College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 5, Problem 3A
The post-closing
- a. Analyze the work and prepare a response to what you have reviewed.
- b. Journalize the closing entries.
- c. What is the net income or net loss?
- d. Is there an increase or a decrease in Capital?
- e. What would be the ending amount of Capital?
- f. What is the new balance of the post-closing trial balance?
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Students have asked these similar questions
Select whether each of the following would appear on the income statement, statement of owner's equity, or balance sheet. If an item may appear on more than one statement, choose the option that indicates all possible statements. The first item is provided as an example.
Item
Classification
0. Example: The total liabilities of the business at the end of the year.
Balance Sheet
a. The amount of the owner's Capital balance at the end of the year.
b. The amount of depreciation expense on equipment during the year.
c. The amount of the company's net income for the year.
d. The book value of the equipment.
e. Total insurance expired during the year.
f. Total accounts receivable at the end of the year.
g. Total withdrawals by the owner.
h. The cost of utilities used during the year.
i. The amount of the owner's Capital balance at the beginning of the year.
What entry (debit or credit) would you make to: (a) increase revenue (b) decrease in expense, (c) record drawings (d) record the fresh capital introduced by the owner.
Use the following T accounts to answer the questions.
Income Summary
A. C. Marker, Withdrawals
A. C. Marker, Capital
9,399
11,189
3,240
13,200
23.
What was the total revenue for the period?
...
BIUABC
Path:
24.
What were the total expenses?
BIU ABg E E = E-E E A- aby-
Path
Chapter 5 Solutions
College Accounting (Book Only): A Career Approach
Ch. 5 - What is the third step in the accounting cycle?...Ch. 5 - Which of the following accounts would be closed...Ch. 5 - If Income from Services had a 20,400 credit...Ch. 5 - Which of the following accounts would appear on a...Ch. 5 - Under the cash basis of accounting, which of the...Ch. 5 - Prob. 6QYCh. 5 - Number in order the following steps in the...Ch. 5 - List the steps in the closing procedure in the...Ch. 5 - What is the purpose of closing entries? What is a...Ch. 5 - What are real accounts? What are nominal accounts?...
Ch. 5 - What is the purpose of the Income Summary account?...Ch. 5 - What is the purpose of the post-closing trial...Ch. 5 - Write the third closing entry to transfer the net...Ch. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Classify the following accounts as real...Ch. 5 - The ledger accounts after adjusting entries for...Ch. 5 - As of December 31, the end of the current year,...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - After all revenue and expenses have been closed at...Ch. 5 - Identify whether the following accounts would be...Ch. 5 - Prob. 8ECh. 5 - Indicate with an X whether each of the following...Ch. 5 - Prepare a statement of owners equity for The...Ch. 5 - Prob. 1PACh. 5 - The partial work sheet for Ho Consulting for May...Ch. 5 - The account balances of Bryan Company as of June...Ch. 5 - Williams Mechanic Services prepared the following...Ch. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 4PBCh. 5 - Toms Catering Services prepared the following work...Ch. 5 - Rather than going directly to college, some...Ch. 5 - Prob. 2ACh. 5 - The post-closing trial balance submitted to you by...Ch. 5 - You are preparing a post-closing trial balance for...Ch. 5 - The bookkeeper has completed a work sheet and has...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - Prob. 1CP
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- A. list all of the steps in the accounting cycle? B.Explain th e steps that must be taken for closing entries? C. Explain how one of the entries changes depending on if you have net income or net loss?arrow_forwardPrepare the closing entries of the following:3. Closing of income summary to capital. 4. Closing of drawing account.please refer for the photo belowarrow_forwardRequired: 1. Record the preceding transactions in the general journal. 2. Post the entries to the general ledger. 3. Make the necessary adjustments. 4. Post the adjusting entries to the general ledger. 5. Prepare the worksheet. 6. Prepare the financial statements: a. Statement of Financial Position b. Statement of Comprehensive Income c. Cash Flow Statement d. Statement of Changes in Equity 7. Prepare closing entries. 8. Prepare the post-closing trial balance.arrow_forward
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