College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 15, Problem 5SEB
CLOSING ENTRIES Using the spreadsheet and partially completed Income Summary Account on page 605 prepare the following:
- 1. Closing entries for Balloons and Baubbles in a general journal.
- 2. A post-closing
trial balance .
EXERCISE 15-5B
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CLOSING ENTRIES Using the spreadsheet and partially completed Income Summary Account on page 605 prepare the following:1. Closing entries for Balloons and Baubbles in a general journal.2. A post-closing trial balance.
Use the filling partial listing of T accounts to complete this exercise. 1)Prepare closing entries in general journal form dates May 31,20–
2) post the closing entries to the T accounts.
CLOSING ENTRIES (NET INCOME) Using the following partial listing of Taccounts, prepare closing entries in general journal form dated April 30,20--. Then post the closing entries to the T accounts.
Chapter 15 Solutions
College Accounting, Chapters 1-27
Ch. 15 - LO1 A multiple-step form of income statement...Ch. 15 - Prob. 2TFCh. 15 - Prob. 3TFCh. 15 - Prob. 4TFCh. 15 - LO4 Accounts receivable turnover is the number of...Ch. 15 - Prob. 1MCCh. 15 - Prob. 2MCCh. 15 - Prob. 3MCCh. 15 - Prob. 4MCCh. 15 - Prob. 5MC
Ch. 15 - Prob. 1CECh. 15 - Prob. 2CECh. 15 - Prob. 3CECh. 15 - Prob. 4CECh. 15 - Prob. 5CECh. 15 - Prob. 6CECh. 15 - Prob. 1RQCh. 15 - Prob. 2RQCh. 15 - Describe how to calculate the following ratios (a)...Ch. 15 - Where is the information obtained that is needed...Ch. 15 - Explain the function of each of the four closing...Ch. 15 - What is the purpose of a post-closing trial...Ch. 15 - What is the primary purpose of reversing entries?Ch. 15 - What is the customary date for reversing entries?Ch. 15 - What adjusting entries should be reversed?Ch. 15 - REVENUE SECTION. MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial statements...Ch. 15 - CLOSING ENTRIES Using the spreadsheet and...Ch. 15 - REVERSING ENTRIES From the spreadsheet used in...Ch. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the spreadsheet and financial...Ch. 15 - END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND...Ch. 15 - REVENUE SECTION, MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial...Ch. 15 - CLOSING ENTRIES Using the spreadsheet and...Ch. 15 - Prob. 6SEBCh. 15 - Prob. 7SEBCh. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND...Ch. 15 - Prob. 1MYWCh. 15 - Dominique Fouque owns and operates Dominiques Doll...Ch. 15 - Prob. 1CPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.1COPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.4COPCh. 15 - Prob. 2.5COPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.8COP
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- CLOSING ENTRIES From the work sheet on page 607 prepare the following: 1. Closing entries for Balloons and Baubbles in a general journal. 2. A post-closing trial balance.arrow_forwardCLOSING ENTRIES From the work sheet on page 600, prepare the following: 1. Closing entries for Gimbels Gifts and Gadgets in a general journal. 2. A post-closing trial balance.arrow_forwardPrepare journal entries to record the December transactions in the General Journal Tab in the excel template file Use the following accounts as appropriate: Cash. Land. Notes Payable. Depreciation Expense. Accounts Receivable. Accumulated Depreciation. Common Stock. Salaries Expense. Supplies. Accounts Payable. Retained Earnings. Supplies Expense. Prepaid Insurance. Deferred Revenue. Dividends. Rent Expense. Equipment. Salaries Payable. Service Revenue. Insurance Expense 1-Dec: Issue common stock in exchange for cash of $6,000. 1-Dec: Paid the premium in advance on a one-year insurance policy, $480. 1-Dec: Purchased Equipment for $3,600 cash. 5-Dec: Purchased office supplies from XYZ Company on account, $400. 15-Dec: Provided services to customers for $5,400 cash. 16-Dec: Provided services to customer ABC Inc. on account, $2,500. 17-Dec: Received $800 cash in advance from a customer for services to be provided in January. 22-Dec: Paid $220 to XYZ company for the Dec 5 purchase on…arrow_forward
- Put the following steps in the accounting cycle in the correct order (1-9). Journalize transactions and events Three Journalize and post the adjusting journal entires Three Analyze transactions and events from source documents One Prepare the post-closing trial balance Nine Post the journal entires to the general ledger Choose. + Prepare the unadjusted trial balance Choose. Prepare the adjusted trial balance Choose. +arrow_forwardClosing entries; net income Based on the data presented in Exercise 5-27, journalize the closing entries.arrow_forwardBased on the data presented in Exercise 6-23, journalize the closing entriesarrow_forward
- Closing Entries (Net Income) Use the following partial listing of T accounts to complete this exercise. 1. Prepare closing entries dated April 30, 20--. Do not enter the posting references until you complete part 2. If an amount box does not require an entry, leave it blank. 2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1. Cash 101 Bal. 500 Accounts Receivable 122 Bal. 1,500 Wages Payable 219 Bal. 400 Javian Davis, Capital 311 Bal. 9,000 Javian Davis, Drawing 312 Bal. 1,000 Income Summary 313 Tennis Instruction Fees 401 Bal. 4,000 Wages Expense 511 Bal. 760 Advertising Expense 512 Bal. 200 Travel Expense 515 Bal. 600 Supplies Expense 524 Bal. 500 Insurance Expense 535…arrow_forwardUsing the trial balance Journalize the closing entries and balance off the ledger accounts including the income summary account. Prepare the post-closing trial balance.arrow_forwardprepare closing entries for temporary accounts in problem 6-9A on page 206/207 in the new book and page 204 in the old book. Autumn's Home Designs. Journalize closing entries and prepare the post closing trial balance.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_forwardClosing Entries From the work sheet shown below, prepare the following: 1. Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. If an amount box does not require an entry, leave it blank. 2. Prepare a post-closing trial balance. Gimbel's Gifts and GadgetsWork SheetFor Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 8,214 8,214 8,214 Accounts Receivable 6,720 6,720 6,720 Merchandise Inventory 14,210 (b) 16,800 (a) 14,210 16,800 16,800 Supplies 680 (c) 380 300 300 Prepaid Insurance 800 (d) 200 600 600 Building 80,000 80,000 80,000 Accum. Depr.—Building 13,600 (e) 4,000 17,600 17,600 Accounts Payable 5,280 5,280 5,280 Wages Payable (f) 280 280 280 Sales Tax Payable 326…arrow_forwardClosing Entries From the work sheet shown below, prepare the following: 1. Prepare closing entries for Gimbel's Gifts and Gadgets in a general journal. If an amount box does not require an entry, leave it blank. 2. Prepare a post-closing trial balance. Gimbel's Gifts and GadgetsWork SheetFor Year Ended December 31, 20-1 TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 8,217 8,217 8,217 Accounts Receivable 6,714 6,714 6,714 Merchandise Inventory 14,222 (b) 16,520 (a) 14,222 16,520 16,520 Supplies 661 (c) 376 285 285 Prepaid Insurance 760 (d) 190 570 570 Building 81,500 81,500 81,500 Accum. Depr.—Building 13,855 (e) 4,075 17,930 17,930 Accounts Payable 5,256 5,256 5,256 Wages Payable (f) 293 293 293 Sales Tax Payable 318…arrow_forward
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