FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Chapter 3, Problem 50P
a.
To determine
Prepare income statement, statement of
b.
To determine
Prepare entries in
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Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31.
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Supplies
Prepaid Rent
Accounts Payable
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Retained Earnings
Dividends
Service Revenue
Salaries Expense
Advertising Expense
Rent Expense
Utilities Expense
Totals
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1
Journal entry worksheet
Required:
1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry
Required" in the first account field.)
2
Debit
$ 10,500
31,500
22,500
3
Date
December 31,
2021
2,500
Note: Enter debits before credits.
18,500
11,500
8,500
6,500
$112,000
Credit
$ 1,500
15,000
32,500
7,500
55,500
$112,000
Record the entry to close the revenue accounts.
General Journal
Debit
Credit
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as
2024.
Account Title
Retained earnings
Sales revenue
Interest revenue
Cost of goods sold
Salaries expense
Rent expense
Depreciation expense
Interest expense
Insurance expense
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Required:
Prepare the necessary closing entries on December 31, 2024.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Teal Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it
has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of
return extends for 4 months. Teal estimates returns of 20%. Teal sells these planters on account for $1,500,000 (cost $825,000) on
January 2, 2020. Customers are required to pay the full amount due by March 15, 2020.
(a)
Your answer is correct.
Prepare the journal entry for Teal at January 2, 2020. (Credit account titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 2,
Accounts Receivable
1,500,000
2020
Sales Revenue
1,500,000
(To recognize revenue.)
Cost of Goods Sold
825000
Inventory
825000
(To record cost of goods sold.)
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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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