The ledger of Blossom Company contains the following balances: - Owner’s Capital: $28,600- Owner’s Drawings: $2,200- Service Revenue: $50,000- Salaries and Wages Expense: $28,300- Supplies Expense: $6,400The closing entries are as follows:1. Close revenue accounts.2. Close expense accounts.3. Close net income/(loss).4. Close drawings.Post the closing entries in the order presented in the problem and use the numbers as a reference. This image presents a structured financial ledger commonly used in accounting to track various financial activities. The layout is designed to facilitate easy entry and organization of financial data through drop-down menus and input fields.### Sections of the Ledger:1. **Salaries and Wages Expense**: - This section captures the expenses related to employee compensation. - Features two drop-down menus to select relevant accounts or categories, as well as associated input fields to enter monetary values.2. **Supplies Expense**: - This section records costs associated with business supplies. - Similar to the Salaries section, it includes drop-down menus and input fields for financial entry.3. **Service Revenue**: - This part logs income generated from services provided. - Equally equipped with drop-down options and input areas for data input.4. **Owner’s Drawings**: - Details withdrawals made by the owner for personal use. - Includes necessary tools for selecting and inputting financial data.5. **Income Summary**: - Summarizes the net income or loss of the business. - Allows for detailed recording through drop-down selections and input fields.6. **Owner’s Capital**: - Tracks the owner's investment in the business. - Features customizable fields for precise data entry.### Functional Elements:- **Drop-down Menus**: Each section is equipped with two drop-down menus. These allow users to choose from predefined accounts or categories related to each financial entry.- **Input Fields**: Beside the dropdown menus, two empty fields are provided for inputting numerical financial data, ensuring clear entry of amounts associated with each account or transaction.This format is instrumental for small business owners, accountants, and financial analysts to maintain organized financial records. It simplifies the process of financial reporting and enhances the accuracy of recorded data.

The question is based on the concept of Financial Accounitng.

Answered: The ledger of Blossom Company contains…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.: Kerry Buckner, Capital $3,427,000 Kerry Buckner, Drawing 40,000 Fees Earned 1,161,000 Wages Expense 738,300 Rent Expense 62,100 Supplies Expense 14,850 Miscellaneous Expense 8,100 Required: Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles.
Prepare the Income Statement (Multiple Step Format) Prepare the necessary closing entries
After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Magenta Delivery Services Co.: Ellie Liu, Capital $8,366,300 Ellie Liu, Drawing 70,000 Fees Earned 1,644,500 Wages Expense 1,239,200 Rent Expense 109,400 Supplies Expense 26,800 Miscellaneous Expense 19,300
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All revenue and expense accounts have been closed at the end of the calendar year for Oriole Company. The Income Summary account has total debits of $583,000 and total credits of $660,000. As of the same date, Owner's Capital has a balance of $126,500, and Owner's Drawings has a balance of $52,800. (a) Journalize the entries required to complete the closing of the accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation # (To close net income to capital) (To close drawings to capital) Debit Credit
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PLEASE PUT THE FOLLOWING STEPS IN THE ACCOUNTING CYCLE IN ORDER: GENERAL JOURNAL/GENERAL LEDGER/ 10 COLUMN WORKSHEET/STATEMENT OF PERFORMANCE/STATEMENT OF EQUITY/STATEMENT OF FINANCIAL POSITION/STATEMENT OF CASH FLOW/JOURNAL CLOSING ENTRIES AND POST CLOSING TRIAL BALANCE. PROBLEM: APRIL 1- PAID THE MONTHLY RENT 6,000 APRIL 3 - COLLECTED FROM J. MONTEFALCO OF 7,500 FOR SERVICES PRECVIOUS BILLED APRIL 5 - PAID WATER AND ELECTRIC BILL 1,750 APRIL 8 - BILLED ERIN TY 8, 500 FOR SERVICES RENDERRED APRIL 10 - PAID PLDT TELEPHONE BILL 1,050 APRIL 12 - R. VILLONDO PUT HER PERSONAL CAR WOTH 150,000 INTO THE BUSINESS APRIL 14 - PAID SALARY OF SECRETARY 4,500 APRIL 17 - RECEIVED A CHECK OF 8,500 FROM ERIN TY APRIL 19 - BILLED M. SEVILLA 15,000 FOR SERVICES RENDERRED APRIL 23 - PAID HIDALGO COMPANY 9,000 FOR ACCOUNT OF THE PREVIOUS MONTH APRIL 28 - PAID MISCELLANEOUS BILLS WORTH 650 APRIL 30 - WITHDREW 6,000 FROM THE BUSINESS FOR LIVING EXPENSES ADJUSTING ENTRIES APRIL 30 - RECEIVED CASH FROM…
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After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.: Kerry Buckner, Capital $3,542,000 Kerry Buckner, Drawing 44,500 Fees Earned 1,243,000 Wages Expense 742,900 Rent Expense 65,400 Supplies Expense 13,400 Miscellaneous Expense 7,850 Required: Journalize the two entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles.
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