Question

In: Advanced Math

The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO....

The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:

ACCOUNT NO. ACCOUNT BALANCE
101 Cash $ 65,000
111 Accounts Receivable 35,860
121 Supplies 9,100
131 Prepaid Insurance 23,500
141 Equipment 103,000
142 Accumulated Depreciation—Equipment 39,820
202 Accounts Payable 11,500
301 Aretha Hinkle, Capital 115,000
302 Aretha Hinkle, Drawing 11,500
401 Fees Income 311,000
510 Depreciation Expense—Equipment 19,660
511 Insurance Expense 9,900
514 Rent Expense 31,500
517 Salaries Expense 151,000
518 Supplies Expense 4,100
519 Telephone Expense 5,300
523 Utilities Expense 7,900


All accounts have normal balances.

Required:

  1. Prepare the closing entries.
  2. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.

    Journal entry worksheet

  3. Record the closing entry for revenue.
  4. Note: Enter debits before credits.

    Date General Journal Debit Credit
    Mar 31, 2019

Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.

Aretha Hinkle, Capital Account No. 301 Aretha Hinkle, Drawing Account No. 302
Date Debit Credit Balance Date Debit Credit Balance
Mar 31, 2019
Mar 31, 2019 Mar 31, 2019
Mar 31, 2019
Income Summary Account No. 399 Fees Income Account No. 401
Date Debit Credit Balance Date Debit Credit Balance
Mar 31, 2019 Mar 31, 2019
Mar 31, 2019 Mar 31, 2019
Mar 31, 2019
Depreciation Expense—Equipment Account No. 510 Insurance Expense Account No. 511
Date Debit Credit Balance Date Debit Credit Balance
Mar 31, 2019 Mar 31, 2019
Mar 31, 2019 Mar 31, 2019
Rent Expense Account No. 514 Salaries Expense Account No. 517
Date Debit Credit Balance Date Debit Credit Balance
Mar 31, 2019 Mar 31, 2019
Mar 31, 2019 Mar 31, 2019
Supplies Expense Account No. 518 Telephone Expense Account No. 519
Date Debit Credit Balance Date Debit Credit Balance
Mar 31, 2019 Mar 31, 2019
Mar 31, 2019 Mar 31, 2019
Utilities Expense Account No. 523
Date Debit Credit Balance
Mar 31, 2019
Mar 31, 2019

Solutions

Expert Solution


Related Solutions

Exercise 6.6. The ledger accounts of I-Cloud Internet Company appear as follows on March 31, 2016:...
Exercise 6.6. The ledger accounts of I-Cloud Internet Company appear as follows on March 31, 2016: Account No. Account Balance 101 Cash $80,000 111 Accounts Receivable $58.820 121 Supplies $10,600 131 Prepaid Insurance $25,000 141 Equipment $118,000 142 Accumulated Depreciation – Equipment $41,320 202 Accounts Payable $13,000 301 Lee Retha Hale, Capital $130,000 302 Lee Retha Hale, Drawing $13,000 401 Fees Income $374,460 510 Depreciation Expense – Equipment $21,160 511 Insurance Expense $11,400 514 Rent Expense $33,000 517 Salaries Expense...
the adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows. Account Name...
the adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows. Account Name Balance Cash 6,500 Accounts Receivable 1,650 Supplies 1,500 Prepaid Insurance 650 Equipment 14,500 Accumulated Depreciation–Equipment 2,600 Accounts Payable 2,850 Roger Dye, Capital 14,100 Roger Dye, Drawing 3,000 Fees Income 13,800 Supplies Expense 700 Insurance Expense 550 Depreciation Expense–Equipment 500 Salaries Expense 2,850 Utilities Expense 950 Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entries for RD Consulting on...
The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows. Account Name...
The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows. Account Name Balance Cash 6,100 Accounts Receivable 1,450 Supplies 1,300 Prepaid Insurance 610 Equipment 12,500 Accumulated Depreciation–Equipment 2,000 Accounts Payable 2,650 Roger Dye, Capital 13,300 Roger Dye, Drawing 2,600 Fees Income 11,800 Supplies Expense 660 Insurance Expense 510 Depreciation Expense–Equipment 460 Salaries Expense 2,650 Utilities Expense 910 Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entries for RD Consulting on...
Account balances from the ledger of Crosby Company on December 31, 2019, are as follows: Accounts...
Account balances from the ledger of Crosby Company on December 31, 2019, are as follows: Accounts Payable .................................................................................. $   23,000 Accounts Receivable ............................................................................. 38,000 Accumulated Depreciation--Equipment .................................................   64,000 Allowance for Doubtful Accounts ........................................................... 2,000 Patent .................................................................................................... 8,400 Capital Stock, $10 par ........................................................................... 100,000 Cash ...................................................................................................... 60,260 Inventory ................................................................................................ 105,000 Sales Supplies Inventory ....................................................................... 900 Interest Expense .................................................................................... 6,600 Inventory, December 31, 2018 .............................................................. 104,850 Contributed Capital in Excess of Par Value ........................................... 15,000 Long-Term Note Receivable, 14% ......................................................... 12,000 Mortgage Payable,...
1.On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings...
1.On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation—Building $747,950 Merchandise Inventory $939,850 Administrative Expenses 545,700 Notes Payable 240,200 Building 2,416,650 Office Supplies 20,650 Cash 180,250 Salaries Payable 7,700 Cost of Merchandise Sold 3,965,850 Sales 6,126,850 Interest Expense 9,550 Selling Expenses 717,650 Kathy Melman, Capital 1,545,600 Store Supplies 87,000 Kathy Melman, Drawing 181,750 a. Prepare a multiple-step income statement for the year ended March...
On January 31, 2019, the general ledger of Palmer Company showed the following account balances. ACCOUNTS...
On January 31, 2019, the general ledger of Palmer Company showed the following account balances. ACCOUNTS Cash 61,400 Accounts Receivable 20,900 Supplies 7,400 Prepaid Insurance 6,600 Equipment 89,900 Accum. Depr.—Equip. 0 Accounts Payable 15,100 Sadie Palmer, Capital 80,350 Fees Income 109,000 Depreciation Exp.—Equip. 0 Insurance Expense 0 Rent Expense 9,000 Salaries Expense 9,250 Supplies Expense 0 Additional information: Supplies used during January totaled $4,900. Expired insurance totaled $1,650. Depreciation expense for the month was $1,425. Complete the worksheet through the...
The following accounts appear in the ledger of Sheldon Company on January 31, the end of...
The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. Cash $16,400 Accounts Receivable 15,100 Merchandise Inventory 55,500 Store Supplies 1,603 Prepaid Insurance 3,080 Store Equipment 24,900 Accumulated Depreciation, Store Equipment 3,860 Accounts Payable 14,400 M. E. Sheldon, Capital 126,484 M. E. Sheldon, Drawing 36,000 Sales 227,000 Sales Returns and Allowances 2,000 Purchases 172,000 Purchases Returns and Allowances 2,375 Purchases Discounts 3,567 Freight In 7,491 Wages Expense 24,800 Advertising Expense 5,912...
The ledger of Oriole Company on March 31 of the current year includes the selected accounts...
The ledger of Oriole Company on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit Supplies $6,900 Prepaid Insurance 8,280 Equipment 57,500 Accumulated Depreciation—Equipment $19,320 Notes Payable 46,000 Unearned Rent Revenue 28,520 Rent Revenue 138,000 Interest Expense 0 Salaries and Wages Expense 32,200 An analysis of the accounts shows the following. 1. The equipment depreciates $644 per month. 2. Half of the unearned rent revenue was earned during the quarter....
The ledger of a company contained the following account balances on December 31: Accounts Payable $...
The ledger of a company contained the following account balances on December 31: Accounts Payable $ 15,200 Fees Income $ 190,000 Accounts Receivable 6,800 Supplies 5,200 Accumulated Depreciation 10,000 Prepaid Rent 66,000 Cash 92,000 Rent Expense 10,000 Depreciation Expense 10,000 Supplies Expense 9,200 Equipment 80,000 Teresa Davis, Capital 138,400 Teresa Davis, Drawing 58,000 Utilities Expense 16,400 All the accounts have normal balances. Prepare the December 31 closing entries.
On January 1, 2019, the general ledger of a company includes the following account balances: Accounts...
On January 1, 2019, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash $ 76,000 Accounts Receivable 47,000 Allowance for Uncollectible Accounts $ 7,000 Inventory 36,000 Building 76,000 Accumulated Depreciation 16,000 Land 206,000 Accounts Payable 26,000 Notes Payable (7%, due in 3 years) 42,000 Common Stock 106,000 Retained Earnings 244,000 Totals $ 441,000 $ 441,000 The company accounts for all inventory transactions using the perpetual FIFO method. Purchases and sales of inventory are recorded...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT