Question

In: Accounting

Use the following partial listing of T accounts to complete this exercise. 1. Prepare closing entries...

Use the following partial listing of T accounts to complete this exercise.

1. Prepare closing entries dated January 31, 20--. Do not enter the posting references until you have completed part 2. If an amount box does not require an entry, leave it blank.

2. Post the closing entries to the T accounts following the top-down journal entry order. If there is more than one closing entry for an account, enter in the order given in the journal above. Then, complete the posting for part 1.

Closing Entries (Net Loss)

Accum. Depr.—Delivery Equip 185.1
Bal. 100


Wages Payable 219
Bal. 200


Kylea Vasquez, Capital 311
Bal. 4,000


Kylea Vasquez, Drawing 312
Bal. 850


Income Summary 313


Delivery Fees 401
Bal. 2,260


Wages Expense 511
Bal. 1,770


Advertising Expense 512
Bal. 80


Rent Expense 521
Bal. 430


Supplies Expense 523
Bal. 120


Phone Expense 525
Bal. 58


Electricity Expense 533
Bal. 44


Insurance Expense 535
Bal. 30


Gas and Oil Expense 538
Bal. 38


Depr. Exp.— Del. Equip 541
Bal. 100


Miscellaneous Expense 549
Bal. 33

Solutions

Expert Solution

Closing Entries
Particulars Debit Credit
1) Delivery Fees $ 2,260.00
To Income Summary $ 2,260.00
2) Income Summary $ 2,703.00
To Wages Expense $ 1,770.00
To Advertising Expense $      80.00
To Rent Expense $    430.00
To Supplies Expense $    120.00
To Phone Expense $      58.00
To Electricity Expense $      44.00
To Insurance Expense $      30.00
To Gas and Oil Expense $      38.00
To Depr. Exp.— Del. Equip $    100.00
To Miscellaneous Expense $      33.00
3) Kylea Vasquez, Capital $    443.00
To Income Summary $    443.00
($ 2703 - $ 2260)
4) Kylea Vasquez, Capital $    850.00
Kylea Vasquez, Drawing $    850.00
Kylea Vasquez, Capital Kylea Vasquez, Drawing Income Summary
312 $    850.00 Bal. $ 4,000.00 Bal. $    850.00 312 $    850.00 511 $ 1,770.00 401 $ 2,260.00
313 $    443.00 512 $      80.00 311 $    443.00
521 $    430.00
523 $    120.00
Delivery Fees Wages Expense 525 $      58.00
313 $ 2,260.00 Bal. $ 2,260.00 Bal. $ 1,770.00 313 $ 1,770.00 533 $      44.00
535 $      30.00
538 $      38.00
541 $    100.00
Rent Expense Supplies Expense 549 $      33.00
Bal. $    430.00 313 Bal. $    120.00 313
Advertising Expense
Electricity Expense Insurance Expense Bal. $      80.00 313 $      80.00
Bal. $      44.00 313 $      44.00 Bal. $      30.00 313 $      30.00
Phone Expense
Bal. $      58.00 313 $      58.00
Depr. Exp.— Del. Equip Miscellaneous Expense
Bal. $    100.00 313 $    100.00 Bal. $      33.00 313 $      33.00
Gas and Oil Expense
Bal. $      38.00 313 $      38.00

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

2)    Complete T-Accounts. Proper entries and proper formatting will both be marked. a) Prepare T-Accounts...
2)    Complete T-Accounts. Proper entries and proper formatting will both be marked. a) Prepare T-Accounts only for the following entries.                                                                        Bad Debt Expense      500                         ADA                            500             COGS                         400                         Inventory                     400      b)    Prepare T-Accounts to reflect the entries used to close any of the above balances in the accounts in part a) as required, include the creation of the required interim account used to close out accounts, and the subsequent closing of that account....
Use worksheet to complete the adjusting and closing process. Prepare adjusting journal entries using the following...
Use worksheet to complete the adjusting and closing process. Prepare adjusting journal entries using the following information. Adjusting entries should be recorded in your general journal and then posted to your general ledger. One month of prepaid rent has expired. Record appropriate insurance expense for the period ending May 31. Depreciation expense for the two months ending May 31 totaled $2,420 - Building $1,620, Computer Equipment $100, Kayaks $600, Paddle Boards $100. Katie worked 16 hours on May 30 and...
Post the journal entries to T accounts Prepare a post-closing trial balance Northeast Company January 1,...
Post the journal entries to T accounts Prepare a post-closing trial balance Northeast Company January 1, 2017, Balance Sheet Cash 20,000 Accounts receivable 110,000 Less: Allowance for doubtful accounts (2,000) Inventory (500 units @ $20 each) 10,000 Equipment 9,000 Less: Accumulated depreciation (2,000) ----------------- Total assets 145,000 Accounts payable 20,000 Long-term notes payable (5% interest, due in 2019) 100,000 Capital stock 10,000 Retained earnings 15,000 ------------------- 145,000 Transactions or events: The company collected 98,000 of the accounts receivable in cash....
The worksheet for Major Advising to complete this exercise is as follows. 1. Prepare the closing...
The worksheet for Major Advising to complete this exercise is as follows. 1. Prepare the closing entries. If an amount box does not require an entry, leave it blank. Do not enter the posting references until you complete part 2. 2. Post the closing entries to the T accounts. If there is more than one closing entry for an account, enter in the order given in the journal. Then complete the posting in part 1. Major Advising Work Sheet (Partial)...
Prepare the adjusting entries and post to the T-accounts for the following transaction transactions: Dec. 1...
Prepare the adjusting entries and post to the T-accounts for the following transaction transactions: Dec. 1 Family members contributed $50,000 cash to the business in exchange for capital. Dec. 2 Purchased $10,800 of equipment for the store paying cash. Dec. 3 Paid $4,500 for a 9-month insurance policy starting on December 1. Dec. 4 Paid $18,000 cash to purchase land to be used in operations. Dec. 5 Purchased office supplies on account, $3,000. Dec. 6 Borrowed $28,000 from the bank...
Six Requirements: Prepare the journal entries and post to the T-accounts. Prepare the adjusting entries and...
Six Requirements: Prepare the journal entries and post to the T-accounts. Prepare the adjusting entries and post to the T-accounts. Prepare an adjusted trial balance. Prepare the income statement, the statement of owner's equity, and a classified balance sheet. Use proper formatting techniques including headings and dollar signs. Prepare the closing entries. Calculate the following measurements: Working Capital, Current Ratio, Profitability rate/percentage, Net Income Percentage. Comment with two to three sentences on how your business is performing after one month...
Six Requirements: Prepare the journal entries and post to the T-accounts. Prepare the adjusting entries and...
Six Requirements: Prepare the journal entries and post to the T-accounts. Prepare the adjusting entries and post to the T-accounts. Prepare an adjusted trial balance. Prepare the income statement, the statement of owner's equity, and a classified balance sheet. Use proper formatting techniques including headings and dollar signs. Prepare the closing entries. Calculate the following measurements: Working Capital, Current Ratio, Profitability rate/percentage, Net Income Percentage. Comment with two to three sentences on how your business is performing after one month...
Prepare Closing Entries Cash      162,985.00        -   Accounts receivable        124,661.50        -   Allowance
Prepare Closing Entries Cash      162,985.00        -   Accounts receivable        124,661.50        -   Allowance for doubtful accounts               -             3,425.57 Inventory            20,670.00           -   Supplies               11,550.00           -   Prepaid insurance            -             -   Prepaid expense, other -             -   P,P & E –Store Equipment            278,000.00        -   Accumulated depreciation – Store Equipment     -             35,600.00 P,P & E –Office Equipment           25,000.00           -   Accumulated depreciation – Office Equipment    -             10,000.00 P,P & E – Building             617,500.00        -   Accumulated depreciation...
Problem 1: The following accounts relate to Fly-By-Night Airlines. Prepare the 4 necessary closing entries. Depreciation...
Problem 1: The following accounts relate to Fly-By-Night Airlines. Prepare the 4 necessary closing entries. Depreciation Expense                                       $330 Fees Earned                                                       23450 Fly-By-Night Drawing                                          6000 Insurance Expense                                                 300 Miscellaneous Expense                                         450 Rent Expense                                                         1600 Salary Expense                                                       1620 Supplies Expense                                                     850 Problem 2: Indicate which of the following accounts of the ABC Co. should be closed (temporary or nominal accounts are closed) Accounts Payable                                                                       Fees Earned Accumulated Depreciation-Equipment                                  Land Depreciation Expense-Equipment                                           Supplies Equipment                                                                                    Supplies Expense ABC, Capital                                                                                  Wages Expense ABC, Drawing                                                                                Wages...
1. Prepare the closing entries for the following information: (Making sure to note the adjusting entries!)...
1. Prepare the closing entries for the following information: (Making sure to note the adjusting entries!) You opened a new pet supplies store and named it Ozzie’s Pet Supply and Boarding on December 1, 2019. The following information about December’s transactions, accounts, and adjustment data is available. Transactions: Dec. 1 Family members contributed $50,000 cash to the business in exchange for capital. Dec. 2 Purchased $10,800 of equipment for the store paying cash. Dec. 3 Paid $4,500 for a 9-month...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT