From the following posted T accounts, reconstruct the closing journal entries for March 31, 201X. M. Faulks,
Question:
Transcribed Image Text:
M. Faulks, Capital Insurance Expense Withdrawals 1,700 8,000 (Mr. 1) 300 Closing 300 4,200 Net Income M. Faulks, Withdrawals Wage Expense 1,700 Closing 1,700 100 Closing 100 Income Summary Expenses 1,100 Revenue 5,300 Rent Expense 200 Closing 200 Closing 4,200 Balance 4,200 Salon Fees Depreciation Expense, Equipment Closing 5,300 5,300 500 Closing 500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 84% (13 reviews)
Date 201X Account Titles and Description PR Dr Cr Closing Entries Mar 31 Sal...View the full answer
Answered By
Navashree Ghosh
I believe in quality work and customer satisfaction. So, I can assure you that you will get quality work from me when you hire me. Let's work together and build a long-term association.
4.90+
82+ Reviews
116+ Question Solved
Related Book For
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780133791006
13th Edition
Authors: Jeffrey Slater
Question Posted:
Students also viewed these Cost Accounting questions
-
Prepare journal entries for March 2014 to record the following transactions for a retail store. Assume a perpetual inventory system. Mar. 2 Purchased merchandise from Blanton Company under the...
-
From the following information, reconstruct the journal entries that were made by Rivers Corporation during 2013. *Includes net income of $40,000 for 2013. There were no dividends. Assume that...
-
Prepare closing journal entries for Koehn Company for the year ended December 31. Data for the closing entries are as follows: Factory overhead, debit and credit balances .......... $199,200 Sales...
-
What responsibilities can a Crew Boss delegate to a subordinate supervisor? (Select all that apply) Re-supplying crew and equipment Communicating crew wake up time for next operational period...
-
Repeat Problem 30 for a glass rod with a concave hemispherical surface of radius 5 cm when it and the objects are immersed in water.
-
Given the electric flux density determine (a) pv by applying Eq. (4.26), (b) The total charge Q enclosed in a cube 2 m on a side, located in the first octant with three of its sides coincident with...
-
Write the following in rectangular form, \(z=a+i b\). a. \(4 e^{i \pi / 6}\). b. \(\sqrt{2} e^{5 i \pi / 4}\). c. \((1-i)^{100}\).
-
Canon, a Japanese manufacturer of photographic equipment, decided against offshoring and kept its manufacturing and new product development processes in Japan, which has relatively high labor costs,...
-
Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first...
-
Newton Company manufactures and sells one product. The company assembled the following projections for its first year of operations: Variable costs per unit: Manufacturing: Direct materials . . . . ....
-
From the following T accounts, journalize the four closing entries on July 31, 201X. J. Kohl, Capital 10,000 Rent Expense 7,500 Wage Expense J. Kohl, Withdrawals 3,00200 Income Summary Insurance...
-
From the following accounts (not in order), prepare a post-closing trial balance for Washington Company on December 31, 201X. Accounts Receivable Legal Supplies Office Equipment Repair Expense...
-
Anthony Bennett is the manufacturing production supervisor for Green Bottle Works (GBW), a company that manufactures stainless-steel water bottles. Trying to explain why he did not get the year-end...
-
How did English leaders understand the place and role of the American colonies in Englands empire?
-
Explain the concept of linkage diseased (LD) in population genetics, and how it can be used to map genetic traits to specific loci within a genome .
-
The average (median) salary for a full-time worker age 25 or older who is a college graduate with a bachelor's degree is $64,137 per year, while the average person with only a high school diploma...
-
How do transposable elements contribute to genomic instability, and what is their potential role in evolutionary processes and the development of certain diseases ?
-
3. What is the magnetic force on a 2.0070 m length of (straight) wire carrying a current of 30.970 A in a region where a uniform magnetic field has a magnitude of 55.598 mT and is directed at an...
-
Summarize the accounting entries when a corporation sells 200 shares of 9% preferred stock, with a par value of $100, for $125 per share.
-
In Problems 1522, find the principal needed now to get each amount; that is, find the present value. To get $750 after 2 years at 2.5% compounded quarterly.
-
Gary Wilcox opened Garys Cosmetic Market on October 1. A 6% sales tax is calculated and added to all cosmetic sales. Gary offers no sales discounts. The following transactions occurred in October:...
-
Gary Wilcox opened Garys Cosmetic Market on October 1. A 6% sales tax is calculated and added to all cosmetic sales. Gary offers no sales discounts. The following transactions occurred in October:...
-
Bill Haas has opened Ciabatta and Whatnot, a wholesale grocery and bread company. The following transactions occurred in January: 201X Jan. 1 Sold grocery merchandise to Cindi Co. on account, $900,...
-
Bridgeport Company exchanges old delivery equipment for newdelivery equipment. The book value of the old delivery equipment is$32,000 (cost $62,300 less accumulated depreciation $30,300). Itsfair v 2...
-
Job Number 544 $ 15,600 545 A company reports the following information on April 30, the end of its first month of operations. Manufacturing Costs Job Status at April 30 Completed and sold during...
-
Under a modified wage plan, Jim Phillips works an eight-hour day and earns $.50 for each finished unit he produces in excess of 200 units. However, he is guaranteed $12.50 per hour as a minimum wage....
Study smarter with the SolutionInn App