COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 6, Problem 3PB
2.
To determine
Journalize the closing entries.
1 and 3.
To determine
Prepare the ledger accounts of balances of December 31 and
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CLOSING ENTRIES (NET INCOME) Using the following partial listing of Taccounts, prepare closing entries in general journal form dated April 30,20--. Then post the closing entries to the T accounts.
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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…
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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- Find year-end closing entries (journal and ledger).arrow_forwardPrepare journal entries to record the December transactions in the General Journal Tab in the excel template file Use the following accounts as appropriate: Cash. Land. Notes Payable. Depreciation Expense. Accounts Receivable. Accumulated Depreciation. Common Stock. Salaries Expense. Supplies. Accounts Payable. Retained Earnings. Supplies Expense. Prepaid Insurance. Deferred Revenue. Dividends. Rent Expense. Equipment. Salaries Payable. Service Revenue. Insurance Expense 1-Dec: Issue common stock in exchange for cash of $6,000. 1-Dec: Paid the premium in advance on a one-year insurance policy, $480. 1-Dec: Purchased Equipment for $3,600 cash. 5-Dec: Purchased office supplies from XYZ Company on account, $400. 15-Dec: Provided services to customers for $5,400 cash. 16-Dec: Provided services to customer ABC Inc. on account, $2,500. 17-Dec: Received $800 cash in advance from a customer for services to be provided in January. 22-Dec: Paid $220 to XYZ company for the Dec 5 purchase on…arrow_forwardCLOSING ENTRIES Using the spreadsheet and partially completed Income Summary Account on page 605 prepare the following:1. Closing entries for Balloons and Baubbles in a general journal.2. A post-closing trial balance.arrow_forward
- If a credit sale is made to a New customer, and the amount due is received before the year ends, explain the bookkeeping work that is required for that sales amount to eventually be included in the final accounts. Give an example of the bookkeeping entries to be made.arrow_forwardPrepare the financial statements for the month of September for presentation to Ralph Collins. Journalize the closing entries and balance off the ledger accounts including the income summary account. Prepare the post-closing trial balance.arrow_forwardUse the filling partial listing of T accounts to complete this exercise. 1)Prepare closing entries in general journal form dates May 31,20– 2) post the closing entries to the T accounts.arrow_forward
- Using the trial balance Journalize the closing entries and balance off the ledger accounts including the income summary account. Prepare the post-closing trial balance.arrow_forwardPrepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and calculate the ending balance for the account. Assume an Accounts Payable beginning balance of $7,500. A. May 12, purchased merchandise inventory on account. $9,200 B. June 10, paid creditor for part of previous months purchase, $11,350arrow_forwardUNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--. REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31.arrow_forward
- UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.arrow_forwardPrepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,500). A. March 1, paid interest due on note, $2,500 B. December 31, interest accrued on note payable, $4,250arrow_forwardCLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to thework sheet in Problem 6-7A for Megaffin's Repairs. The trial balanceamounts (before adjustments) have been entered in the ledger accountsprovided in the working papers. If you are not using the working papersthat accompany this book, set up ledger accounts and enter thesebalances as of January 31, 20--. A chart of accounts is provided attached. REQUIRED 1. Journalize (page 10) and post the adjusting entries.2. Journalize (page 11) and post the closing entries.3. Prepare a post-closing trial balance.arrow_forward
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