Question
In: Accounting
Use the information below to prepare the closing entries in journal format and post to the...
Use the information below to prepare the closing entries in journal format and post to the ledger (T Accounts)
Adjusted Trial Balance
December 31, 2014
Debit Credit
Cash $28,000 debit
Accounts Receivable $10,000 debit
Prepaid Rent $6,000 debit
Accounts Payable $18,000 credit
Capital stock $34,000 credit
Equiptment $58,000 debit
Accumulated Depreciation $6,000 credit
Notes Payable $10,000 credit
Unerned Revenue $1,000 credit
Retained Earnings $7,500 credit
Sales $32,000 credit
Rent Expense $1,000 debit
Utlility Expense $5,000 debit
Dividends $500 debit
Totals $108,500 $108,500
Solutions
ekkarill92 answered 1 year agoRelated Solutions
DIRECTIONS: A) Prepare journal entries for the below items B) Post the journal entries into t-accounts...
DIRECTIONS:
A) Prepare journal
entries for the below items
B) Post the journal
entries into t-accounts or three-column form of account (starting
balances would be those amounts per the post-closing trial
balance)
C) Prepare an Income
Statement for the month ended January 31,
2018
D) Prepare a Statement
of Retained Earnings for the month ended
January 31, 2018
E) Prepare a Balance
Sheet for January 31, 2018
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Post the journal entries to T accounts Prepare a post-closing trial balance Northeast Company January 1,...
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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....
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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.
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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,
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including headings and dollar signs.
Prepare the closing entries.
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Ratio, Profitability rate/percentage, Net Income Percentage.
Comment with two to three sentences on how your business is
performing after one month...
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process.
Prepare adjusting journal entries using the following
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One month of prepaid rent has expired.
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