Financial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134833156
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Chapter 3, Problem 3.36BE
LO 5
(Learning Objective 5: Close the books) Prepare the closing entries from the following selected accounts from the records of North Shore, Inc., at December 31, 2018:
| Cost of services sold…….. | $14,400 | Service revenue……….. | $31,700 |
| 41,400 | Depreciation revenue … | 4,600 | |
| Selling, general, and | Other revenue…………. | 100 | |
| Administrative expenses…… | 6,400 | Dividends declared …… | 500 |
| Income tax expense……. | 800 | ||
| December 31, 2017…………. | 2,500 | Income tax payable……. | 400 |
How much net income did North Shore earn during 2018? Prepare a T-account for Retained Earnings to show the December 31, 2018, balance of Retained earnings.
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2020.12.30 15:27
accounts of here in form:
The for Pascual has entries "a"
through "e" to at Dec. 31, All the and equity
Identifying Entries
Completing the Accounting Cycle| 283
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524,000
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Supplies
Service Revenues
1,030,000
Accumulated Depreciation-Furniture
Salaries Expense
(q)
Accumulated Depreciation-Building
(p)
Supplies Expense
330,000
(a)
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Depreciation Expense-Furniture
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Pascual, Capital
494,000
Required:
and learning resource from Cengage
еВook
Preparing and Analyzing Closing Entries
At December 31, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $72,300; Cost of Goods Sold, $38,000;
Retained Earnings, $20,000; Interest Expense, $3,200; Dividends (declared and paid), $5,000; Wages Expense, $8,000, and Interest Payable, $2,100.
Required:
1. Prepare the closing entries for Aulani at December 31. If an amount box does not require an entry, leave it blank.
Dec. 31
Sales Revenue v
Retained Earnings v
Dec. 31 Retained Earnings v
Cost of Goods Sold v
Interest Expense
Wages Expense
Retained Earnings
Dec. 31
Dividends v
Feedback
Check My Work
1. The closing process is designed to transfer the balances in the temporary accounts (revenues, expenses, and dividends) to retained earnings and to prep
the temporary accounts for the next period.
Previc
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e Quiz: Accounting for Current Liabi... A
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Knowledge Check 01
The records of Pippins, Incorporated, included the following information:
Net sales
475,000
Gross margin
Interest expense
Income tax expense
Net income
000'0
000'0
Compute the times interest earned ratio, rounded to the nearest decimal.
O 4.8
O 6.4
O7.4
O 20.0
***********
II
F3
F5
F6
F8
F4
#3
Chapter 3 Solutions
Financial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
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Ch. 3 - A companys balance of retained earnings on January...Ch. 3 - Prob. 12QCCh. 3 - All of the following accounts are temporary...Ch. 3 - Prob. 14QCCh. 3 - Prob. 15QCCh. 3 - Prob. 16QCCh. 3 - Prob. 3.1ECCh. 3 - LO 1 (Learning Objective 1: Explain how accrual...Ch. 3 - LO 1 (Learning Objective 1: Explain how accrual...Ch. 3 - Prob. 3.3SCh. 3 - (Learning Objective 2: Apply the revenue and...Ch. 3 - (Learning Objective 2: Apply the revenue and...Ch. 3 - Prob. 3.6SCh. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts...Ch. 3 - Prob. 3.11SCh. 3 - Prob. 3.12SCh. 3 - Prob. 3.13SCh. 3 - LO 4 (Learning Objective 4: Construct the...Ch. 3 - LO 4 (Learning Objective 4: Construct the...Ch. 3 - Prob. 3.16SCh. 3 - LO 5 (Learning Objective 5: Make closing entries...Ch. 3 - Group A LO 1, 2 (Learning Objectives 1. 2: Explain...Ch. 3 - LO 1, 3 (Learning Objectives 1, 3: Explain how...Ch. 3 - Prob. 3.20AECh. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - Prob. 3.22AECh. 3 - LO 4 (Learning Objective 4: Construct the...Ch. 3 - LO 3, 4 (Learning Objectives 3, 4: Adjust the...Ch. 3 - (Learning Objective 5: Close the books) Prepare...Ch. 3 - LO 3, 5 (Learning Objectives 3. 5: Adjust the...Ch. 3 - Prob. 3.27AECh. 3 - LO 6 (Learning Objective 6: Analyze and evaluate...Ch. 3 - LO 1, 2 (Learning Objectives 1, 2: Explain how...Ch. 3 - LO 1, 3 (Learning Objectives 1. 3: Explain how...Ch. 3 - LO 2, 3 (Learning Objectives 2, 3: Apply the...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - LO 3, 4 (Learning Objectives 3. 4: Adjust the...Ch. 3 - LO 4 (Learning Objective 4: Construct the...Ch. 3 - LO 3,4 (Learning Objectives 3,4: Adjust the...Ch. 3 - LO 5 (Learning Objective 5: Close the books)...Ch. 3 - LO 3, 5 (Learning Objective 3, 5: Adjust the...Ch. 3 - LO 3, 5 (Learning Objective 3, 5: Adjust the...Ch. 3 - LO 6 (Learning Objective 6: Analyze and evaluate...Ch. 3 - Prob. 3.40SECh. 3 - Questions 41-43 are based on the following facts:...Ch. 3 - Prob. 3.42QCh. 3 - Prob. 3.43QCh. 3 - Using the accrual basis, in which month should...Ch. 3 - On January 1 of the current year. Oliver Company...Ch. 3 - Assume the same facts as in question 3-45....Ch. 3 - What effect does the adjusting entry in question...Ch. 3 - Prob. 3.48QCh. 3 - Prob. 3.49QCh. 3 - The Unearned Revenue account of Melrose...Ch. 3 - What is the effect on the financial statements of...Ch. 3 - For 2018. Broadview company had revenues in excess...Ch. 3 - Which of the following accounts would not be...Ch. 3 - Prob. 3.54QCh. 3 - Prob. 3.55QCh. 3 - Unadjusted net income equals 5,500. Calculate what...Ch. 3 - Salary Payable at the beginning of the month...Ch. 3 - Group A LO 1 (Learning Objective 1: Explain how...Ch. 3 - (Learning Objective 3: Adjust the accounts)...Ch. 3 - Prob. 3.60APCh. 3 - (Learning Objective 3: Adjust the accounts)...Ch. 3 - LO 4. 6 (Learning Objectives 4, 6: Construct the...Ch. 3 - LO 5 (Learning Objective 5: Close the books, and...Ch. 3 - LO 5 P3-63A (Learning Objective 5: Close the...Ch. 3 - Prob. 3.65APCh. 3 - LO 1 (Learning Objective 1: Explain how Accrual...Ch. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - Prob. 3.68BPCh. 3 - LO 3 (Learning Objective 3: Adjust the accounts)...Ch. 3 - Prob. 3.70BPCh. 3 - Prob. 3.71BPCh. 3 - LO 5 (Learning Objective 5: Close the books,...Ch. 3 - Prob. 3.73BPCh. 3 - Prob. 3.74CEPCh. 3 - Prob. 3.75CEPCh. 3 - Prob. 3.76CEPCh. 3 - Prob. 3.77SCCh. 3 - LO 3, 6 (Learning Objectives 3, 6: Adjust the...Ch. 3 - Prob. 3.79DCCh. 3 - Prob. 3.80DCCh. 3 - Prob. 3.81EICCh. 3 - Prob. 3.82EICCh. 3 - Prob. 1FFCh. 3 - Prob. 1FACh. 3 - Group Project After completing his electrical...
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