FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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I have done the post closting
- Based upon the end-of-period spreadsheet, journalize the closing entries.
- Prepare a post-closing trial balance.
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- The post-closing trial balance will generally have fewer accounts than the trial balance. True Falsearrow_forwardWhat are the journal entries, T accounts and unadjusted trial balancearrow_forwardAfter all closing entrics have been posted, the revenue account will have a balance of* Your answerarrow_forward
- using the following information can you answer question b) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardMake first a proper Chart of Accounts. Then make a proper Trial Balance from the following accounts and balances listed in alphabetical order for MN Company for August 31 of the current year. Put them in the correct order along with their debit and credit balances on your Trial Balance. Total the DR and CR column and make sure they balance. Make sure you have a heading. We will work on this in class. Upload here on D2L if you are not yet finished in class. Accounts Payable $2300, Accounts Receivable $1200, Accumulated Depreciation-Equipment $800, Advertising Expense $200, Cash $3400, Equipment $12,500, Furniture and Fixtures $6700, MN, Capital, $6500, MN, Drawing $500, Notes Payable $8000, Prepaid Insurance $1200, Professional Fees $10,000, Rent Expense $500, Supplies $100, Utilities Expense $300, Wages Expense $1000.arrow_forwardHello can you answer questions 4, 5, and 6 please. I want to make sure I have it right, thanks!arrow_forward
- balance. Use the closing entry numbers as posting references to post each closing entry to the relevant accounts, then compute the ending balance of each account Label the ending balances with End. Bal. (For accounts with a 50 ending balance, select "End. Bal." and enter "0" on the normal balance side of the t-account.) Review the closing entries you prepared above. Adj. Bal. Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal. Adj. Bal Closing entry 1 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Closing entry 1 Closing entry 2 End. Bal. Cash 1,734,900 0 0 Supplies 250,000 0 0 360,000 0 0 Equipment 0 0 Accounts Payable 1,275,000 1,734,000 0 0 280.000 0 Closing entry 2 O Closing entry 3 End. Bal. 250,000 Wages Payable 0 Closing entry 2 0 Closing entry 3 End. Bal. 0 Closing entry 2 0 Closing entry 3 360,000 End. Bal. 1,275,000 Adj. Bal. 0 Closing entry 3 0 End. Bal. 280,000 Adj. Bal. 0 Closing entry 3 0 End. Bal. Adj. Bal. Closing entry 1 End. Bal. Adj. Bal. Closing entry…arrow_forwardJournalize the transactions on the "Journal Entry data" tab. Because Chart of Account numbers are not provided, post-reference information is not required. Journal entries should be prepared in proper form. Refer to the "Unadjusted TB Data tab" for proper account titles. The journal must have date, description, credit and debit. Also must be a total of 64 journal entries. And must find the total.arrow_forwardCh. 3 Classwork Chart of Accounts Common Stock Cash Accounts Receivable Supplies Inventory Prepaid Insurance Prepaid Rent Office Equipment Accumulated Depreciation Accounts Payable Notes Payable Unearned Revenue Retained Earnings Dividends Fees Earned Sales Cost of Goods Sold Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense M4 Engineering began operations in January of 2020. M4 Engineering provides structural engineering services to local these parks. Listed below are some transaction from the first quarter of 2020. a) On January 1, the owners deposited $200,000 into the business bank account in exchange for Common Stock. b) On January 2, M4 Engineering signed a 1-year lease for an office building in Long Beach. The owner required the rent for the year be paid in advance. M4 Engineering gave the landlord a check for $30,000. c) On January 5, M4 Engineering signed a $75,000 contract to provide engineering services beginning on April 1.…arrow_forward
- The first image shows the unadjusted trial balance of Dodot Laundry Service. 1st Step: Perform adjusting entry, adjust the account titles that need to be adjusted from the unadjusted trial balance of Dodot Laundry Sevice First is to create a problem or a transaction that requires an adjustment, just like in picture no. 2 (note that picture no. 2 is not related to Dodot laundry service, it is just a sample adjusting journal entry transaction for adjusting accrued revenue) You can create whatever problem you want for as long as you're able to adjust what needs to be adjusted. 2nd Step: After adjusting and creating transactions, make an adjusted trial balance 3rd Step: After the adjusted trial balance, perform closing entries by closing all the temporary accounts from the adjusted trial balance which are the revenue, expenses, income summary, and drawings. 4th Step: After closing all the temporary accounts, create a post-closing trial balancearrow_forwardPrepare a post closing trial balancearrow_forwardAll of the information needed to record the closing entries is found in the Income Statement section of the work sheet. Select one: True Falsearrow_forward
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