Dillan's Tailoring Services' adjusted trial balance on December 31, 2014, appears as follows: Required 1. Prepare closing
Question:
Required
1. Prepare closing entries.
2. Prepare a post-closing trial balance.
Transcribed Image Text:
No Account Debit Credit 10 Cash.... 125 Store supplies 128Prepaid insurance 167 Equipment 15,500 6,500 3,800 61,000 19,700 39,400 6,400 23,300 201 Accounts payabe 210 Wages payable 30 Vy Dillarn, capital 302 Vy Dillan, withdrawals 401 Sewing fees earned 612 Depreciation expense, equipment... . 623 Wages expense 637 Insurance expense. 640 Rent expense 651 Stoe supplies expense 690 Utilities expense 32,000 109,920 5,400 61,200 2,200 4,800 2,600 3,720 Totals $198,720 $198,720
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (12 reviews)
Part 1 2014 Closing entries Dec 31 Sewing Fees Earned 109920 Income Summary 109920 To close the rev...View the full answer
Answered By
Tushar Ghag
I graduated with my Masters degree in Mechanical Engineering two years ago. One of the best ways to gain teaching experience is to teach someone and in exchange for them teaching you. During my undergrad days, I tutored high school students in math and science. My philosophy was to be enthusiastic and engaging with the students so that they are excited to learn. I used multimedia in the classroom to make the lessons more interesting. My tutoring experience was quite fun and rewarding. Watching the expressions on the faces of the children turn from confused to a light bulb moment was quite heart-warming.
0.00
0 Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Question Posted:
Students also viewed these Accounting questions
-
MY Auto body's adjusted trial balance on December 31, 2014, appears in the work sheet as follows: Required 1. Prepare closing entries. 2. Prepare the post-closing trial balance at December 31, 2014....
-
Katsu Companys adjusted trial balance on December 31, 2014, contains the following accounts and balances: F. Katsu, Capital, $8,600; F. Katsu, Withdrawals, $350; Service Revenue, $2,600; Rent...
-
IBS Company's unadjusted trial balance on December 31, 2014, the end of its annual accounting period, is as follows: Information necessary to prepare adjusting entries is as follows: a. Employees,...
-
Guidance Residential in Reston, Virginia, offers a Shari'ah-compliant housing finance product for Muslims and others who do not believe in collecting or paying interest. Under their Declining Balance...
-
1. What do you think are the common characteristics of the kind of challenges these five companies were facing? 2. What are the types of solution methods and tools proposed in these case synopses? 3....
-
TR's ageing department actually consists of two processes. First, for some batches, various dyeing agents are applied to the jeans. Next, the jeans are run through a tumbler to soften, and age the...
-
CD Real Estate specializes in residential real estate services in the state of California. To complement the experience and local market knowledge of its licensed realtors, CD Real Estate wants to...
-
Mike and Nancy are equal shareholders in MN Corporation, an S corporation. The corporation, Mike, and Nancy are calendar year taxpayers. The corporation has been an S corporation during its entire...
-
You would like to calculate the benefits of one of the training programs in your organization. The cost of the program is $38,000 and the benefit is $205,000. Using this information, calculate each...
-
Suppose a firm runs a tournament compensation scheme for two workers where each worker gets base pay a and the worker who produces more output gets a prize S . Output for each worker i is Q i =dE i +...
-
On July 1, 2014, Amy Young created a new self-storage business called Young Co. These events occurred during the company's first month: July 1 Young invested $40,000 cash and land and buildings worth...
-
Using the information from Problem 4B, prepare an income statement and a statement of changes in equity for the year ended December 31, 2014, and a classified balance sheet at December 31, 2014. The...
-
Copper-rich copper???beryllium alloys are precipitation hardenable. After consulting the portion of the phase diagram (Figure), do the following: (a) Specify the range of compositions over which...
-
explain why we would want the exact solution to a real-world or mathematical problem. explain why we would want an approximate solution to a real-world or mathematical problem?
-
You have a portfolio consisting solely of shares G and share W. The portfolio has an expected return of 13.64%. Share G has an expected return of 8.2% while share W is expected to return 16.2%. What...
-
Johnson was known for "having trouble remembering what was his and what was the company's." For example, the company had a fleet of 10 corporate planes (also called the RJR air force), used for...
-
Jargon Jen has five million shares outstanding, generates free cash flows of $12 million each year and has a cost of capital of 6%. It also has $3 million of cash on hand. Jargon Jen wants to decide...
-
Metabolizing a candy bar releases about 1 0 ^ 6 joules of energy. Assume the candy bar's mass is 0 . 3 6 kg and use the formula kinetic energy = 1 / 2 mv ^ 2 , where m is the object's mass and v is...
-
Find constants A and B such that the equation is true. x - 12 x2 + x - 6 A x +3 + B x - 2
-
In the circuit shown in Figure 4, a battery supplies a constant voltage of 40 V, the inductance is 2 H, the resistance is 10, and l(0) = 0. (a) Find l(t). (b) Find the current after 0.1s.
-
Thai Bays computer system generated the following trial balance on December 31, 2011. The companys manager knows something is wrong with the trial balance because it does not show any balance for...
-
Westin Watercrafts predetermined overhead rate for year 2011 is 200% of direct labor. Information on the companys production activities during May 2011 follows. a. Purchased raw materials on credit,...
-
In December 2010, Gomez Companys manager estimated next years total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $15 per hour. The manager...
-
A steel cable that weighs 8 lb/ft is used to pull a 500 lb block of concrete from the ground to the top of a 120 ft tall building. Let x be the distance, in feet, from the block to the TOP of the...
-
Three metal fishing weights, each with a mass of 1.00102 g and at a temperature of 100.0C, are placed in 1.00102 g of water at 35.0C. The final temperature of the mixture is 45.0C. What is the...
-
A useful quantitative model for the grinding of lenses with known focal lengths is the lens-makers' equation: nlens environment 1) (1/4-1/2), where f is the focal length of the lens, the two index of...
Study smarter with the SolutionInn App