The following is an Adjusted Trial Balance for Newfoundland Snow Removal Inc. Newfoundland Ice Harvesters Inc....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following is an Adjusted Trial Balance for Newfoundland Snow Removal Inc. Newfoundland Ice Harvesters Inc. Worksheet Acct no. 101 106 126 128 131 163 168 201 210 215 301 302 401 501 522 537 540 550 Account Cash Accounts Receivable Harvesting Supplies Prepaid Insurance Prepaid Rent Harvester Accumulated Depreciation, Harvester Accounts Payable Accrued Wages Notes Payable M Avalon, Capital M Avalon, Withdrawals Snow Plow Fees Earned Depreciation Expense, Harvester Wages Expense Rent Expense Utilities Expense Harvesting Supplies Expense December 31, 2020 Adjusted Trial Balance Credit Debit 5,825 3,550 950 1,050 800 9,475 32,500 1,000 32,000 4,750 3,750 2,250 $97,900 2,000 2,975 1,350 7,500 44,075 40,000 $97,900 Post-closing Debit Required: 1. Using the provided General Journal, prepare the closing entries. Explanations are requirec 2. Using the provided General ledger account, update the balance in the Capital account 3. Complete a post-closing trial balance. The following is an Adjusted Trial Balance for Newfoundland Snow Removal Inc. Newfoundland Ice Harvesters Inc. Worksheet Acct no. 101 106 126 128 131 163 168 201 210 215 301 302 401 501 522 537 540 550 Account Cash Accounts Receivable Harvesting Supplies Prepaid Insurance Prepaid Rent Harvester Accumulated Depreciation, Harvester Accounts Payable Accrued Wages Notes Payable M Avalon, Capital M Avalon, Withdrawals Snow Plow Fees Earned Depreciation Expense, Harvester Wages Expense Rent Expense Utilities Expense Harvesting Supplies Expense December 31, 2020 Adjusted Trial Balance Credit Debit 5,825 3,550 950 1,050 800 9,475 32,500 1,000 32,000 4,750 3,750 2,250 $97,900 2,000 2,975 1,350 7,500 44,075 40,000 $97,900 Post-closing Debit Required: 1. Using the provided General Journal, prepare the closing entries. Explanations are requirec 2. Using the provided General ledger account, update the balance in the Capital account 3. Complete a post-closing trial balance.
Expert Answer:
Answer rating: 100% (QA)
1 When the business transactions are recorded into the journal by way of debit and credit then the r... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The Poisson distribution is a widely used discrete probability distribution in science: This distribution describes the number of events (x) occurring in a fixed period of time. The events occur with...
-
Frisco Corporation is analyzing its fixed and variable costs within its current relevant range. As its cost driver activity changes within the relevant range, which of the following statements is/are...
-
Heat-treating metal parts is a widely used manufacturing process. An article in the Journal of Metals (1989, Vol. 41) described an experiment to investigate flatness distortion from heat-treating for...
-
For students who enjoy the complexities of analytical syllogistics, here follow some theoretical questions whose answers can all be derived from the systematic application of the six rules of the...
-
Define internal pricing, shadow pricing, and explain how they are different from one another.
-
Consider a uniform quantizer characterized by the inputoutput relation illustrated Figure a. Assume that a Gaussian-distributed random variable with zero mean and unit variance is applied to this...
-
Determine whether each of the following is true or false. In each case, assume \(P\) is located at \(t=0\) and \(F\) is located at \(t=n\), and the \(A\) s are spread uniformly over the planning...
-
(Entries for Various Dilutive Securities) The stockholders equity section of Martino Inc. at the beginning of the current year appears below. Common stock , $10 par value, authorized 1,000,000...
-
2 The Fourier series of the square signal shown below is: 2 f(t) = sin(wo) + [3Pts] 2 2 2 sin(3w0) + sin(5w0) + sin(7wo) + -sin(9wo) T 3 5 7 9 2 + sin(11w0) + ... 11 Plot the first five terms of the...
-
Start with the partial model in the file Ch21 P08 Build a Model.xlsx on the textbook's Web site. Kasperov Corporation has an unlevered cost of equity of 12% and is taxed at a 40% rate. The 4-year...
-
Concept of deploying virtual machines with supporting virtual appliances as an alternative to purchasing proprietary physical appliances to support all virtual machines in a cluster. Give an example...
-
Record the following FY 2021 Blue & Gold Company transactions in the General Journal. (Hint: See the Ledger worksheet for list of existing account names) Post the General Journal items to the General...
-
A rocket of mass 6 t is launched vertically. If the flow rate of the gas is 1 0 0 kg / s , determine the minimum velocity of the gas, to just lift the rocket off the launching pad. If the velocity is...
-
On January 1, Craig Company established a petty cash fund of $800. The following summary information was taken from petty cash vouchers for January: Postage Expense Office Supplies Entertainment...
-
1. How are you going to promote Ethical Communication? 2. Are you Pro or Anti Globalization? Why? 3. Direction: Write an explanation essay using one of the topics below. Follow the instruction below....
-
Discuss the concept of alignment in the supply chain process. When transporting a product, is the supply chain alignment different for different products such as soft drinks versus clothing? How does...
-
3) The Ball and the rim roll down without slipping from tan inclined plane with an angle a(alpha). the initial speed of the ball is zero. what is the initial speed to be given to the rim so that the...
-
Tarick Toys Company manufactures video game consoles and accounts for product costs using process costing. The following information is available regarding its June inventories. The following...
-
A certain reaction is first order, and 540. s after initiation of the reaction, 32.5% of the reactant remains. a. What is the rate constant for this reaction? b. At what time after initiation of the...
-
Can a gas be liquefied through an isenthalpic expansion if J T = 0?
-
What is the form of the total vibrational partition function for a polyatomic molecule?
-
The data in Table 2 represent the results of a survey in which 200 people were asked their means of travel to work. (a) Use the survey data to build a probability model for means of travel to work....
-
Sophia has three tickets to a concert, but Yolanda, Michael, Kevin, and Marissa all want to go to the concert with her. To be fair, Sophia randomly selects the two people who can go with her. (a)...
-
Suppose that a survey asked 500 families with three children to disclose the gender of their children and found that 180 of the families had two boys and one girl. (a) Estimate the probability of...
Study smarter with the SolutionInn App