Write the four closing entries and calculate ending Retained Earnings show work using t-accounts After examining the
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Write the four closing entries and calculate ending Retained Earnings
show work using t-accounts
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After examining the insurance policy, it was noted that $1,800 of prepaid insurance existed at 6-30-22. A physical inventory count of supplies showed $1,200 of supplies on hand at 06- 30-22. Annual depreciation on the office equipment was $1,000. half year The interest rate on the note payable is 10%. No interest has been accrued on the loan for the 2022 year. 3000 x 100 ✓ 6 After examining the unearned revenue account, it was noted that all but $1,000 had been earned as of 6-30-22. Salaries of $950 have accrued, but remain unpaid. The telephone bill for June has arrived in the amount of $75 but remains unpaid as of 06-30-22. Advertising services in the amount of $1,600 have been performed for ABC, Inc but not billed or collected as of 06-30-22. After examining the insurance policy, it was noted that $1,800 of prepaid insurance existed at 6-30-22. A physical inventory count of supplies showed $1,200 of supplies on hand at 06- 30-22. Annual depreciation on the office equipment was $1,000. half year The interest rate on the note payable is 10%. No interest has been accrued on the loan for the 2022 year. 3000 x 100 ✓ 6 After examining the unearned revenue account, it was noted that all but $1,000 had been earned as of 6-30-22. Salaries of $950 have accrued, but remain unpaid. The telephone bill for June has arrived in the amount of $75 but remains unpaid as of 06-30-22. Advertising services in the amount of $1,600 have been performed for ABC, Inc but not billed or collected as of 06-30-22.
Expert Answer:
Answer rating: 100% (QA)
Closing entries Close the revenue accounts Debit Advertising Sales Revenue for 18750 Credit Retained ... 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:
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