Closing entries: Closing entries are those journal entries , which are passed to transfer the final balances of temporary accounts, (all revenues account, all expenses account and dividend) to the income summary account. Closing entries produce a zero balance in each temporary account. Statement of retained earnings : This is an equity statement which shows the changes in the stockholders’ equity over a period of time. To prepare: The closing journal entries of BP Incorporation.

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Answer 1

Question

Chapter 4, Problem 4.14BE

(a)

To determine

Closing entries:

Closing entries are those journal entries, which are passed to transfer the final balances of temporary accounts, (all revenues account, all expenses account and dividend) to the income summary account. Closing entries produce a zero balance in each temporary account.

Statement of retained earnings:

This is an equity statement which shows the changes in the stockholders’ equity over a period of time.

To prepare: The closing journal entries of BP Incorporation.

(b)

To determine

The ending balance in retained earnings of BP Incorporation.

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The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue $18,760, Salaries and Wages Expense $9,350, Maintenance and Repairs Expense $2,970, and Income Tax Expense $1,360. The statement of retained earnings shows an opening balance for Retained Earnings of $21,890 and Dividends $1,610. Prepare closing journal entries. What is the ending balance in Retained Earnings? Ending balance in Retained Earnings $enter the Ending balance in Retained Earnings in dollars

The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19,560, Salaries and Wages Expense $9,600, Maintenance and Repairs Expense $4,420, and Income Tax Expense $1,340. The statement of retained earnings shows an opening balance for Retained Earnings of $20,650 and Dividends $1,770. (a) Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 31 enter an account title to close revenue account enter a debit amount enter a credit amount enter an account title to close revenue account enter a debit amount enter a credit amount (To close revenue account) July 31 enter an account title to close expense accounts enter a debit amount enter a credit amount…

Can you help me with this excercise? Preparing a classified Balance Sheet, making closing entries and preparing the post closing trial balance. Prepare an income statement for the year ended December 31, 20Y5. Answer Check Figure: Net income, $137,400 Prepare a statement of stockholders’ equity for the year ended December 31, 20Y5. During the year, common stock of $25,000 was issued. Prepare a balance sheet as of December 31, 20Y5. Based upon the end-of-period spreadsheet, journalize the closing entries. Prepare a post-closing trial balance

Answer 2

Question

Chapter 4, Problem 4.14BE

(a)

To determine

Closing entries:

Closing entries are those journal entries, which are passed to transfer the final balances of temporary accounts, (all revenues account, all expenses account and dividend) to the income summary account. Closing entries produce a zero balance in each temporary account.

Statement of retained earnings:

This is an equity statement which shows the changes in the stockholders’ equity over a period of time.

To prepare: The closing journal entries of BP Incorporation.

(b)

To determine

The ending balance in retained earnings of BP Incorporation.

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Answer 3

Question

Chapter 4, Problem 4.14BE

(a)

To determine

Closing entries:

Closing entries are those journal entries, which are passed to transfer the final balances of temporary accounts, (all revenues account, all expenses account and dividend) to the income summary account. Closing entries produce a zero balance in each temporary account.

Statement of retained earnings:

This is an equity statement which shows the changes in the stockholders’ equity over a period of time.

To prepare: The closing journal entries of BP Incorporation.

(b)

To determine

The ending balance in retained earnings of BP Incorporation.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 4.14BE

(a)

To determine

Closing entries:

Closing entries are those journal entries, which are passed to transfer the final balances of temporary accounts, (all revenues account, all expenses account and dividend) to the income summary account. Closing entries produce a zero balance in each temporary account.

Statement of retained earnings:

This is an equity statement which shows the changes in the stockholders’ equity over a period of time.

To prepare: The closing journal entries of BP Incorporation.

(b)

To determine

The ending balance in retained earnings of BP Incorporation.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 4.14BE

(a)

To determine

Closing entries:

Closing entries are those journal entries, which are passed to transfer the final balances of temporary accounts, (all revenues account, all expenses account and dividend) to the income summary account. Closing entries produce a zero balance in each temporary account.

Statement of retained earnings:

This is an equity statement which shows the changes in the stockholders’ equity over a period of time.

To prepare: The closing journal entries of BP Incorporation.

(b)

To determine

The ending balance in retained earnings of BP Incorporation.

Answer 6

Chapter 4, Problem 4.14BE

(a)

To determine

Closing entries:

Closing entries are those journal entries, which are passed to transfer the final balances of temporary accounts, (all revenues account, all expenses account and dividend) to the income summary account. Closing entries produce a zero balance in each temporary account.

Statement of retained earnings:

This is an equity statement which shows the changes in the stockholders’ equity over a period of time.

To prepare: The closing journal entries of BP Incorporation.

Answer 7

Chapter 4, Problem 4.14BE

(a)

To determine

Closing entries:

Closing entries are those journal entries, which are passed to transfer the final balances of temporary accounts, (all revenues account, all expenses account and dividend) to the income summary account. Closing entries produce a zero balance in each temporary account.

Statement of retained earnings:

This is an equity statement which shows the changes in the stockholders’ equity over a period of time.

To prepare: The closing journal entries of BP Incorporation.

Answer 8

(b)

To determine

The ending balance in retained earnings of BP Incorporation.

Answer 9

(b)

To determine

The ending balance in retained earnings of BP Incorporation.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 4 - Prob. 1Q Ch. 4 - Identify and stale two generally accepted...Ch. 4 - Prob. 3Q Ch. 4 - Prob. 4Q Ch. 4 - Prob. 5Q Ch. 4 - Why may the financial information in an unadjusted...Ch. 4 - Distinguish between the two categories of...Ch. 4 - What types of accounts does a company debit and...Ch. 4 - Prob. 9Q Ch. 4 - Prob. 10Q

Solution Summary: The author explains the closing entries of BP Incorporation at July 31 are as follows: Date Account Title and Explanation Post Ref.

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The ending balance in retained earnings of BP Incorporation.

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