COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 6, Problem 1PA
1.
To determine
Journalize the
2.
To determine
Journalize the closing entries.
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On November 30, 2019, Davis Company and the following account balances:
1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense $ 28,750 Depreciation expense—Office equipment . 7,250 Depreciation expense—Selling equipment 8,600 Depreciation expense—Factory equipment . 33,550 Factory supervision 102,600 Factory supplies used (indirect materials) 7,350 Factory utilities . 33,000 Direct labor 675,480 Indirect labor . 56,875 Miscellaneous production costs $ 8,425 Office salaries expense 63,000 Raw materials purchases (direct materials) 925,000 Rent expense—Office space 22,000 Rent expense—Selling space . 26,100 Rent expense—Factory building 76,800 Maintenance expense—Factory equipment 35,400 Sales . 4,462,500 Sales salaries expense . 392,560 Required 1. Classify each cost as either a product or period cost. 2. Classify each product cost as either direct materials, direct labor, or factory overhead. 3. Classify each period cost as either selling expenses or…
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company.
Advertising expense
$
28,750
Depreciation expense—Office equipment
7,250
Depreciation expense—Selling equipment
8,600
Depreciation expense—Factory equipment
33,550
Factory supervision
102,600
Factory supplies used (indirect materials)
7,350
Factory utilities
33,000
Direct labor
675,480
Indirect labor
56,875
Miscellaneous production costs
8,425
Office salaries expense
63,000
Raw materials purchases (direct)
925,000
Rent expense—Office space
22,000
Rent expense—Selling space
26,100
Rent expense—Factory building
76,800
Maintenance expense—Factory equipment
35,400
Sales
4,462,500
Sales salaries expense
392,560
Required:Classify each of the costs as either a product or period cost. Then, classify each of the product costs as either…
Chapter 6 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 6 - What is the journal entry to close the drawing...Ch. 6 - How is the Income Summary account classified?Ch. 6 - Prob. 1.3SRQCh. 6 - Prob. 1.4SRECh. 6 - Prob. 1.5SRECh. 6 - Prob. 1.6SRACh. 6 - Prob. 2.1SRQCh. 6 - Prob. 2.2SRQCh. 6 - What accounts appear on the post-closing trial...Ch. 6 - Prob. 2.4SRE
Ch. 6 - Prob. 2.5SRECh. 6 - On which financial statement would you find the...Ch. 6 - Prob. 1CSRCh. 6 - A firm has the following expenses: Rent Expense,...Ch. 6 - Prob. 3CSRCh. 6 - What is the last step in the accounting cycle?Ch. 6 - Is the following statement true or false? Why? All...Ch. 6 - Prob. 1DQCh. 6 - Prob. 2DQCh. 6 - What accounts appear on a postclosing trial...Ch. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - How is the Income Summary account used in the...Ch. 6 - Briefly describe the flow of data through a simple...Ch. 6 - Prob. 10DQCh. 6 - Prob. 1ECh. 6 - Accounting cycle. Following are the steps in the...Ch. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - Prob. 8ECh. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - The Trial Balance section of the worksheet for...Ch. 6 - Demetria Davis, the bookkeeper for Home Interiors...Ch. 6 - Prob. 1MFCh. 6 - Prob. 2MFCh. 6 - Why is it important that a firms financial records...Ch. 6 - Prob. 4MFCh. 6 - Prob. 1EDCh. 6 - Prob. 1ICCh. 6 - Prob. 1MPS
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