Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance. Rules for closing entries : a) Debit the account : All temporary accounts with credit balances. b) Credit the account : All temporary accounts with debit balances. To Prepare: The closing entries for revenue and expense accounts post the given balances in T-Accounts, post the closing entries and balance the accounts.

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Answer 1

Question

Chapter 4, Problem 4.6BE

a)

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

a) Debit the account: All temporary accounts with credit balances.

b) Credit the account: All temporary accounts with debit balances.

To Prepare: The closing entries for revenue and expense accounts post the given balances in T-Accounts, post the closing entries and balance the accounts.

b)

To determine

To Post: the entries to the revenue and expense account.

c)

To determine

To Compute: the complete closing process for these accounts using three columns.

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Answer 2

Question

Chapter 4, Problem 4.6BE

a)

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

a) Debit the account: All temporary accounts with credit balances.

b) Credit the account: All temporary accounts with debit balances.

To Prepare: The closing entries for revenue and expense accounts post the given balances in T-Accounts, post the closing entries and balance the accounts.

b)

To determine

To Post: the entries to the revenue and expense account.

c)

To determine

To Compute: the complete closing process for these accounts using three columns.

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Answer 3

Question

Chapter 4, Problem 4.6BE

a)

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

a) Debit the account: All temporary accounts with credit balances.

b) Credit the account: All temporary accounts with debit balances.

To Prepare: The closing entries for revenue and expense accounts post the given balances in T-Accounts, post the closing entries and balance the accounts.

b)

To determine

To Post: the entries to the revenue and expense account.

c)

To determine

To Compute: the complete closing process for these accounts using three columns.

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Answer 4

Question

Chapter 4, Problem 4.6BE

a)

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

a) Debit the account: All temporary accounts with credit balances.

b) Credit the account: All temporary accounts with debit balances.

To Prepare: The closing entries for revenue and expense accounts post the given balances in T-Accounts, post the closing entries and balance the accounts.

b)

To determine

To Post: the entries to the revenue and expense account.

c)

To determine

To Compute: the complete closing process for these accounts using three columns.

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Answer 5

Chapter 4, Problem 4.6BE

a)

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

a) Debit the account: All temporary accounts with credit balances.

b) Credit the account: All temporary accounts with debit balances.

To Prepare: The closing entries for revenue and expense accounts post the given balances in T-Accounts, post the closing entries and balance the accounts.

b)

To determine

To Post: the entries to the revenue and expense account.

c)

To determine

To Compute: the complete closing process for these accounts using three columns.

Answer 6

Chapter 4, Problem 4.6BE

a)

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

a) Debit the account: All temporary accounts with credit balances.

b) Credit the account: All temporary accounts with debit balances.

To Prepare: The closing entries for revenue and expense accounts post the given balances in T-Accounts, post the closing entries and balance the accounts.

Answer 7

Chapter 4, Problem 4.6BE

a)

To determine

Closing entries: Closing entries are those journal entries which are passed to transfer the balances of temporary accounts to the permanent accounts. These are passed at the end of the accounting period, to transfer the final balance.

Rules for closing entries:

a) Debit the account: All temporary accounts with credit balances.

b) Credit the account: All temporary accounts with debit balances.

To Prepare: The closing entries for revenue and expense accounts post the given balances in T-Accounts, post the closing entries and balance the accounts.

Answer 8

b)

To determine

To Post: the entries to the revenue and expense account.

Answer 9

b)

To determine

To Post: the entries to the revenue and expense account.

Answer 10

c)

To determine

To Compute: the complete closing process for these accounts using three columns.

Answer 11

c)

To determine

To Compute: the complete closing process for these accounts using three columns.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 4 - Prob. 1Q Ch. 4 - 2. Explain the purpose of the worksheet. Ch. 4 - Prob. 3Q Ch. 4 - 4. If a company’s revenues are $125,000 and its...Ch. 4 - Prob. 5Q Ch. 4 - Prob. 6Q Ch. 4 - 7. Describe the nature of the Income Summary...Ch. 4 - Prob. 8Q Ch. 4 - 9. Which of the following would not appear in the...Ch. 4 - 10. Distinguish between a reversing entry and an...

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To Post: the entries to the revenue and expense account.

To Compute: the complete closing process for these accounts using three columns.

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