Michael Rau founded Michaels Fishing Supplies on 1 July 2019 The adjusted trial balance at 30 June 2020 (the end of the financial year) is shown below Required (a) Prepare closing entries to be made on 30 June 2020 (b) Prepare a postclosing trial balance as at 30 June 2020 Account Cash at bank Acco...

The Answer is in the image, click to view ...

Michael Rau founded Michaels Fishing Supplies on 1 July 2019. The adjusted trial balance at 30 June

Question:

Michael Rau founded Michael’s Fishing Supplies on 1 July 2019. The adjusted trial balance at 30 June 2020 (the end of the financial year) is shown below.

image text in transcribed

Required

(a) Prepare closing entries to be made on 30 June 2020.

(b) Prepare a post‐closing trial balance as at 30 June 2020.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 9780730363224

10th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Beattie Claire, Hellmann Andreas, Maxfield Jodie

See More Books

Question Posted: Mar 20, 2024 05:00 AM

See More Questions

Michael Rau founded Michaels Fishing Supplies on 1 July 2019. The adjusted trial balance at 30 June 2020 (the end of the financial year) is shown below. Required (a) Prepare closing entries to be...
Michael Rau founded Michaels Fishing Supplies on 1 July 2016. The adjusted trial balance at 30 June 2017 (the end of the financial year) is shown on page 216. Required A. Prepare closing entries to...
3. Calculate the reliability over a 150-hour mission for the system whose reliability block diagram is shown below and whose time-to-failure distributions are given as follows: Component A: Constant...
The following data were gathered to use in reconciling the bank account of Torres Company: Balance per bank ................................... $14,385 Balance per company records ...................
A 10-year maturity convertible bond with a face value of $1,000 and a 6% coupon on a company with a bond rating of Aaa is selling for $1,050. The bond pays interest annually. Each bond can be...
Search online for the apology by Barry McPherson (Barry McPherson apology) and read the reaction of customers. Do you think McPhersons apology helped or inflamed the situation? What is a false...
Know the difference between rational, bounded rational, and intuitive decisions.
(a) Find the total power radiated into space by the Sun, assuming it to be a perfect emitter at T = 5500 K. The Suns radius is 7.0 X 108 m. (b) From this, determine the power per unit area arriving...
From the following data, compute net sales
You are provided with the worksheet for Norman Pty Ltd for the year ended 30 June 2019. The adjustments have already been made and the worksheet begins with the adjusted trial balance. Assume all...
The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows. Required (a) Complete the worksheet. (b) Prepare the closing entries necessary at 30 June 2019,...
Publication of pay data should be compulsory for everyone. Do you agree or disagree, and why?
List the model assumptions for one-way ANOVA and briefly explain how to assess them.
Remember that a correctly labeled graph requires that you label all axes, curves, and equilibrium point values. The word "calculate" means you must show your work. Assume the market for Good Z is in...
Answer the following questions by writing a paragraph or two in English. (a) [easy] Previously we defined probability as P(A) = Describe a situtation where this fails to produce the correct...
Find f''(x). f(x)=5x-14x- 612x f'(x)=
Simplify. 32-6 3-6
Find z if the standard- normal-curve area (a) Between 0 and z is 0.4726; (b) To the left of z is 0.9868; (c) To the right of z is 0.1314; (d) Between z and z is 0.8502.
The Place-Plus real estate development firm in Problem 24 is dissatisfied with the economists estimate of the probabilities of future interest rate movement, so it is considering having a financial...
(Terminology, Relationships, Computations, Entries) Complete the following statements by filling in the blanks. (a) In a period in which a taxable temporary difference reverses, the reversal will...
(Two Temporary Differences, One Rate, 3 Years) Gordon Company has two temporary differences between its income tax expense and income taxes payable. The information is shown below. The income tax...
(Carry back and Carry forward of NOL, No Valuation Account, No Temporary Differences) The pretax financial income (or loss) figures for Synergetic Company are as follows....
This is a partial adjusted trial batance of Cullumber Compary manualys
Which of the following journal entries will record the payment of a $1,500 salaries payable originally incurred for Salaries Expense? Select one: A. Debit Salaries Expense; credit Salaries Payable B....
What is the definition of substantially appreciated inventory? A. Inventory with a FMV greater than its basis B. Inventory and unrealized receivables with a FMV greater than their basis C. Inventory...

Michael Rau founded Michaels Fishing Supplies on 1 July 2019. The adjusted trial balance at 30 June

Question:

Account Cash at bank Accounts receivable Fishing supplies Prepaid insurance Boat MICHAEL'S FISHING SUPPLIES Adjusted Trial Balance as at 30 June 2020 Debit $ 12400 25 200 6000 3000 36 000 Credit

Step by Step Answer:

Accounting

Students also viewed these Business questions