The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000;...

The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner, Capital, $59,000; Owner, Withdrawals, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare closing entry #4 by selecting the account names and dollar amounts from the drop-down menus.

Solutions

Expert Solution

Solution

Closing Entries
No	Accounts and Explanations	Debit	Credit
1	Fees earned	$ 56,000.00
	Income Summery		$ 56,000.00
	(Revenue accounts closed)

2	Income Summery	$ 48,000.00
	Depreciation expense		$ 25,000.00
	Salaries expense		$ 23,000.00
	(Expenses Accounts closed)

3	Income summery	$ 8,000.00
	Owner's capital		$ 8,000.00
	(Net income (loss) transferred)

4	Owner's capital	$ 2,000.00
	Owner's withdrawals		$ 2,000.00
	(To close owner's withdrawal account)

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

The following accounts and balances are taken from Moore Company's adjusted trial balance: Accounts Payable $...

The following accounts and balances are taken from Moore Company's adjusted trial balance: Accounts Payable $ 11,000 Accounts Receivable 3,200 Accumulated Depreciation 1,600 Depreciation Expense 1,700 Dividends 2,100 Insurance Expense 2,200 Interest Revenue 1,440 Prepaid Insurance 2,220 Retained Earnings 10,400 Salary Expense 23,100 Service Revenue 35,800 What is the ending balance in Retained Earnings after the closing entries are completed? A. $18,540 B.$8,140 C.$10,240 D.$ 37,240

The following accounts and balances are taken from Moore Company's adjusted trial balance: Accounts payable $9000...

The following accounts and balances are taken from Moore Company's adjusted trial balance: Accounts payable $9000 Accounts Receivable $2800 Accumulated depreciation $1200 Depreciation Expenses $1700 Dividends $2100 Insurance expense $2500 Intrest revenue $1440 Prepaid insurance $2120 Retained earnings $10000 Salary expenses $26100 Service revenue $38800 What is the ending balance in retained earnings after the closing entries are completed? A. $7840 B. $40240 C. $9940 D. $17840

The following is a list of the accounts and balances taken from the adjusted trial balance...

The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2021 for, Meilleur Merchants. The list of accounts is in alphabetical order. All accounts have normal balances. Meilleur uses a periodic inventory system and the earnings approach to recognize revenue. Account Balance Dec. 31 1 Accounts payable $15,000 2 Accounts receivable 30,000 3 Accumulated depreciation—building 15,500 4 Accumulated depreciation—equipment 10,000 5 Advertising expense 4,500 6 Building 84,600 7 S. Meilleur, capital...

The following adjusted trial balance contains the accounts and balances of Cruz Company as of December...

The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2015, the end of its fiscal year. No. Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 8,400 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation—Equipment $ 6,500 301 T. Cruz, Capital 42,725 302 T. Cruz, Withdrawals 6,000 404 Services revenue 37,000 612 Depreciation expense—Equipment 2,000 622 Salaries expense 21,571 637 Insurance expense 1,554 640 Rent expense 2,479 652 Supplies...

The year-end adjusted trial balance of hilltoppers corporation included the following account balances: cash $4700; equipment...

The year-end adjusted trial balance of hilltoppers corporation included the following account balances: cash $4700; equipment $16700; accounts payable $2700; common stock $11000; retained earnings $7500; dividends $1100; service revenue $15700; salaries expense $10700; and utilities $3700. Please give an explanation as well.

The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...

The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 12,800 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation—Equipment $ 6,500 301 A. Cruz, Capital 46,630 302 A. Cruz, Withdrawals 6,000 404 Services revenue 38,800 612 Depreciation expense—Equipment 2,000 622 Salaries expense 22,620 637 Insurance expense 1,630 640 Rent expense 2,600 652 Supplies expense 1,280 Totals $ 91,930 $...

The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...

The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 10,200 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation—Equipment $ 6,500 301 A. Cruz, Capital 42,739 302 A. Cruz, Withdrawals 6,000 404 Services revenue 43,500 612 Depreciation expense—Equipment 2,000 622 Salaries expense 25,361 637 Insurance expense 1,827 640 Rent expense 2,915 652 Supplies expense 1,436 Totals $ 92,739 $...

The following table shows the balances from various accounts in the adjusted trial balance for UniLink...

The following table shows the balances from various accounts in the adjusted trial balance for UniLink Telecom Corp. as of December 31, 2020: Debit Credit a. Interest income $ 29,600 b. Depreciation expense, equipment $ 88,000 c. Loss on sale of office equipment 60,200 d. Accounts payable 101,600 e. Other operating expenses 235,600 f. Accumulated depreciation, equipment 184,400 g. Gain from settling a lawsuit 102,400 h. Cumulative effect of change in accounting principle (pre-tax) 152,400 i. Accumulated depreciation, buildings 400,400...

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the...

The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns. (1) Salaries Payable _____ (7) Kim Lee, Drawing ____ (2) Fees Earned ______ (8) Equipment ____ (3) Accounts Payable _____ (9) Accounts Receivable ____ (4) Kim Lee, Capital ______ (10) Accumulated Depreciation ____ (5) Supplies Expense _____ (11) Salary Expense ____ ...

The adjusted trial balance of Jesper Company at December 31, 2008 includes the following accounts: L....

The adjusted trial balance of Jesper Company at December 31, 2008 includes the following accounts: L. Jesper, Capital $12600; L. Jesper, Drawing $6000; Service revenue $35000; Salaries expense $13000; Insurance expense $2000; Rent expense $3500; Supplies Expense $500; and Depreciation Expense $1000. Prepare an owner's equity statement for the year.

Subjects