Home Page - JagAppWeek 13 - Homework #8 (100 points) i410pointsSkippedeBookPrintReferencesMcGrawHillווחezto.mheducation.comM Question 4 - Week 13 - Homework #8 (100 points) - Connectb My Questions | bartlebySavedHelpSave & ExitSubmitThe year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $230,000;Service Revenue, $900,000; Salaries Expense, $390,000; Rent Expense, $150,000; Interest Expense, $85,000; and Dividends,$60,000.Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firstaccount field.)View transaction listJournal entry worksheet12 3Record the entry to close revenue accounts.Note: Enter debits before credits.DateDecember 31General JournalDebitCreditRecord entryClear entryView general journal< Prev4 of 8Next >Check my work

DateGeneral JournalDebitCreditDecember 31Retained Earnings230000 Service Revenue 900000 Salaries…

Answered: Home Page - JagApp Week 13 - Homework…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.1: Accruals

Problem 1WT

See similar textbooks

Similar questions

Close the $3,790 credit balance of income summary to retained earnings. Date Jul 31 Account Debit Credit
1. COMPPRO.03.01.PART.1 Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500. Date Description Debit Credit Jan. 3 Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Date Description Debit Credit Feb. 26 Apr. 14: Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used to account for inventory. Date Description Debit Credit Apr. 14
to Financial Accounting / FINAL EXAM ACCT101 FALL 2020-2021 Muscat Company Paid R.O 4, 000 on balance owed for Account Payable incurred last month. Which of the following journal entries is recorded correctly and in the standard format? Select the correct answer: ion Select one: O a. DEBIT Cash OMR 4,000 and CREDIT Account Payable OMR 4,000 O b. DEBIT Account Payable OMR 4,000 and CREDIT Cash OMR 4,000 Oc. No entry-not a transaction O d. DEBIT Cash OMR 4,000 and CREDIT Utilities Expense OMR 55,000 e. DEBIT Utilities Expense OMR 4,000 and CREDIT Account Payable OMR 4,000 Finish attempt Seyll lis si page
Write out the journal entries for these transacstions, Thank you!!!
Current Attempt in Progress Kingbird, Inc's trial balance at the end of its first month of operations reported the following accounts and amounts with normal balances: Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock Dividends Revenues Expenses $18240 O $35910 O $37050 O $36480 O $37620 570 2850 2280 3420 5700 570 25080 14250 Total credits on Kingbird, Inc's trial balance are
Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31
Prepare the T-accounts for Retained Earnings and Income Summary please make sure the answer is correct 100%
Financial statementsThe assets and liabilities of Global Travel Agency on December 31, 20Y5.and its revenue and expenses for the year are as follows: Accounts payableAccounts receivableCashCommon stockFees earnedLandMiscellaneous expense Rent expenseSuppliesSupplies expenseUtilities expenseWages expense $ 108,000539,000200,000575,000940,0001,500,000$ 19,50056,0006,00012,70034,80415,000 Common stock was $525,000 and retained earnings was $1,250,000 as ofJanuary 1. 20Y5. During the year, additional common stock of $50,000was issued for cash, and dividends of $90,000 were paid. Instructions1. Prepare an income statement for the year ended December 31.20Y5.2. Prepare a statement of stockholders' equity for the year ended December 31. 2015.3. Prepare a balance sheet as of December 31, 20Y5.4. What items appears on both the statement of stockholders'equity and the balance sheet?
The nominal accounts of MCValle Enterprise December 31, on 2019 have the fol- lowing balances: Requirements: Prepare a single-step statement of comprehensive income. Pro- vide a proper heading for the statement. Dr. Cr. Accounts P696,000 Service fees 48,000 Interest income 16,000 Gain on sale of equip- P240,000 24,000 EDUKAS NG ment Salaries expense Rent expense 16,000 8,000 Utilities expense Supplies expense Depreciation expense Taxes and licenses 6,400 1,600 Bad debts expense Interest expense Miscellaneous expense 800 MD P384,000 P760,000 Totals
Well Company paid Being Company for merchandise with a $4,500, 90-day, 10% note dated December 11. What is the financial statement effect to Being Company at the end of the accounting period on December 31? Select one: а. BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S ASSETS = LIABILITIES + EQUITY REVENUE - EXPENSE Interest Interest Cash Receivable Retained Earnings Income A) +25 +25 +25 O b. BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S ASSETS LIABILITIES + EQUITY REVENUE - EXPENSE Notes Notes Interest Interest Cash Receivable Payable Retained Earnings Income Expense B) +25 -25 C. BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S ASSETS LIABILITIES + EQUITY REVENUE - EXPENSE Notes Notes Interest Interest Cash Receivable Payable Retained Earnings Income Expense C) -25 -25 -25 d. BALANCE SHEET INCOME STATEMENT STOCKHOLDER'S ASSETS = LIABILITIES + EQUITY REVENUE - EXPENSE Notes Notes Interest Interest Cash Receivable Рayable Retained Earnings Income Expense D) +25 +25 +25 e. None of the above
Current Attempt in Progress Sheffield Company showed the following balances at the end of its first year: Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Owner's Capital Owner's Dividends Revenues Expenses $3950 O $12990 O $40900 O $43790 6940 5030 4010 6030 2040 1070 31700 24700 What is the total of accounts with the credit balances for Sheffield Company?
LTI Post Attend cengage lo * CengageNO M Reset your E Homework com/ilm/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inpr.. Chart of Accounts General Journal Instructions Delmarva Company, during its first year of operations in 2020, reported taxable income of $170,000 and pretax financial income of $100,000. The differenc between taxable income and pretax financial income was caused by two timing differences: excess depreciation on tax return, $70,000; and warranty expenses in excess of warranty payments, $40,000. These two timing differences will reverse in the next three years as follows: Year Depreciation Warranty Expenses 2021 $10,000 $20,000 2022 20,000 16,000 2023 40,000 4,000 Enacted tax rates are 30% for 2020, 35% for 2021 and 2022, and 40% for 2023. Required:

SEE MORE QUESTIONS

Recommended textbooks for you

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

College Accounting, Chapters 1-27 (New in Account…

Accounting

ISBN:

9781305666160

Author:

James A. Heintz, Robert W. Parry

Publisher:

Cengage Learning

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

College Accounting, Chapters 1-27 (New in Account…

Accounting

ISBN:

9781305666160

Author:

James A. Heintz, Robert W. Parry

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS