Use the following T accounts to prepare the four journal entries required to close the books Debit Bal 35,580 Sales Revenue Bal 24,000 Cash Advertising Expense Bal 18,000 Credit Insurance Expense Bal 90,000 Bal 146,000 Salaries Expense Bal 5,000 Dividends Retained Earnings Bal 26,580...

To close Sales Revenue to Retained Earnings Debit Retained Earnings 26580 Credit Sales ...

Use the following T-accounts to prepare the four journal entries required to close the books: Debit Bal.

Question:

Use the following T-accounts to prepare the four journal entries required to close the books:

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

Step by Step Answer:

Related Book For book-img-for-question

Principles Of Accounting Volume 1 Financial Accounting

ISBN: 9781593995942

1st Edition

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

See More Books

Question Posted: Aug 11, 2022 02:08 AM

See More Questions

Use the following T-accounts to prepare the four journal entries required to close the books: Debit Bal. 17,340 Rent Revenue Bal. 12,000 Cash Advertising Expense Bal. 34,500 Insurance Expense Bal....
Use the following T-accounts to prepare the four journal entries required to close the books: Debit Accounts Receivable Bal. 45,500 Fees Earned Revenue Bal. 7,200 Commission Expense Credit Bal. 5,500...
Use the following T-accounts to prepare the four journal entries required to close the books: Debit Bal. 23,300 Revenue Earned Bal. 6,000 Cash Commission Expense Bal. 3,200 Credit Supplies Expense...
In which control account would you expect to find a provision for doubtful debts?
Compare developing and industrial market economies on the basis of each of the following general economic characteristics, and relate the differences to the process of development: a. Diversity of...
Assume Downer.com was organized on May 1, 2014, to compete with Despair, Inc.-a company that sells demotivational posters and office products. The following events occurred during the first month of...
To plan the flow of materials through manufacturing, what four things must production activity control know? Where will information on each be obtained? LO.1
For the current year ending August 31, Bannack Industries expects fixed costs of $988,800, a unit variable cost of $412, and a unit selling price of $515. a. Compute the anticipated break-even sales...
Question 1 You are provided with Cashing Ltd's information for the financial year ended 30 June 2021. (a) Information extracted from the Income Statement on 30 June 2021: $ Sales 6,200,000...
1. Bare cost and total cost (incl. O&P) of formwork for spread footings (20 pts, specify which lines (or index) in RSMeans data are used) 2. Bare cost and total cost of reinforcement for spread...
Assume that the first two closing entries have been made and posted. Use the T-accounts provided as follows to: A. Complete the closing entries B. Determine the ending balance in the Retained...
Which of these account types (Assets, Liabilities, Equity, Revenue, Expense, Dividend) are debited in the closing entries? Why?
Merton Company purchased a building on January 1, 2011, at a cost of $364,000. Merton estimated that its life would be 25 years and its residual value would be $14,000. On January 1, 2012, the...
Business meeting simulation: Start with preparing an email and send it to all the participant of the meeting to inform about the meeting topic/ agenda/time of the meeting/ room #. Create a meeting...
Topic #1: Rayleigh-Ritz Method (RRM) Problem 1 a) Find the exact solution for the beam torsion problem shown above. The loading consists of a uniformly distributed torque m and a point torque M...
Assume that a $10,000, five-year, 8% term note, is issued on October 1, 20X3: what is the Journal Entry Cash Note Payable 10,000 10,000 Cash 10,000 Accounts Payable 10,000 Note Payable 10,000 Cash...
How do I get help with combining a final paper over a period of 6 weeks for my Senior Management Seminar course MGMT-495 at American Public University.
Question: Fillmore, Inc. specializes in customized optimization spreadsheet software. The results of the company's operations during the prior year ( 2 0 ?are given in the following table. All...
Find the x-coordinate of the point(s) of inflection of f(x) = sech x. Report exact answers in terms of logarithms (use Theorem 6.10).
If someone's Z-score for a variable was 0.67. Their score is a significant extreme score. Their score is not significant. O Their score is slightly above average. O Their score is an outlier.
Cromwell Company has the following trial balance account balances, given in no certain order, as of December 31, 2018. Using the information provided, prepare Cromwells annual financial statements...
Why is a journal referred to as the book of original entry?
Which of these accounts is an asset? A. Common Stock B. Supplies C. Accounts Payable D. Fees Earned
Oct. 31: Paid salaries, $45,000 ( 75% selling, 25% administrtive). Data table Data table them to retail stores. The company has three inventory items: and floor lamps. RLC uses a perpetual inventory...
question 1- You borrow a simple loan of SR 500,000, interest rate is 20%, it matures in one year. what's the yied to maturity? question 2- calculate_i for One-Year Discount Bond with price(p) =...
Taste of Muscat is a reputed chain of restaurants operating in Oman. Assume You are working as a management accountant for this restaurant chain which is specialized in all types of Arabic food. Your...

Use the following T-accounts to prepare the four journal entries required to close the books: Debit Bal.

Question:

Debit Bal. 35,580 Sales Revenue Bal. 24,000 Cash Advertising Expense Bal. 18,000 Credit Insurance Expense Bal. 90,000 Bal. 146,000 Salaries Expense Bal. 5,000 Dividends Retained Earnings Bal. 26,580

Step by Step Answer:

To close Sales Revenue to Retained Earnings Debit Retained Earnings 26580 Credit Sales ...View the full answer

Principles Of Accounting Volume 1 Financial Accounting

Related Video

Students also viewed these Business questions