The following accounts and normal balances existed at year-end. Make the four journal entries required to close
Question:
The following accounts and normal balances existed at year-end. Make the four journal entries required to close the books:
Transcribed Image Text:
Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense $22,000 6,000 90,000 45,000 16,000 2,300
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 43% (16 reviews)
To close Fees Earned ...View the full answer
Answered By
Labindao Antoque
I graduated in 2018 with a Bachelor of Science degree in Psychology from Dalubhasaan ng Lungsod ng San Pablo. I tutored students in classes and out of classes. I use a variety of strategies to tutor students that include: lecture, discussions about the subject matter, problem solving examples using the principles of the subject matter being discussed in class , homework assignments that are directed towards reinforcing what we learn in class , and detailed practice problems help students to master a concept. I also do thorough research on Internet resources or textbooks so that I know what students need to learn in order to master what is being taught in class .
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
The following accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Retained earnings Dividends Fees earned revenue Selling expenses...
-
The following accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Automobile expense Dividends Insurance expense Office expense Sales revenue...
-
The following accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Advertising expense Dividends Rent expense Salaries expense Service revenue...
-
If net assets of a business totalled 200,000 and its total assets on that date amounted to 325,000, its liabilities would amount to: (a) 125,000 (b) 200,000 (c) 525,000 (d) Not sufficient information...
-
How do arbitrageurs help ensure that exchange rates are the same in markets around the world?
-
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic...
-
What is a bottleneck operation? LO.1
-
OConnor Companys income statement information for 2016 and 2017 (a sole proprietorship) is as follows: Required: Provide the missing amounts for the blanks labeled (a) through (g). All the necessary...
-
What are the monthly payments (principal and interest) on a 15-year home mortgage for an $230,000 loan when interest rates are fixed at 8 percent? without a financial calculator
-
What is Jacqueline and Keiths monthly mortgage payment prior to the refinancing?
-
If a journal entry includes a debit or credit to the Retained Earnings account, it is most likely which of the following? A. A closing entry B. An adjusting entry C. An ordinary transaction entry D....
-
Search the US Securities and Exchange Commission website (https://www.sec.gov/edgar/searchedgar/companysearch.html) and locate the latest Form 10-K for a company you would like to analyze. Submit a...
-
Management at a large retail appliance chain required all full-time sales staff to attend a one-day training session on improving sales staff to attend a one-day training session on improving sales...
-
If the majority voting control partners in an entity are close to retirement, they may prefer more equity issued versus debt. T/F The more stable the selling price is, the more likely the firm ...
-
Explain the following concepts/topics. 1. Arbitration Tribunials under CUSMA as opposed to International Arbitration under the WTO or ICSID: 2. Lost or Not Lost clauses under a Marine Insurance...
-
Northfield Manufacturing has two operating divisions in a semiautonomous organizational structure. Americas Division, based in the United States, produces a specialized memory chip that is an input...
-
T 174 6. Cs has a half-life of 30.8 s and the number of nuclei present is 3.787 1016 nuclei. 55' Determine: a. Number of nuclei present 2.6 minutes later b. The activity of 17 CS at the time in a. c....
-
The parallel sides of the trapezoidal lot measure 160 m and 240 m are 40 m apart Find the distance of the dividing line from the 160m line parallel to the 2 sides that will divide the trapezoid into...
-
Use Exercise 69 to do the following calculations. a. Find the velocity of a wave where = 50 m and d = 20 m. b. Determine the depth of the water if a wave with = 15 m is traveling at v = 4.5 m/s....
-
Representative data read from a plot that appeared in the paper Effect of Cattle Treading on Erosion from Hill Pasture: Modeling Concepts and Analysis of Rainfall Simulator Data (Australian Journal...
-
Machine Corp. has several pending lawsuits against its company. Review each situation and (1) determine the treatment for each situation as probable and estimable, probable and inestimable,...
-
Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan include a repayment of principal in eight, equal installments, paid annually from the April 1 date....
-
Barkers Baked Goods purchases dog treats from a supplier on February 2 at a quantity of 6,000 treats at $1 per treat. Terms of the purchase are 2/10, n/30. Barkers pays half the amount due in cash on...
-
Aecerty 1067687 was completed with the folowing charaderistick Murulectere sec00 5xs:99 s35ida sputed
-
Assume todays settlement price on a CME EUR futures contract is $1.3180 per euro. You have a long position in one contract. EUR125,000 is the contract size of one EUR contract. Your performance bond...
-
Q2. Company ABC bought an equipment for $20,000 in 2015, with useful life of 5 years $5,000 residual value amortized using straight-line method. Prepare a table to illustrate the differences...
Study smarter with the SolutionInn App