The ledger of Ivanhoe Company contains the following balances: Owner’s Capital $31,500, Owner’s Drawings $2,800, Service Revenue $49,000, Salaries and Wages Expense $27,600, and Supplies Expense $6,800. Prepare the closing entries at December 31.

The ledger of Ivanhoe Company contains the following balances: Owner’s Capital $31,500, Owner’s Drawings $2,800, Service Revenue $49,000, Salaries and Wages Expense $27,600, and Supplies Expense $6,800. Prepare the closing entries at December 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The assets and liabilities of Bennett Designs at December 31, the end of the current year, and its…

A: Those resources that are owned by the company and have economic value are term as assets.

Q: After the accounts have been adjusted at April 30, the end of the fiscal year, the following…

Q: On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet…

A: The closing entries are prepared at year end to close the temporary accounts of the business…

Q: As of December 31, the end of the current year, the ledger of Harris Company contained the following…

A: Closing entries: Closing entries are those journal entries, which are passed to transfer the final…

Q: The accounting records of Marcus Service Company include the following selected, unadjusted balances…

A: Adjusting entries are prepared at the end of the year in order to allot revenue and the expense in…

Q: After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances…

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…

Q: The ledger of Wildhorse Company contains the following balances: Owner’s Capital $30,500, Owner’s…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: On December 31, 20--, the following selected accounts and amounts appeared on the balance sheet for…

A: Particulars Amount Prepaid Insurance 1,800 Merchandise Inventory 85,000 Cash 50,000 Store…

Q: At December 31, Rolison Consulting’s financial records show the following selected account…

A: Introduction: Retained earnings are a significant accounting topic. The word refers to a company's…

Q: Crane Company shows the following balances in selected accounts of its adjusted trial balance.…

A: Journal entries are the building blocks of accounting, which is the act of recording the economic or…

Q: The accounting records of Mason Service Company include the following selected, unadjusted balances…

A: Adjusting journal entries are generally those journal entries which are made to record the…

Q: The trial balance of Bramble Fashion Center contained the following accounts at November 30, the end…

A: Income statement is a statement showing the revenue and expenses to calculate the net profit.…

Q: From the following list of accounts, prepare an income statement, statement of owner's equity, and…

A: Income Statement Income Fees Earned 13835 Less: Expenses Utilities expenses 153…

Q: After all closing entries are recorded and posted, what is the balance of the contributed capital…

A: Answer:

Q: The ledger of Mai Company includes the following accounts with normal balances as of December 31:…

A: Date General Journal Debit Credit December 31 Income Summary $16,300 Wage expense…

Q: The accountant for Scott Industries prepared the following list of account balances from the…

A: Solution:- Calculation of total liabilities at the end of the current year as follows:-…

Q: During December, Camp David Inc. purchased $5,000 of supplies for use in its business. At the end of…

A: Supplies in Hand and the unpaid amount on December 31 will be shown on the balance sheet.

Q: The accounting records of Mason Service Company include the following selected, unadjusted balances…

A: Journal entry is a process of recording a financial transaction in the books using debit and credit…

Q: For the year ended December 31, a company has revenues of $324,000 and expenses of $199,500. The…

A: The closing entries are prepared to close the temporary accounts of the business including revenue,…

Q: The ledger of Mai Company includes the following accounts with normal balances as of December 31: D.…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: he assets and liabilities of Thompson Computer Services at March 31, the end of the current year,…

A: Statement of Owners equity is a representation of change in the balance of investment during a…

Q: At December 31, Rolison Consulting’s financial records show the following selected account…

A: Introduction: Retained profits are an important topic in accounting. The term refers to a company's…

Q: The ledger of Blossom Company contains the following balances: Owner's Capital $ 28,600, Owner's…

A: The question is based on the concept of Financial Accounitng.

Q: Following is an extract of account balances of Aztec Moving Services as of December 31, after the…

A: Total assets at the end of the year = Accounts Receivable + Truck + Equipment + Cash

Q: The accounting records of Marcus Service Company include the following selected, unadjusted balances…

A: Adjusting entries journal entries that are passed at the conclusion of a financial year in order to…

Q: After the accounts have been adjusted at October 31, the end of the fiscal year, the following…

A: Closing entries: The journal entries prepared to close the temporary accounts to Retained Earnings…

Q: Johnson Company had the following account balances at the end of the most recent fiscal year: Cash:…

A: Sometimes, two or more transactions pertaining to a single account take place on the same date. In…

Q: two questions

A: Prepare an income statement.

Q: After the accounts have been adjusted at October 31, the end of the fiscal year, the following…

A: Journal: Recording of a business transactions in a chronological order.

Q: amount of total liabilities at the end of the year

A: Liabilities are obligations to be settled in future. In the question, Accounts Payable, Notes…

Q: The assets and liabilities of Thompson Computer Services at March 31, the end of the current year,…

A: Balance sheet items are those items that are assets and liabilities and are permanent accounts and…

Q: The ledger of Mai Company includes the following accounts with normal balances as of December 31: D.…

A: Introduction: An income statement is among the most common and important financial statements you'll…

Q: The ledger of Mai Company includes the following accounts with normal balances as of December 31:…

A: A journal entry is a record of a business deal in the accounting system of an organization. Diary…

Q: The accountant for Scott Industries prepared the following list of account balances from the…

A: Assets represent the economic benefit of the company arose in the future period.

Q: On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet…

A: Preparation of closing entries is a method used by the business entity to close its temporary…

Q: Lawson Consulting, which began operations on December 1, had the following accounts and amounts on…

A: SOLUTION OWNERS EQUITY REFERS TO THE OWNERS INVESTMENT IN AN ASSET AFTER ALL LIABILITIES HAVE BEEN…

Q: The assets and liabilities of Thompson Computer Services at March 31, the end of the current year,…

A: The income statement is as follows: The result of the table provided above is as follows:

Q: The following revenue and expense account balances were taken from the Income Statement columns of…

A: Income statement: The income statement shows the company's revenues and expenses earned during the…

Q: The Kramer Company had office supplies on hand of $900 at the beginning of the period, purchased…

A: Supplies expense at the end of the period = Office supplies on hand at the beginning of the period +…

Q: The ledger of Duston Company contains the following balances: Owner’s Capital $30,000, Owner’s…

A: Income statement: It is one of the financial statements prepared by an organization. This statement…

Q: The year-end adjusted trial balance of Hilltoppers Corporation included the following account…

A: Trial Balance: Trial balance is a statement of all the general ledger accounts of a business. This…

Q: After the accounts have been adjusted at October 31, the end of the fiscal year, the following…

A: Closing entries: The journal entries prepared to close the temporary accounts to Retained Earnings…

Q: After the accounts have been adjusted at April 30, the end of the fiscal year, the follow- ing…

A: The journal entries which are recorded to close the balance of temporary accounts are called closing…

Q: the ledger of mai company includes the following accounts with normal balances as of December 31st.…

A: The journal entries prepare to close the temporary accounts to retained earnings account are…

Q: On December 31, 20--, the following selected accounts and amounts appeared on the balance sheet for…

A: The current ratio indicates the liquidity of the business entity. It can be calculated by dividing…

Q: Bava Consulting has the following account balances at December 31, the end of its fiscal year.…

A: When closing entries are prepared, the balances of T-accounts of revenue and expenditure is…

Q: The accountant for Scott Industries prepared the following list of account balances from the…

A: Income statement provides an estimation to management that how much the business earn or loss in the…

Q: At December 31, Rolison Consulting’s financial records show the following selected account…

A: Closing entries record all the revenue and expenses. The net effect of the closing entries is profit…

Q: The assets and liabilities of Thompson Computer Services at March 31, the end of the current year,…

A: Total expenses = $450 + $420 + $30,640 Total expenses = $31,510

Q: The ledger of Ivanhoe Company contains the following balances: Owner's Capital $31,800, Owner's…

A: Total expenses = $25,600 + $6,300 Total expenses = $31,900 Net income = $50,000 - $31,900 Net…

Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Date
Account Titles and Explanation
Debit
Credit
Dec. 31
(To close revenue account)
Dec. 31
(To close expense accounts)
Dec. 31
(To close net income/ (loss))
Dec. 31
(To close drawings)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Accounting for Cash and cash equivalents

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The income statement for the Splish Brothers Inc. for the month ended July 31 shows Service Revenue $ 17,350, Salaries and Wages Expense $ 9,000, Maintenance and Repairs Expense $ 2,850, and Income Tax Expense $ 1,290. The statement of retained earnings shows an opening balance for Retained Earnings of $ 22,070 and Dividends $ 1,990.
Which of the following accounts would need to be closed at the end of the period?a. Cashb. Supplies expensec. Unearned revenued. Accounts receivable
Identify which of the following accounts would be listed on the company’s Post-Closing TrialBalance.A. Accounts ReceivableB. Accumulated DepreciationC. CashD. Office ExpenseE. Note PayableF. Rent RevenueG. Retained EarningsH. Unearned Rent Revenue
For journal entries 1through 12, indicate the explanation that most closely describes it. You can use explanations more than once. A. To record receipt of unearned revenue. B. To record this period's earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued expense. F. To record an accrued revenue. G. To record this period's use of a prepaid expense. H. To record payment of a prepaid expense. 1. To record this period's depreciation expense.
ADJUSTING ENTRIESPROBLEM ON ACCRUALS OF INCOME AND EXPENSE ARISING FROM INSSUANCE OF NOTE Tysm!!
Information for the questions is located in the image attached. Required 1 Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet at the end of the quarter on March 31. (Do not round intermediate calculations.) WEB WIZARD, INC. Partial Balance Sheet At March 31 Assets Current Assets: [ ] [ ] [ ] [ ] Accounts Receivable, Net of Allowance [ ] [ ] [ ] [ ] [ ] [ ] [ ] Required 2 Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts Receivable. Name two other accounts related to Accounts Receivable and Notes Receivable that would be reported on the income statement and indicate whether each would appear before, or after,…
Transactions Alex and Hagi decided to open a home cleaning service company, H@L . The following information is a partial list of transactions from H@L Inc. January 1- Alex and Hagi gach donated $ 25.000 in exchange for common stock to start the business. March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately. March 15-The Company purchased $8.000 of supplies on account. April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020. May 1-H@L Inc., purchased a year's worth of advertising in a local newspaper for $ 1.200 cash. September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021. December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3. December 31- The Company earned service revenues of $ 26.225,…
Wildhorse Equipment Company, organized in 2025, has these transactions related to intangible assets in that year: Jan. 2 Purchased a patent (5-year life) $316,800. Apr. 1 Trademark purchased (indefinite life) $351,000. July 1 Acquired a 9-year franchise; expiration date July 1, 2034, $702,000. Sept. 1 Research and development costs $180,400. (a) Prepare the necessary entries to record these intangibles. All costs incurred were for cash. (Credit account titles are automaticall Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. c. Issued 20,000 shares of preferred 2% stock at $84. d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share. f. Declared cash dividends of $1.60 per share on preferred…
Notes receivable due in 390 days appear on the a.balance sheet in the current liabilities section b.income statement as an expense c.balance sheet in the noncurrent assets section d.balance sheet in the current assets section
9. PostingA. Accumulates the effects of ledger entries and transfers them to the general journal.B. Is done only for income statement activity because activity related to the statement of financial position does not require postingC. Is done once every year.D. Transfers journal entries to the ledger accounts.
Prêpare a Journal Entries for Accounts Receivables. Is not a graded question If can't the part B is : what would the year-end adjusting journal entry be given the following Allow to DA 375