FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Chapter 3, Problem 45P
a.
To determine
Prepare closing entries.
b.
To determine
Prepare closing entries.
c.
To determine
Prepare closing entries.
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Required:
Prepare the following, December 31, 2019, financial statements:
Income Statement
Retained Earnings Statement
Balance Sheet
December 31, 2019, adjusted trial balance is provided below.
Prepare the fiscal year-end closing entries.
a. Prepare the January 1, 2020 opening trial balance.
b. Prepare the journal entries for the first six months of 2020.
provided is a summary of activities accounting entries that need to be prepared
2. The owners would like to know the current (as of 6/30/20) cash and the inventory balance. They would like you to provide a “T” account showing the activity in each account.
step by step explanation for number 1 with subparts. (underlined question)
Required:
Prepare the following, December 31, 2019, financial statements:
Income Statement
Retained Earnings Statement
Balance Sheet
December 31, 2019, adjusted trial balance is provided below.
Prepare the fiscal year-end closing entries.
a. Prepare the January 1, 2020 opening trial balance.
b. Prepare the journal entries for the first six months of 2020.
provided is a summary of activities accounting entries that need to be prepared
2. The owners would like to know the current (as of 6/30/20) cash and the inventory balance. They would like you to provide a “T” account showing the activity in each account.
Preparing closing entries from T-accounts
Selected accounts for Kebby Photography at December 31, 2018, follow:
Requirements
Journalize Kebby Photography’s closing entries at December 31, 2018.
Determine Kebby Photography’s ending Retained Earnings balance at December 31, 2018.
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
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
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- The adjusted trial balance of Tiger Company appears below. journalize the necessary closing entries at Dec. 31 then prepare the Post Closing Trial Balance.arrow_forwardClosing Entries and Completing the Accounting Cycle Define the following: Accounting cycle Closing entry End- of- period worksheet Fiscal business year Income Summary Natural business year Nominal account Permanent account List the steps to the accounting cycle Using the end- of- period spreadsheet for week 2- make all appropriate closing entries and post them to the spreadsheet. Prepare the Income Statement, Balance Sheet and Statement of Retained Earnings Name of Company End- of Period Spreadsheet (Worksheet) For the period ended Unadjusted Adjusted Closing Entires Post- closing Trial Balance Adjustments Trial Balance Income Statement Balance Sheet Trial Balance Account Title Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Cash 2065 2065 2065 A/R 2220 (d) 500 2720 2720 Supplies 2000 (a) 1240…arrow_forwardVictoria Company has following account balances on December 31, 2019, prior to any adjustments: 1. Trarnsfer account balances to a 10-column worksheet and prepare a trial balance.2. Prepare adjusting entries in the general journal and complete the worksheet. 3. Prepare company's income statement, retained earnings statement,and balance sheet. 4. Prepare closing entries in the general journal.arrow_forward
- Preparing closing entries from an adjusted trial balance The adjusted trial balance of Stone Sign Company follows: Requirements Assume Stone Sign Company has a January 31 year-end. Journalize Stone’s closing entries at January 31. How much net income or net loss did Stone Sign Company earn for the year ended January 31? How can you tell?arrow_forwardPrepare an income statement and statement of retained earnings for the year ended December, 31, 2019. Also prepare the company’s balance sheet dated December 31, 2019. Prepare the necessary year-end closing entries. Solutions of the attached images immeditely please. Thanks.arrow_forwardPrepare the following, December 31, 2019 financial statements: Income Statement Retained Earnings Statement Balance Sheet Note: The December 31, 2019 adjusted trial balance is provided below. Prepare the fiscal year end closing entries.arrow_forward
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