Income Summary Date Dec 31, 20X1 Dec 31, 20X1 Debit Dec 31, 20X1 Dec 31, 20X1 Salaries Expense Date Data Debit < Prev 8,000 Debit Supplies Expense Date Debit 41,400 Debit Advertising Expense Debit 1 of 1 # Account No: 131 Credit 2.600 Account No: 301 Credit 63,600 Credit 220,000 Account No: 309 Credit Balance Credit Balance Account No: 511 Credit 128,000 120,000 183,600 Next > 2,600 0 Balance Account No: 517 220,000 178,600 Balance Account No: 526 Balance Balance Help Dashboard Save & Exit Submit Check my work Û + 88 Required: 1. Record the adjusting entries in the general journal (transactions 1-3). 2. Record the closing entries in the general journal (transactions 4-7). 3. Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. 4. Prepare a postclosing trial balance. Analyze: How many accounts are listed in the adjusted and postclosing trial balance section? Account Name Cash Accounts receivable Supplies Prepaid advertising Equipment Accumulated depreciation-Equipment Accounts payable Delva King, Capital Delva King, Drawing Fees income Supplies expense Advertising expense Depreciation expense-Equipment Salaries expense Utilities expense Totals Net income THE KING GROUP Worksheet Month Ended December 31, 20X1 Trial Balance Debit 92,000 11,600 5,200 20,800 50,000 8,000 Credit Debit 11,600 128,000 63,600 Adjustments 14,000 1,600 203,200 203,200 (a) 2,000 (b) 2,600 (c) 2,000 6,600 Credit (a)2,000 (b) 2,600 (c) 2,000 Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit 92,000 92,000 11,600 11,600 3,200 3,200 18,200 50,000 8,000 2,000 2,600 2,000 2,000 11,600 128,000 63,600 14,000 1,600 6,600 205,200 205,200 2,000 2,600 63,600 18,200 50,000 8,000 2,000 11,600 128,000 2,000 14,000 1,600 22,200 63,600 183,000 141,600 41,400 41,400 63,600 63,600 183,000 183,000 B BBVT Publishing - Introduction to Macroeconomics 6/3 - Chapter 3 Section 1 Ch 06 P6-2a i 1 20 points eBook ● Ask ✔ Print 0 References Mc Graw Hill Supplies Date Dec 31, 20X1 Dec 31, 20X1 Accumulated Depreciation- Equipment Date Dec 31, 20X1 Debit Dec 31, 20X1 Dec 31, 20X1 Delva King, Drawing Date Debit Dec 31, 20X1 Dec 31, 20X1 Debit Fees Income Date Data Debit Utilities Expense Date Dec 31, 20X1 Dec 31, 20X1 Debit Depreciation Expense- Equipment Debit Account No: 121 Credit 92,000 Credit Account No: 142 2.000 Credit Balance Account No: 302 Credit 92,000 0 Credit Balance Account No: 401 Credit Balance Account No: 514 2,000 Balance Balance Account No: 523 Balance ezto.mheducation.com M Question 1- Ch 06 P6-2a - Connect Prepaid Advertising Date Dec 31, 20X1 Dec 31, 20X1 Date Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Delva King, Capital Dec 31, 20X1 Dec 31, 20X1 Dec 31, 20X1 Seved Income Summary Date Dec 31, 20X1 Dec 31, 20X1 Debit Dec 31, 20X1 Dec 31, 20X1 Salaries Expense Date Data Debit < Prev 8,000 Debit Supplies Expense Date Debit 41,400 Debit Advertising Expense Debit 1 of 1 # Account No: 131 Credit 2.600 Account No: 301 Credit 63,600 Credit 220,000 Account No: 309 Credit Balance Credit Balance Account No: 511 Credit 128,000 120,000 183,600 Next > 2,600 0 Balance Account No: 517 220,000 178,600 Balance Account No: 526 Balance Balance Help Dashboard Save & Exit Submit Check my work Û + 88
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Question 1 Transaction 1 Date December 31 20X1 Account Title Debit Credit Supplies Expense 2000 Supplies 2000 Explanation This entry recognizes the consumption of supplies during the period as indicat... View the full answer
Related Book For
Integrated Accounting
ISBN: 978-1285462721
8th edition
Authors: Dale A. Klooster, Warren Allen, Glenn Owen
Posted Date:
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