Question

In: Accounting

The amounts below appeared in the Income Statement and Balance Sheet columns of a company's December...

The amounts below appeared in the Income Statement and Balance Sheet columns of a company's December 31 work sheet. In the space provided give without explanation the closing entries on December 31.

           

                                                                                Trial Balance

                                                                           Debit           Credit                                    

            Assets other than merchandise                 7500                                        

            Accounts receivable                                  4500                                        

            Liabilities                                                                       3000                                      

            Common Stock                                                              7500                  

            Dividends                                                 1500                    

            Sales                                                                           19,500

            Salaries expense                                    11,250

            Other operating expenses                        5,250           _____                                      

                        Total                                           30000          30,000                  

  

Solutions

Expert Solution

Journal Entries
Particulars Dr Amt Cr Amt
Sales Dr              19,500.00
To Income Summary              19,500.00
Income Summary Dr              16,500.00
To salaries Expense              11,250.00
To other operating expense                5,250.00
Income summary DR                3,000.00
To retained earnings                3,000.00
Retained earnings DR                1,500.00
To Dividend                1,500.00

ekkarill92 answered 10 months ago
Next > < Previous

Related Solutions

The Income Statement and Balance Sheet columns below are from the work sheet of the Mandle...
The Income Statement and Balance Sheet columns below are from the work sheet of the Mandle Company for the year ended December 31, 20--. Mandle Company Work Sheet (partial) For the year ended December 31, 20-- Income Statement Balance Sheet Account Title Debit Credit Debit Credit Cash 24,000 Accounts Receivable 12,500 Merchandise Inventory 8,000 Store Supplies 550 Office Supplies 1,200 Prepaid Insurance 750 Store Equipment 33,000 Accumulated Depreciation—Store Equipment 19,000 Office Equipment 9,000 Accumulated Depreciation—Office Equipment 5,000 Accounts Payable 9,900...
The Extra Surplus Company's Balance Sheet for December 31, 2015 and the Income Statement for 2016...
The Extra Surplus Company's Balance Sheet for December 31, 2015 and the Income Statement for 2016 are shown below. Extra Surplus Company Balance Sheet December 31, 2015 Assets Cash $ 13,500 Accounts Receivable 6,750 Inventory 16,200 Property and Equipment, Net 27,000 $ 63,450 Liabilities and Stockholders’ Equity Accounts Payable $ 13,500 Notes Payable, Long-Term 6,750 Common Stock 27,000 Retained Earnings 16,200 $ 63,450 Extra Surplus Company Income Statement For the Year Ended December 31, 2016 Sales $ 22,100 Cost of...
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   ____        ...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 220 $ 330 Accounts receivable, net 360 380 Inventory 330 300 Prepaid expenses 20 20 Total current assets 930 1,030 Plant and equipment, net 1,180 1,300 Total assets $ 2,110 $ 2,330 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 300 $ 330 Accrued liabilities 50...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 170 $ 230 Accounts receivable, net 260 280 Inventory 230 200 Prepaid expenses 20 20 Total current assets 680 730 Plant and equipment, net 880 900 Total assets $ 1,560 $ 1,630 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 200 $ 230 Accrued liabilities 50...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 190 $ 270 Accounts receivable, net 300 320 Inventory 270 240 Prepaid expenses 20 20 Total current assets 780 850 Plant and equipment, net 1,000 1,060 Total assets $ 1,780 $ 1,910 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 240 $ 270 Accrued liabilities 50...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 160 $ 210 Accounts receivable, net 240 260 Inventory 210 180 Prepaid expenses 20 20 Total current assets 630 670 Plant and equipment, net 820 820 Total assets $ 1,450 $ 1,490 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 180 $ 210 Accrued liabilities 50...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 180 $ 250 Accounts receivable, net 280 300 Inventory 250 220 Prepaid expenses 20 20 Total current assets 730 790 Plant and equipment, net 940 980 Total assets $ 1,670 $ 1,770 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 220 $ 250 Accrued liabilities 50...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 180 $ 250 Accounts receivable, net 280 300 Inventory 250 220 Prepaid expenses 20 20 Total current assets 730 790 Plant and equipment, net 940 980 Total assets $ 1,670 $ 1,770 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 220 $ 250 Accrued liabilities 50...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year...
Hyrkas Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash $ 180 $ 250 Accounts receivable, net 280 300 Inventory 250 220 Prepaid expenses 20 20 Total current assets 730 790 Plant and equipment, net 940 980 Total assets $ 1,670 $ 1,770 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 220 $ 250 Accrued liabilities 50...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT