Question

In: Accounting

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.


Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7)

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.
  

Accounts Debit   Credit  
Cash $ 10,400            
Accounts Receivable   134,000            
Prepaid Rent   4,400            
Supplies   22,000            
Equipment   240,000            
Accumulated Depreciation         $ 119,000    
Accounts Payable           10,400    
Salaries Payable           9,400    
Interest Payable           3,400    
Notes Payable (due in two years)           24,000    
Common Stock           140,000    
Retained Earnings           44,000    
Service Revenue           340,000    
Salaries Expense   240,000            
Rent Expense   12,000            
Depreciation Expense   24,000            
Interest Expense   3,400            
Totals $ 690,200     $ 690,200    
 

Exercise 3-19A Part 1

Required:

1. Record the necessary closing entries at December 31, 2021.

A) record the entry to close revenue accounts

B) record the entry to close the expense accounts

(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Note, the journal account entries are as follows:

no journal entry required

accounts payable

accounts receivable

accumulated depreciation

cash

common stock

depreciation expense

equipment

interest expense

interest payable

notes payable

prepaid rent

rent expense

retained earnings

salaries expense

salaries payable

service revenue

supplies

Solutions

Expert Solution

Adjusting Journal Entry
Date Account Tittle & Explanation L.F Debit Credit
2018
31-Dec Service Revenue $340,000.00
   Income summary $340,000.00
TO Record income closing balances
31-Dec Income summary $279,400.00
Salaries Expense $240,000.00
Rent Expense $12,000.00
Depreciation Expense $24,000.00
Interest Expense $3,400.00
TO Record expenses closing balances recorded
31-Dec Income summary $60,600.00
Retained Earnings $60,600.00
To Record income summary close to retained earnings account
Post Closing Trial Balance
Fightin' Blue Hens Corporation
Post-Closing Trial Balance
31-Dec-18
Debit Credit
Cash $10,400.00
Account Receivable $134,000.00
Prepaid Rent $4,400.00
Supplies $22,000.00
Equipment $240,000.00
Accumulated depreciation $119,000.00
Accounts payable $10,400.00
Salaries payable $9,400.00
Interest Payable $3,400.00
Notes Payable (due in 2 years) $24,000.00
Common Stock $140,000.00
Retained earnings (44,000+60,600) $104,600.00
Total $410,800.00 $410,800.00

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.   ...
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.    Accounts Debit Credit Cash $ 10,100 Accounts Receivable 131,000 Prepaid Rent 4,100 Supplies 20,500 Equipment 210,000 Accumulated Depreciation $ 116,000 Accounts Payable 10,100 Salaries Payable 9,100 Interest Payable 3,100 Notes Payable (due in two years) 21,000 Common Stock 110,000 Retained Earnings 41,000 Service Revenue 310,000 Salaries Expense 210,000 Rent Expense 10,500 Depreciation Expense 21,000 Interest Expense 3,100 Totals $ 620,300 $ 620,300 Exercise 3-16A...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 63,100 Accounts receivable 260,000 Prepaid rent 6,000 Inventory 37,000 Office equipment 470,000 Accumulated depreciation 198,000 Accounts payable 44,000 Notes payable (due in six months) 21,000 Salaries payable 6,200 Interest payable 700 Common stock 400,000 Retained earnings 80,000 Sales revenue 620,000 Cost of goods sold 372,000 Salaries expense 93,000 Rent expense 18,000 Depreciation expense 47,000 Interest expense 1,400 Advertising expense 2,400...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 41,500 Accounts receivable 305,000 Prepaid rent 10,500 Inventory 45,000 Office equipment 550,000 Accumulated depreciation 230,000 Accounts payable 62,000 Notes payable (due in six months) 45,000 Salaries payable 7,000 Interest payable 1,500 Common stock 400,000 Retained earnings 125,000 Sales revenue 700,000 Cost of goods sold 420,000 Salaries expense 105,000 Rent expense 31,500 Depreciation expense 55,000 Interest expense 3,000 Advertising expense 4,000...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 11,900 Accounts receivable 350,000 Prepaid rent 15,000 Inventory 55,000 Office equipment 650,000 Accumulated depreciation 270,000 Accounts payable 80,000 Notes payable (due in six months) 75,000 Salaries payable 7,900 Interest payable 2,500 Common stock 400,000 Retained earnings 170,000 Sales revenue 790,000 Cost of goods sold 474,000 Salaries expense 118,500 Rent expense 45,000 Depreciation expense 65,000 Interest expense 5,000 Advertising expense 6,000...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit Credit Cash 12,500 Accounts receivable 170,000 Prepaid rent 7,000 Inventory 45,000 Equipment 500,000 Accumulated depreciation—equipment 145,000 Accounts payable 50,000 Notes payable—due in three months 50,000 Salaries payable 6,000 Interest payable 21,000 Common stock 300,000 Retained earnings 94,000 Dividends 18,000 Sales revenue 600,000 Costs of goods sold 280,000 Salaries expense 140,000 Rent expense 35,000 Depreciation expense 50,000 Interest expense 4,000 Advertising expense 4,500 Totals 1,266,000...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit Credit Cash 11,300 Accounts receivable 158,000 Prepaid rent 5,800 Inventory 33,000 Equipment 380,000 Accumulated depreciation—equipment 133,000 Accounts payable 38,000 Notes payable—due in three months 38,000 Salaries payable 4,800 Interest payable 13,100 Common stock 240,000 Retained earnings 67,600 Dividends 11,300 Sales revenue 480,000 Costs of goods sold 220,000 Salaries expense 128,000 Rent expense 23,000 Depreciation expense 38,000 Interest expense 2,800 Advertising expense 3,300 Totals 1,014,500...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Debit Credit Cash 12,400 Accounts receivable 169,000 Prepaid rent 6,900 Inventory 44,000 Equipment 490,000 Accumulated depreciation—equipment 144,000 Accounts payable 49,000 Notes payable—due in three months 49,000 Salaries payable 5,900 Interest payable 20,400 Common stock 295,000 Retained earnings 91,800 Dividends 17,500 Sales revenue 590,000 Costs of goods sold 275,000 Salaries expense 139,000 Rent expense 34,000 Depreciation expense 49,000 Interest expense 3,900 Advertising expense 4,400 Totals 1,245,100...
Presented below is a partial trial balance for the Messenger Corporation at December 31, 2021. Account...
Presented below is a partial trial balance for the Messenger Corporation at December 31, 2021. Account Title Debits Credits Cash and cash equivalents 42,000 Accounts receivable 219,000 Raw materials inventory 48,000 Notes receivable 127,000 Interest receivable 7,000 Interest payable 10,000 Investments 51,000 Land 160,000 Buildings 1,410,000 Accumulated depreciation—buildings 800,000 Work in process inventory 26,000 Finished goods inventory 86,000 Equipment 460,000 Accumulated depreciation—equipment 290,000 Franchise (net of amortization) 1,440,000 Prepaid insurance (for the next year) 72,000 Deferred revenue 72,000 Accounts payable...
Presented below is the adjusted trial balance of Pharoah Corporation at December 31, 2017. Debit Credit...
Presented below is the adjusted trial balance of Pharoah Corporation at December 31, 2017. Debit Credit Cash $          ? Supplies 1,490 Prepaid Insurance 1,290 Equipment 48,290 Accumulated Depreciation-Equipment $  4,290 Trademarks 1,240 Accounts Payable 10,290 Salaries and Wages Payable 790 Unearned Service Revenue 2,290 Bonds Payable (due 2024) 9,290 Common Stock 10,290 Retained Earnings 25,290 Service Revenue 10,290 Salaries and Wages Expense 9,290 Insurance Expense 1,690 Rent Expense 1,490 Interest Expense 1,190     Total $          ? $          ? Additional information: 1. Net loss for the...
Presented below is the adjusted trial balance of Sunland Corporation at December 31, 2017. Debit Credit...
Presented below is the adjusted trial balance of Sunland Corporation at December 31, 2017. Debit Credit Cash $ ? Supplies 1,560 Prepaid Insurance 1,360 Equipment 48,360 Accumulated Depreciation-Equipment $ 4,360 Trademarks 1,310 Accounts Payable 10,360 Salaries and Wages Payable 860 Unearned Service Revenue 2,360 Bonds Payable (due 2024) 9,360 Common Stock 10,360 Retained Earnings 25,360 Service Revenue 10,360 Salaries and Wages Expense 9,360 Insurance Expense 1,760 Rent Expense 1,560 Interest Expense 1,260 Total $ ? $ ? Additional information: 1....
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT