From the list that follows, identify the accounts that should be closed to the owner’s capital account at the end of the fiscal year: a. Accounts Receivable b. Accumulated Depreciation c. Building d. Depreciation Expense e. Fees Earned f. Jackie Lindsay, Capital g. Jackie Lindsay, Drawing h. Land i. Supplies

From the list that follows, identify the accounts that should be closed to the owner’s capital account at the end of the fiscal year: a. Accounts Receivable b. Accumulated Depreciation c. Building d. Depreciation Expense e. Fees Earned f. Jackie Lindsay, Capital g. Jackie Lindsay, Drawing h. Land i. Supplies

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 2EA: For each of the following accounts, identify whether it is nominal/temporary or real/permanent, and...

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A portion of Johnsons Farm Supply work sheet for the year ended December 31 follows: Required 1. Determine the entries that appeared in the Adjustments columns and prepare the general journal entries for the adjustments in the general journal, page 19. 2. Determine the net income for the year. 3. What is the amount of the ending capital?
For each account listed, identify the category in which it would appear on a classified balance sheet. Account Category a. Office Supplies b. Interest Payable c. Golub, Capital d. Copyrights e. Land f. Accumulated Depreciation - Furniture g. Land (held for long-term investment purposes) h. Unearned Revenue i. Notes Payable (due in six years) Current assets Current liabilities Intangible assets Long-term investments Long-term liabilities Owner's equity Property, Plant, and Equipment
J. To record cash payment of a prepaid expense. Explanation Insurance Expense Journal Entries Prepaid Insurance Interest Receivable Interest Revenue Interest Expense Interest Payable Accounts Payable Cash Cash Accounts Receivable (from services) Prepaid Rent Cash Unearned Revenue Cash Services Revenue Unearned Revenue Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable ma Dobit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 13,280 Credit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 13,280
On 1 September 20X2, Ad-Deen Enterprise had a van which was purchased on 1 January 20X2 at a cost of RM34,000. During the year ended 31 August 20X3, two more vans were purchased in cash. The details are as follows: Date of Purchase 1 April 20X3 1 July 20X3 RM RM Purchase price 40,000 / 52,000 400 / 520 Delivery charges Plate number 50 50 Road tax 1,300 1,600 Petrol 20 30 Painting of company's van (inclusive of company's name, address and logo) 500 600 Insurance R 2,000 2,500 Ad-Deen Enterprise depreciated the vans using the straight line method over four years and assumed that the vans would have zero scrap value. Depreciation. was provided for a full year in the year of purchase. Ad-Deen Enterprise's accounting year ends 31 August every year.
For journal entries 1 through 10, identify the explanation that mostly closely describes it. A. To record this period's depreciation expense. B. To record accrued salaries expense. C. To record this period's use of a prepaid expense. D. To record accrued interest revenue. E. To record accrued interest expense. F. To record the earning of previously unearned income. G. To record cash receipt of unearned revenue. H. To record cash payment of an accrued expense. 1. To record cash receipt of an accrued revenue. J. To record cash payment of a prepaid expense. Explanation Insurance Expense Journal Entries Prepaid Insurance Interest Receivable Interest Revenue Interest Expense Interest Payable Accounts Payable Cash Cash Accounts Receivable (from services) Prepaid Rent Cash Unearned Revenue Services Revenue Cash Unearned Revenue Depreciation Expense Accumulated Depreciation Debit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200 38,217 Credit 3,180 3,300 2,208 1,700 12,300 500 19,250 4,200…
After all account balances are adjusted for the first year allocations and distributions, what is Fabios's 704(b) book capital account balance?
Determine which permanent accounts should be included in the post closing trial balance. Income Tax Expense Choose. Land Choose. Salaries Payable Choose. Accounts Receivable Choose. Salaries Expense Choose.
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bartleby, a Learneo, Inc. business

a. Accounts Receivable
b. Accumulated Depreciation
c. Building
d. Depreciation Expense
e. Fees Earned
f. Jackie Lindsay, Capital
g. Jackie Lindsay, Drawing
h. Land
i. Supplies
j. Supplies Expense
k. Unearned Rent
l. Wages Expense