Kay Magill Company had the following adjusted trial balance. Instructions (a) Prepare closing entries at June 30,
Question:
Kay Magill Company had the following adjusted trial balance.
Instructions
(a) Prepare closing entries at June 30, 2014.
(b) Prepare a post-closing trialbalance.
Transcribed Image Text:
KAY MAGILL COMPANY Adjusted Trial Balance For the Month Ended June 30, 2014 Adjusted Trial Balance Credit Account Titles Debit Cash Accounts Reccivable Supplies Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Miscellaneous Expense Supplies Expense Salaries and Wages Payable 3,712 3,904 480 $ 1,556 160 5,760 628 4,300 1,344 256 1,900 448 $12,224 $12,224
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (9 reviews)
a Service Revenue 4300 Income Summary 4300 Income Summary 3500 Salaries and Wages Expense 1344 Mi...View the full answer
Answered By
Ankit Mahajan
I am an electrical engineering graduate from Thapar institute of engineering and technology.
Qualified exams - GATE 2019,2020.
CAT EXAM 2021- 91.4 percentile
SSC EXAMS- 2019,2020,2021
AFCAT EXAM- 2019,2020,2021
I want to share my knowledge with other people so that they can achieve the same.
I have strong hold Mathematics, Electrical engineering and all the subjects related.
Just give me a problem and I will give you the solution of it.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
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
-
Kay Magill Company had the following adjusted trial balance. Instructions (a) Prepare closing entries at June 30, 2019. (b) Prepare a post-closing trial balance. KAY MAGILL COMPANY Adjusted Trial...
-
Kay Magill Company had the following adjusted trial balance. Instructions a. Prepare closing entries at June 30, 2020. b. Prepare a post-closing trial balance. Kay Magill Company Adjusted Trial...
-
Kay Magill Company had the following adjusted trial balance. Instructions a. Prepare closing entries at June 30, 2022. b. Prepare a post-closing trial balance. Kay Magill Company Adjusted Trial...
-
In Boolean algebra, the bar sign (-) indicates: Select one: a. NOT operation b. AND operation C. OR operation d. All of the mentioned
-
(a) In the analysis of a barrel of powder, the standard deviation of the sampling operation is 4% and the standard deviation of the analytical procedure is 3%. What is the overall standard...
-
What do the teeth on the key represent in the lock-and-key model of enzyme catalysis?
-
An important omission from flowcharts and matrix techniques is ( ___________________ ). (a) the ability to represent decisions (b) the ability to include internal control considerations (c) the...
-
Draw a communication diagram for a student taking a course from a teacher, who is part of the faculty.
-
A convertible bond with a par value of $ 1 , 0 0 0 has a conversion price of $ 4 0 . 1 0 . What is the conversion ratio of the bond? ( Do not round intermediate calculations and round your answer to...
-
Angelo says, When Im trying to have a face-to-face conversation with someone, and that person repeatedly interrupts the conversation to answer their cell phone or exchange text messages, they are...
-
Selected worksheet data for Elsayed Company are presented below. Instructions (a) Fill in the missing amounts. (b) Prepare the adjusting entries that weremade. Adjusted Trial Balance Account Titles...
-
Plevin Company ended its fiscal year on July 31, 2014. The companys adjusted trial balance as of the end of its fiscal year is shown below. Instructions (a) Prepare the closing entries using page...
-
Is chlamydia a cause of Multiple Sclerosis?
-
L-shaped bracket is supported by the wall as shown (gravity neglected). Forces in x and z direction are acting at point A. Force in y direction is acting at point B. Cross-section is 0.2x0.2 m in...
-
(b) A capacitor is charged using a battery. It is then discharged through a resistor. An analogue voltmeter is used to measure the voltage across the discharging capacitor at 10 second intervals as...
-
You have been provided the following data on BCE stock options for January 3, 2021. JAN 3, 2021: BCE stock price = $36.0 Exercise Price 32.5 35.0 37.5 40.0 JAN BID ASK CALLS FEB BID - 1.80 1.95 2.25...
-
This course is UNDC201, it includes concepts, definitions, legal provisions, different types and methods as well as markets for organized criminal activities of organized criminal groups....
-
What are the four cultural structures in health care organizations? How does each impact organizational behavior? How do they apply to your organization? How effectively does your organization...
-
At any moment a monopoly and conditions in which it acts are described as in Exercise E13, except for an additional constraint in a form of a production factor resource: Exercise E13 A production...
-
What are the principal alloying elements in SAE 4340 steel?
-
What are the different processes that are relevant for understanding how opportunities are recognized and developed?
-
(a) What is the cost of an investment in bonds? (b) When is interest on bonds recorded?
-
What is the cost of an investment in stock?
-
Distinguish between the cost and equity methods of accounting for investments in stocks.
-
Suppose Hillard Manufacturing sold an issue of bonds with a 10-year maturity, a $1,000 par value, a 10% coupon rate, and semiannual interest payments. a.Two years after the bonds were issued, the...
-
Restful RVs Inc. (RRV) is presently enjoying relatively high growth because of a surge in the demand for recreational vehicles.Management expects earnings and dividends to grow at a rate of 35% for...
-
Use the security market line to determine the required rate of return for the following firm's stock. The firm has a beta of 1.05, the required return in the market place is 11.50%, the standard...
Study smarter with the SolutionInn App