Question

In: Accounting

Required: Prepare closing journal entries. given the following adjusted ledger balance: Cash

Required: Prepare closing journal entries. given the following adjusted ledger balance:

Cash 100,000

Accounts Rec. 300,000

Pre-paid expenses 50,000

Land 100,000

Equip. 400,000

Accum. Depr. 175,000

Accts. Pay. 150,000

Notes Pay. 50,000

STAR Capital 100,000

STAR Drawing 25,000

Income Summary 0

Sales 805,000

Wage Exp. 200,000

Maint Exp. 75,000

Insr.Exp 10,000

Depr. Exp. 20,000

Expert Solution

Closing entries

Accounts and Explanations	Debit	Credit
Sales	$ 8,05,000.00
Income Summery		$ 8,05,000.00
(Revenue accounts closed)

Income Summery	$ 3,05,000.00
Wage exp.		$ 2,00,000.00
Maint exp.		$ 75,000.00
Insr. Exp.		$ 10,000.00
Depr. Exp.		$ 20,000.00
(Expenses Accounts closed)

Income Summery	$ 5,00,000.00
STAR Capital		$ 5,00,000.00
(To close income summery account)

STAR Capital	$ 25,000.00
Star Drawings		$ 25,000.00
(To close Drawings account)

ekkarill92 answered 7 months ago

Prepare an adjusted trial balance. If an amount Ledger Accounts, Adjusting Entries, Financial Statements, and Closing...

Prepare an adjusted trial balance. If an amount Ledger Accounts, Adjusting Entries, Financial Statements, and Closing Entries; Optional Spreadsheet. The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows: Recessive Interiors Unadjusted Trial Balance January 31, 2019 Debit Balances Credit Balances 11 Cash 13,100 13 Supplies 8,000 14 Prepaid Insurance 7,500 16 Equipment 113,000 17 Accumulated Depreciation—Equipment 12,000 18 Trucks 90,000 19 Accumulated Depreciation—Trucks 27,100 21 Accounts Payable 4,500 31 Jeanne McQuay, Capital...

Given the following adjusted account balances (all normal), prepare the closing journal entries for Ski Lodge...

Given the following adjusted account balances (all normal), prepare the closing journal entries for Ski Lodge 2 on December 31, 2018. Cash 45,000 Prepaid rent 9,000 Jane Goden, Capital 85,000 Land 65,000 Service revenue 75,500 Unearned service revenue 24,000 Supplies 4,000 Interest expense 5,000 Amortization expense - Vehicle 15,000 Rent expense 12,500 Salary expense 46,000 Jane Goden, Withdrawals 20,000 Note payable 70,000 Interest payable 3,000 Acc. amortization, Building 15,000 Freight Payable 2,200 COGS 1,000...

E4-23 Prepare closing entries. The adjusted trial balance for Ryan Company is given below. Instructions Prepare...

E4-23 Prepare closing entries. The adjusted trial balance for Ryan Company is given below. Instructions Prepare the closing entries for the temporary accounts at August 31. The trial balances shown below are before and after adjustment for Ryan Company at the end of its fiscal year. RYAN COMPANY Trial Balance August 31, 2017 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,900 $10,900 Accounts Receivable 8,800 9,400 Supplies 2,500 500 Prepaid Insurance 4,000 2,500 Equipment 16,000 16,000 Accumulated Depreciation—Equipment...

Record each of these transactions in Journal entries and prepare the Ledger for Cash & Cash...

Record each of these transactions in Journal entries and prepare the Ledger for Cash & Cash Equivalents, Accounts Receivable and Accounts Payable: Jan. 1st Frank's Pizza started the business by depositing $50,000 received from the sale of capital stock in the company bank account. Jan. 22ndPurchased a building for $36,000, paying $6,000 in cash and issuing a note payable for the remaining $30,000. Jan. 25thPurchased tools and equipment on account, $13,800. Jan. 27thSold some of the tools at a price...

Use the information in the adjusted trial balance to prepare the closing entries for Stockton Company....

Use the information in the adjusted trial balance to prepare the closing entries for Stockton Company. Stockton Company Adjusted Trial Balance For the Year Ended December 31, 2019 Debit Credit Cash $ 6,030 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation $ 1,100 Accounts Payable 1,900 Notes Payable 4,200 Capital Stock 2,000 Retained Earnings 10,940 Dividends 790 Fees Earned 8,750 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 85 Totals $28,890...

I have to create adjusting journal entries and prepare an adjusted trial balance. The following is...

I have to create adjusting journal entries and prepare an adjusted trial balance. The following is the data I am given plus the unadjusted trial balance. What are the adjusting entries with this information? a. $4,350 of prepaid insurance expired during the period b. the company estimates depreciation expense of $8,150 for the period c. a count showed earned $85,700 of supplies on hand d. interest earned and recieveable on the outstanding notes recieveable is $260 for the period

Instructions: Prepare the general ledger journal entries for the transactions. If no entry is required, do...

Instructions: Prepare the general ledger journal entries for the transactions. If no entry is required, do not leave it blank. State "No Entry Required" and briefly explain why. Transactions: 1.The City Council approved the following budget for the fiscal year: Appropriations......................................................................................... 14,000 Estimated Revenues................................................................................. 12,000 Of these amounts, $8,000 is for operating expenditures and $10,000 is for property tax revenues. 2. The property tax levy was recorded, $10,000, of which 3% will probably prove uncollectible. 3. The city...

Prepare Journal Entries, Ledger, T- Accounts, Trial Balance, Income Statement, and Balance Sheet The following are...

Prepare Journal Entries, Ledger, T- Accounts, Trial Balance, Income Statement, and Balance Sheet The following are transactions of Samantha Payapag Advertising Company for the month of July 2013 July 3 Samantha Payapag invested 500,000 in the business. July 5 Bought for cash, advertising supplies costing 80,000. Paid rental of the office, 7,300 July 9 Bought delivery truck from MJ Idos Trading, 350,000 on credit July 12 Received 43,000 cash as advertising income July 13 Bought furniture & fixtures, 32,000 in...

Required: Prepare the proper ADJUSTING journal entries for the following events. Also, prepare a balance sheet...

Required: Prepare the proper ADJUSTING journal entries for the following events. Also, prepare a balance sheet after adjusting entries have been made. The unadjusted trial balance for Tahini & Jam Inc. appears below: Tahini & Jam Inc. Unadjusted Trial Balance December 31, 2020 Debit Credit Cash $75,500 Accounts receivable 5,000 Prepaid rent 1,000 Prepaid insurance 15,000 Supplies 3,000 Equipment 40,000 Accumulated depreciation-equipment $4,000 Accounts payable 11,000 Bank loan payable 10,000 Unearned service revenue 10,500 Common...

3. Closing Entries. Given the following information prepare the closing entries in good form for Matox,...

3. Closing Entries. Given the following information prepare the closing entries in good form for Matox, Incorporated as of December 31, 2016. Prepare the closing entries in good form. Accounts Payable $30,000 Cash $253,000 Depreciation Expense 35,750 Insurance Expense 12,540 Prepaid Insurance 6,530 Salary Expense 32,874 Service Revenue 543,250 Supplies Expense 97,800 Mavery Roberts, Capital 248,000 Mavery Roberts, Drawing 23,650