The following adjusted trial balance contains the accounts and balances of Showers Company as of December 31,
Question:
The following adjusted trial balance contains the accounts and balances of Showers Company as of December 31, 2011, the end of its fiscal year.
(1) Prepare the December 31, 2011, closing entries for Showers Company.
(2) Prepare the December 31, 2011, post-closing trial balance for ShowersCompany.
No. Account Title Debit Credit 10 Cash 2.000 2,000 23,000 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment . 301 R Showers, Capital.. 302 R Showers,Withdrawals 404 Services revenue 61 2 Depreciation expense-Equipment····.. . . 622 Salaries expense 637 Insurance expense 640 Rent expense . 652 Supplies expense... $ 6,500 46,600 6,000 36,000 2,000 21,000 1,500 2400 1.200_ $89.100 $89.100 Totals...
Step by Step Answer:
1 2011 Dec 31 Services Revenue 36000 Income Summary 36000 To close the ...View the full answer
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Accounting questions
-
The following adjusted trial balance contains the accounts and balances of Stilz Co. as of December 31, 2014, the end of its fiscal year: Required Prepare the closing entries for the company. No...
-
The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2013, the end of its fiscal year. (1) Prepare the December 31, 2013, closing entries for...
-
The following adjusted trial balance contains the accounts and balances of Ferrara Company as of December 31, 2011, the end of its fiscal year. (1) Prepare the December 31, 2011, closing entries for...
-
Jaez Corporation is in the process of going through a reorganization. As of December 31, 2024, the companys accountant has determined the following information although the company is still several...
-
One January Gerald Adair bought a small house and lot for $99,700. He estimated that $9700 of this amount represented the value of the land. He rented the house for $6500 a year during the 4 years he...
-
Make a conjecture about the value of lim x-9 Describe a reason why the limit may in fact exist. Determine lim 125-x Explain each step. *125 x-5 . a. Use the limit definition to determine the...
-
An F-test with 12 degrees of freedom in the numerator and 6 degrees of freedom in the denominator produced a test statistic whose value was 3.42. The null and alternate hypotheses were H0: 1 = 2...
-
A newly hired staff accountant prepared the pre-audit income statement of Be Fit Recreation Incorporated for the year ending December 31, 2011. The following information was obtained by Be Fits...
-
Define Procedural Fairness? When would procedural fairness arise? When would mediation be suitable? What is Proof of service? How is it used? What are the forms? How would a statute or regulation...
-
The adjusted trial balance for Sundance Marketing Co. follows. Complete the four right-most columns of the table by first entering information for the four closing entries (keyed 1 through 4) and...
-
Use the following adjusted trial balance of Webb Trucking Company to prepare the (1) Income statement and (2) Statement of owners equity, for the year ended December 31, 2011. The K. Webb, Capital,...
-
Using = 100 and 2 = 25, calculate the corresponding z-scores for each of the following values of x. (a) 85 (b) 92 (c) 103 (d) 113
-
Sunbeams cash flow from operations (CFFO) was negative, but at the same time the company was operating at a great profit, which signaled of inappropriately recorded _________________ .
-
According to the SECs AAER, which of the following was a method used by CUC to overstate its earnings? (a) Falsification of sales documents. (b) Side agreements with customers that were not recorded....
-
Explain why downsizing a company by closing segments or product lines that report an accounting loss often leads to a decrease in profits rather than an increase.
-
When Xerox factored or sold its accounts receivable to avoid reclassifying them as operating leases instead of sales-type leases, this had the effect of: (a) Decreasing the amount of revenue it...
-
Explain why a bill and hold sale causes cash flow from operations (CFFO) to lag behind operating income.
-
Which is both part of the service and has a provides directive? A. Consumer B. Service locator C. Service provider D. Service provider interface E. None of the above.
-
How can a promoter avoid personal liability for pre-incorporation contracts?
-
In the movie Boiler Room, Giovanni Ribisis character (Seth) is a trainee working at a shady brokerage firm that sells stock in fake companies. During a sales call to a prospective customer (Harry),...
-
Samsung's statement of cash flows in Appendix A reports the change in cash and equivalents for the year ended December 31, 2015. Identify the cash generated (or used) by operating activities, by...
-
Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2017, its Cash account shows a $22,352 debit...
-
The following annual account balances are taken from Armour Sports at December 31. ______________________________________ 2017 _____________ 2016 Accounts receivable .......................$ 100,000...
-
Avondale Industries reported the following data for 2022: Current liabilities $55,000 Interest expense.. $6,000 Noncurrent liabilities. 60,000 Income tax expense. 2,400 Stockholders' equity. 50,000...
-
Apex Company prepared the statement of cash flows for the current year that is shown below: Apex Company Statement of Cash Flows-Indirect Method Operating activities: Net income Adjustments to...
-
Jefferson Company's demand for its only product exceeds its manufacturing capacity. The company provided the following information for the machine whose limited capacity is prohibiting the company...
Study smarter with the SolutionInn App