HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 5, Problem 5.26E
Use the following information to answer Exercises E5-22 through E5-24.
The adjusted
Journalizing dosing entries
Requirements
- 1. Journalize the required closing entries at March 31, 2016.
- 2. Set up T-accounts for Income Summary;
Retained Earnings ; and Dividends.Post the closing entries to the T-accounts, and calculate their ending balances. - 3. How much was Business Reduction’s net income or net loss?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Use the following information to answer Exercises E5-23 through E5-25.
The adjusted trial balance of Quality Office Systems at March 31, 2018, follows:
Journalizing closing entries Requirements
Journalize the required dosing entries at March 31, 2018.
Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances.
How much was Quality Office’s net income or net loss?
I need help with this practice problem.
Put the balances from the adjusted trial balance into the T accountsCreate properly formatted income statement and balance sheet for the year and the balance sheet as of 12/31.Create the closing entries.Post the results of the closing entries into the T accountDraw off balances for the T accounts.Create the post-closing trial balance
Closing Entries (Net Income)
Use the following partial listing of T accounts to complete this exercise.
1. Prepare closing entries dated April 30, 20--. Do not enter the posting references until you complete part 2. If an amount box does not require an entry, leave it blank.
2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1.
Cash
101
Bal.
500
Accounts Receivable
122
Bal.
1,500
Wages Payable
219
Bal.
400
Javian Davis, Capital
311
Bal.
9,000
Javian Davis, Drawing
312
Bal.
1,000
Income Summary
313
Tennis Instruction Fees
401
Bal.
4,000
Wages Expense
511
Bal.
760
Advertising Expense
512
Bal.
200
Travel Expense
515
Bal.
600
Supplies Expense
524
Bal.
500
Insurance Expense
535…
Chapter 5 Solutions
HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - The two main inventory accounting systems are the...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC Manufacturing purchase d inventory for 5,300...Ch. 5 - Prob. 5QCCh. 5 - Suppose Daves Discounts Merchandise Inventory...Ch. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Prob. 9QCCh. 5 - Prob. 10AQC
Ch. 5 - Prob. 11BQCCh. 5 - What is a merchandiser, and what is the name of...Ch. 5 - Prob. 2RQCh. 5 - Describe the operating cycle of a merchandiser.Ch. 5 - What is Cost of Goods Sold (COGS), and where is it...Ch. 5 - How is gross profit calculated, and what does it...Ch. 5 - What are the two types of inventory accounting...Ch. 5 - What is an invoice?Ch. 5 - What account is debited when recording a purchase...Ch. 5 - Prob. 9RQCh. 5 - What is a purchase return? How does a purchase...Ch. 5 - Prob. 11RQCh. 5 - How is the net cost of inventory calculated?Ch. 5 - What are the two journal entries involved when...Ch. 5 - Prob. 14RQCh. 5 - When granting a sales allowance, is there a return...Ch. 5 - Prob. 16RQCh. 5 - Prob. 17RQCh. 5 - Prob. 18RQCh. 5 - What are the four steps involved in the closing...Ch. 5 - Prob. 20RQCh. 5 - Prob. 21RQCh. 5 - Prob. 22RQCh. 5 - Prob. 23RQCh. 5 - Prob. 24ARQCh. 5 - Prob. 25BRQCh. 5 - Prob. 26BRQCh. 5 - Prob. 27BRQCh. 5 - Prob. 28BRQCh. 5 - Prob. 29BRQCh. 5 - Prob. 30BRQCh. 5 - Prob. 31BRQCh. 5 - Comparing periodic and perpetual inventory systems...Ch. 5 - Prob. 5.2SECh. 5 - Prob. 5.3SECh. 5 - Prob. 5.4SECh. 5 - Prob. 5.5SECh. 5 - Prob. 5.6SECh. 5 - Prob. 5.7SECh. 5 - Prob. 5.8SECh. 5 - Prob. 5.9SECh. 5 - Prob. 5.10SECh. 5 - Prob. 5.11SECh. 5 - Prob. 5.12SECh. 5 - Prob. 5.13SECh. 5 - Prob. 5.14SECh. 5 - Prob. 5.15SECh. 5 - Prob. 5.16SECh. 5 - Prob. 5.17SECh. 5 - Prob. 5.18SECh. 5 - Prob. 5.19SECh. 5 - For all exercises, assume the perpetual inventory...Ch. 5 - Journalizing purchase transactions from an invoice...Ch. 5 - Prob. 5.22ECh. 5 - Prob. 5.23ECh. 5 - Prob. 5.24ECh. 5 - Prob. 5.25ECh. 5 - Use the following information to answer Exercises...Ch. 5 - Prob. 5.27ECh. 5 - Prob. 5.29ECh. 5 - Prob. 5.30ECh. 5 - Prob. 5.31ECh. 5 - Prob. 5.32ECh. 5 - Prob. 5.33ECh. 5 - Prob. 5.34ECh. 5 - Prob. 5.35ECh. 5 - Prob. 5.36APCh. 5 - Prob. 5.37APCh. 5 - Prob. 5.38APCh. 5 - Prob. 5.39APCh. 5 - Prob. 5.40APCh. 5 - Prob. 5.41APCh. 5 - Prob. 5.42APCh. 5 - Prob. 5.43BPCh. 5 - Prob. 5.44BPCh. 5 - Prob. 5.45BPCh. 5 - Prob. 5.46BPCh. 5 - Prob. 5.47BPCh. 5 - Prob. 5.48BPCh. 5 - Prob. 5.49BPCh. 5 - Prob. 5.50CPCh. 5 - Prob. 5.51CPCh. 5 - Prob. 5.52PSCh. 5 - Prob. 5.1CTDCCh. 5 - Prob. 5.1CTEICh. 5 - Prob. 5.1CTFC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Based on the data presented in Exercise 6-25, journalize the closing entries. On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: a. Prepare a multiple-step income statement for the year ended March 31, 2019. b. Compare the major advantages and disadvantages of the multiple-step and single-step forms of income statements.arrow_forwardUse the following information to answer Exercises E5-23 through E5-25. The adjusted trial balance of Quality Office Systems at March 31, 2018, follows: Preparing a single-step income statement Prepare Quality Office’s single-step income statement for the year ended March 31, 2018.arrow_forwardJournalize the following transactions that occurred in September 2018 for Aquamarines No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Aquamarines estimates sales returns at the end of each month.arrow_forward
- Under the new revenue recognition standard, what most companies do at the end of the period related to sales returns? Describe the journal entries that would be recorded.arrow_forwardUse the following information to answer Exercises E5-23 through E5-25. The adjusted trial balance of Quality Office Systems at March 31, 2018, follows: Preparing a multi-step income statement Prepare Quality Office’s multi-step income statement for the year ended March 31, 2018.arrow_forwardRequired:A. On the transaction summary table, indicate the effect of each transaction on eachaccount. Put “+” if the account has increased or “-“ if the account has decreased. Put the amount of increase or decrease for each account.B. Construct T-accounts for the account titles used with the normal balances.C. Prepare the journal entries of Kaizen Consultancy Services for the month of March, 2019.arrow_forward
- From the partial worksheet, journalize the closing entries for December 31 for A. Slow Co. Start by journalizing the closing entry for revenues. (See attached images for clearer info) Journal Entry Date Accounts PR Dr. Cr. Dec. 31 Journalize the closing entry for the expense and contra-revenue accounts. Journal Entry Date Accounts PR Dr. Cr. Dec. 31 Journalize the closing entry for the Income Summary account. Journal Entry Date Accounts PR…arrow_forwardComplete the accounting cycle using the adjusted trial balance below. Requirements:1. Prepare Financial Statements: Profit and loss Statement, Statement ofchanges in Equity and Statement of Financial Position2. Closing entries: Prepare closing entries in the general journal; 2. Post theclosing entries in the general ledger and; 3. Creating Post-closing Trialbalance.arrow_forwardAfter preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $27,000. The entry to close the income summary account will be: Multiple Choice Debit Income Summary $27,000; credit Owner Capital $27,000. Debit Owner Withdrawals $27,000; credit Income Summary $27,00. Debit Income Summary $27,000; credit Owner Withdrawals $27,000. Debit Owner Withdrawals $27,000; Credit Owner Capital $27,000. Debit Owner Capital $27,000; credit Income Summary $27,000.arrow_forward
- Required:A. On the transaction summary table, indicate the effect of each transaction on each account. Put “+” if the account has increased or “-“ if the account has decreased. Put the amount of increase or decrease for each account.B. Construct T-accounts for the account titles used with the normal balances.C. Prepare the journal entries of Kaizen Consultancy Services for the month of March, 2019.arrow_forwardAfter all revenue and expenses have been closed at the end of the fiscal period ended December 31, Income Summary has a debit of 45,550 and a credit of 36,520. On the same date, D. Mau, Drawing has a debit balance of 12,000 and D. Mau, Capital had a beginning credit balance of 63,410. a. Journalize the entries to close the remaining temporary accounts. b. What is the new balance of D. Mau, Capital after closing the remaining temporary accounts? Show your calculations.arrow_forwardAssume the following data for Oshkosh Company before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer refunds and allowances b. Estimated customer returnsarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
College Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage Learning
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License