One of your classmates states that a company’s books should be ongoing and therefore not closed until that business is terminated. Write a half-page memo to this classmate explaining the concept of the closing process by drawing analogies between (1) a scoreboard for an athletic event and the revenue and expense accounts of a business or (2) a sports team’s record book and the capital account. Hint: Think about what would happen if the scoreboard were not cleared before the start of a new game.

Journalize the following transactions by Ayayai Printing Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1.   Stockholders invest $82,500 cash to start the business. 2.   Purchased three digital copy machines for $450,000, paying $102,000 cash and signing a 5-year, 6% note for the remainder. 3.   Purchased $4,800 paper supplies on credit. 4.   Cash received for photocopy services amounted to $7,300. 5.   Paid $400 cash for radio advertising. 6.   Paid $1,000 on account for paper supplies purchased in transaction 3. 7.   Dividends of $2,200 were paid to stockholders. 8.   Paid $1,200 cash for rent for the current month. 9.   Received $2,100 cash advance from a customer for future copying. 10.   Billed a customer for $300 for photocopy services completed.   No. Account Titles and Explanation Debit…

Plese do the exercise: By the end of December 2021, Greta Thunberg, chief accountant of Silence is working to finish his accounting for the year. He realizes that he still needs to prepare the closing entries. This is the trial balance that he has.

SEPTEMBER 2019: In September 2019, Kate incorporated Kate’s Cards after investigating different organizational forms, and began the process of getting her business up and running. The following events occurred during the month of September 2019: Kate deposited $10,000 that she had saved into a newly opened business checking account. She received common stock in exchange. Kate designed a brochure that she will use to promote her greeting cards at local stationery stores. Kate paid Fred Simmons $50 to critique her brochure before undertaking her final design and printing. Kate purchased a new iMac computer tablet, specialized graphic arts software, and commercial printer for the company, paying $4,800 in cash. She decided to record all of these items under the same equipment account. Kate purchased supplies such as paper and ink for $350 at the local stationery store. She opened a business account with the store and was granted 30 days credit on all purchases, including the one she just…