Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 3, Problem 9SC
To determine
Identify the entry which is not a closing entry.
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Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).
Retained Earnings
Date
May 31
Dividends
Date
May 31
Services Revenue
Date
May 31
Depreciation Expense
Date
May 31
Required A
03 0% 3% 3%
View transaction liet
G2
Required B
Transaction
2
Debit
B
Debit
Record entry
Debit
Note: Enter debits before credits.
Debit
Journal entry worksheet
Complete this questions by entering your answers in the tabs below.
Prepare closing journal entries from the above ledger accounts.
Account Number 318
Credit Balance
Date
81,000
May 31
Number 319 Insurance Expense
Balance
47.000
Account
Credit
Record the entry to close experise accounts.
General Ledger
Clear entry
May 31
Account Number 403 Rent Expense
Balance
Date
142, 722
May 31
Income Summary
Account Number 603
Credit
Balance
21,000
Salarics Expense
General Journal
Date
Debit
(a) Prepare closing journal entries from the above ledger accounts.
(b) Post the entries from…
Preparing Closing Procedures
The adjusted trial balance of Parker Corporation, prepared December 31,2015, contains the following selected accounts.
Adjusted Account Balances
Debit
Credit
Service fees revenue
$185,000
Interest income
4,400
Salaries expense
$83,600
Advertising expense
8,600
Depreciation expense
17,400
Income tax expense
19,800
Retained earnings
85,400
a. Prepare entries to close these accounts in journal entry form.
General Journal
Description
Debit
Credit
12/31 Service fees revenue
Interest income
Retained earnings
To close the revenue accounts.
12/31 Retained earnings
Salaries expense
Advertising expense
Depreciation expense
Retained earnings
To close the expense accounts.
Dr. Income Summary
Cr. Retained Earnings
500
This journal entry is most likey:
500
Select one:
O either an adjusting journal entry or a closing journal entry
Oeither a transaction journal entry or an adjusting journal entry
Oeither a transaction journal entry or a closing journal entry
Oan adjusting journal entry
O a transaction journal entry
O not a journal entry that would ever be made
a closing journal entry
Chapter 3 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 3 - If XYZ Consulting performs a consulting service,...Ch. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - What kind of account is accumulated depreciation?...Ch. 3 - Prob. 10DQ
Ch. 3 - Prob. 1SCCh. 3 - Adjusting the accounts is the process of a....Ch. 3 - Which of the following terms describes the types...Ch. 3 - Assume the weekly payroll of ASR, Inc., is 4,500....Ch. 3 - Prob. 5SCCh. 3 - Prob. 6SCCh. 3 - Prob. 7SCCh. 3 - What do closing entries accomplish? a. Bring the...Ch. 3 - Prob. 9SCCh. 3 - Which correctly represents the flow of information...Ch. 3 - Prob. 11SCCh. 3 - Prob. 12SCCh. 3 - Prob. 1SECh. 3 - Prob. 2SECh. 3 - Prob. 3SECh. 3 - Adjusting journal entryprepaid rent (Learning...Ch. 3 - Prob. 5SECh. 3 - Prob. 6SECh. 3 - Prob. 7SECh. 3 - Adjusting journal entrysalaries, accrued revenue,...Ch. 3 - Prob. 9SECh. 3 - Closing entries (Learning Objective 4) 5-10 min....Ch. 3 - Prob. 11SECh. 3 - Prob. 12SECh. 3 - Preparing a post-closing trial balance (Learning...Ch. 3 - Exercises (Group A) E3-14A. Adjusting journal...Ch. 3 - Adjusting journal entry-prepaid insurance...Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 17AECh. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 19AECh. 3 - Prob. 20AECh. 3 - Prob. 21AECh. 3 - Prob. 22AECh. 3 - Preparing a financial statement (Learning...Ch. 3 - Prob. 24AECh. 3 - Prob. 25AECh. 3 - Prob. 26AECh. 3 - Prob. 27AECh. 3 - Prob. 28BECh. 3 - Prob. 29BECh. 3 - Prob. 30BECh. 3 - Analyzing errors (Learning Objective 2) 10-15 min....Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 33BECh. 3 - Prob. 34BECh. 3 - Prob. 35BECh. 3 - Prob. 36BECh. 3 - Prob. 37BECh. 3 - Prob. 38BECh. 3 - Prob. 39BECh. 3 - Prob. 40BECh. 3 - Preparing closing entries (Learning Objective 4)...Ch. 3 - Problems (Group A) Common adjusting journal...Ch. 3 - Prob. 43APCh. 3 - Prob. 44APCh. 3 - Prob. 45APCh. 3 - Prob. 46APCh. 3 - Prob. 47APCh. 3 - Problems (Group B) Common adjusting journal...Ch. 3 - Re-creating adjusting journal entries from a trial...Ch. 3 - Preparing adjusting journal entries and an...Ch. 3 - Effects of adjusting journal entries on income...Ch. 3 - Preparing financial statements (Learning Objective...Ch. 3 - Preparing closing entries and a post-closing trial...Ch. 3 - This exercise continues the accounting process for...Ch. 3 - This problem continues the accounting process for...Ch. 3 - Prob. 1CFSAPCh. 3 - Prob. 1EIACh. 3 - Case 2. Brent Robertson and his banker were...Ch. 3 - Prob. 1FACh. 3 - Prob. 1IACh. 3 - Prob. 1SBACh. 3 - Written Communication You have received a letter...Ch. 3 - Journalizing, Posting, Adjusting, Preparing, and...
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