FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Chapter 3, Problem 27ME
To determine
Compute the post closing ending balance of
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At December 31, 2019, the ledger of Aulani Company includes the following accounts, all havingnormal balances: Sales Revenue, $59,000; Cost of Goods Sold, $31,000; Retained Earnings, $20,000;Interest Expense, $3,200; Dividends, $5,000; Wages Expense $8,000, and Interest Payable, $2,100.Required:1. Prepare the closing entries for Aulani at December 31, 2019.2. How does the closing process affect Aulani’s retained earnings?
Szabo Inc. has the following general ledger account balances at December 31, 2019:
Dividends
3,000
Selling expenses
21,000
Service revenue
38,500
Unearned revenue
2,900
Unused supplies
2100
Utilities expense
3,600
Wages expense
6,900
Assuming this is the first year of operations, what is the balance in the RetainedEarnings account after the closing process?
Carter Corp. uses the "Income Summary" account when it makes its closing entries.
The following information is available for the year ending 12/31/X1:
The "Service Revenue" account has an account balance of $200,000.
The "Salaries Expense" account has an account balance of $75,000.
The "Dividends" account has an account balance of $10,000.
Required: Assuming these three accounts are the only temporary accounts Carter has at year-end, prepare their closing entries.
Chapter 3 Solutions
FINANCIAL ACCOUNTING
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
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