FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:ngageNOWv2 | Online teachin x
Chapter 4 Corporate Financial Ac x +
/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false
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Part 9:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the
concepts.
Note: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before completing part 9. Part 5 is optional.
Part 9: Prepare the closing entries below. Then, using the attached spreadsheet from part 2, post the entries to your general ledger. If an amount box does not require an entry, leave it blank.
Date
Account Name
Post. Ref.
Debit
Credit
20Y8 Closing Entries
May 31 Fees Earned
40,000 ✓
0
✓
1,705 ✓
0✔
0✓
1,600 ✔
0 ✓
1,370 ✔
0✓
330
0✔
275
✓
1,295 ✔
33,425 ✔
0
10,500
<
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Email Instructor Save and Exit Submit Assignment for Gradin
10:53 PE
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6/13/202
WIS
V
Salary Expense
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
Retained Earnings
May 31 Retained Earnings
Dividends
Check My Work
✓
CengageNOWv2 | ...
41 V
51 ✔
52 ✔
53
✓
54
✓
55 ✔
59
32
32
33 ✔
0
8
X
All work saved.
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- Solvearrow_forwardCengageNOWV2 | Online teachin x com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%-fa 6 New Tab 6 Cookie ps Account Debit Credit No. Balances Balances Cash 11 6,530 Accounts Receivable 12 2,100 Prepaid Expenses 13 700 Equipment 18 13,700 Accumulated Depreciation 19 1,100 Accounts Payable 21 1,900 Notes Payable 22 4,300 Bob Steely, Capital 31 12,940 Bob Steely, Drawing 32 790 Fees Earned 41 9,250 Wages Expense 51 2,500 Rent Expense 52 1,960 Utilities Expense 53 76ל Depreciation Expense 54 250 Miscellaneous Expense 185 Totals 29,490 29,490 Determine the total assets.arrow_forwardDetermining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: نه ن ن ن ن a. b. C. C. d. e. a. $ b. $ 00000 d. $ Merchandise e. S Invoice Amount $18,200 9,100 5,800 2,600 3,600 Freight Paid by Seller $400 - 100 FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 1/10, n/30 FOB destination, 1/10, n/30 Customer Returns and Allowances $900 1,100 500 400arrow_forward
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