Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Textbook Question
Chapter B, Problem 24EA
Record closing entries and compute net income.
(LO 4). Given the following adjusted
Brett’s Bait & Tackle, Inc.
Adjusted Trial Balance
June 30, 2011
a
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During the year ended December 31, 2021 the following transactions occurred:
The table is in the pictures

Prepare all the journal entries necessary to record the above transactions and any necessary December 31 year end adjusting entries. No need to provide closing entries. Ignore income and sales taxes . Clearly label of the number is credited or debited
Crane Company has the following year-end account balances on November 30, 2024: Service Revenue $37,000; Insurance
Expense $2,700; Rent Expense $6,000; Supplies Expense $1,350; L. Johnson, Capital $42,000; and L. Johnson, Drawings $28,000.
(a)
Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If
no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. List all debit entries before credit entries.)
Date Account Titles
Nov. 30
Nov. 30
Nov. 30
Nov. 30
To close revenue account)
<
To close expense accounts)
To close income summary)
To close drawings account)
Debit
Credit
|
||||
|||||
American Chip Corporation's reporting year-end is December 31. The following is a partial adjusted trial balance as
2024.
Account Title
Retained earnings
Sales revenue
Interest revenue
Cost of goods sold
Salaries expense
Rent expense
Depreciation expense
Interest expense
Insurance expense
View transaction list
Required:
Prepare the necessary closing entries on December 31, 2024.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Chapter B Solutions
Financial Accounting
Ch. B - Indicate whether each of the following accounts...Ch. B - Prob. 2YTCh. B - Prob. 1QCh. B - Prob. 2QCh. B - Prob. 3QCh. B - Prob. 4QCh. B - Prob. 5QCh. B - Prob. 6QCh. B - Prob. 7QCh. B - Prob. 8Q
Ch. B - Prob. 9QCh. B - Prob. 1MCQCh. B - Prob. 2MCQCh. B - Prob. 3MCQCh. B - Prob. 4MCQCh. B - Prob. 5MCQCh. B - Prob. 6MCQCh. B - Prob. 7MCQCh. B - Prob. 8MCQCh. B - Prob. 9MCQCh. B - Prob. 10MCQCh. B - Prob. 1SEACh. B - Prob. 2SEACh. B - Prob. 3SEACh. B - Prob. 4SEACh. B - Prob. 5SEACh. B - Prob. 6SEACh. B - Prob. 7SEACh. B - Prob. 8SEACh. B - Prob. 9SEACh. B - Prob. 10SEBCh. B - Prob. 11SEBCh. B - Prob. 12SEBCh. B - Prob. 13SEBCh. B - Prob. 14SEBCh. B - Prob. 15SEBCh. B - Prob. 16SEBCh. B - Prob. 17SEBCh. B - Prob. 18SEBCh. B - Prob. 19EACh. B - Prob. 20EACh. B - Record transactions to T-accounts and prepare an...Ch. B - Prob. 22EACh. B - Prob. 23EACh. B - Record closing entries and compute net income. (LO...Ch. B - Record journal entries, record adjusting entries,...Ch. B - Record journal entries, post to T-accounts, and...Ch. B - Prob. 27EBCh. B - Prob. 28EBCh. B - Prob. 29EBCh. B - Prob. 30EBCh. B - Prob. 31EBCh. B - Prob. 32EBCh. B - Prob. 33EBCh. B - Prob. 34EBCh. B - Prepare a trial balance and financial statements....Ch. B - Record journal entries, post to T-accounts, and...Ch. B - Prepare closing entries and financial statements....Ch. B - Record adjusting journal entries, post to...Ch. B - Prob. 39PACh. B - Prob. 40PACh. B - Prob. 41PACh. B - Prob. 42PACh. B - Prob. 43PBCh. B - Prob. 44PBCh. B - Prob. 45PBCh. B - Prob. 46PBCh. B - Prob. 47PBCh. B - Prob. 48PBCh. B - Prob. 49PBCh. B - Prob. 50PBCh. B - Prob. 51FSACh. B - Prob. 52CTP
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