{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T16:10:14-04:00", "answer_date": "2024-05-26 16:10:14", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1748566", "url": "\/study-help\/questions\/7-points-ceo3-the-following-adjusted-trial-balance-contains-the-1748566", "question_creation_date_js": "2024-05-26T16:10:14-04:00", "question_creation_date": "May 26, 2024 04:10 PM", "meta_title": "[Solved] 7 points CEO-3] The following adjusted tr | SolutionInn", "meta_description": "Answer of - 7 points CEO-3] The following adjusted trial balance contains the accounts and balances of Zahid Company as of Decembe | SolutionInn", "meta_keywords": "7,points,ceo-3,adjusted,trial,balance,accounts,balances,zahid,company,december,31", "question_title_h1": " 7 points CEO-3] The following adjusted trial balance contains the accounts and balances of Zahid Company as of December 31, 2021, the end of", "question_title": " 7 points CEO-3] The following adjusted trial balance contains the accounts", "question_title_for_js_snippet": "7 points CEO 3 The following adjusted trial balance contains the accounts and balances of Zahid Company as of December 31, 2021, the end of its fiscal year Cash Supplies Prepaid rent Furniture Equipment Accumulated depreciation Equipment Unearned service revenue Ahmed, Capital Ahmed, Withdrawals Services revenue Interest revenue Depreciation expense Equipment Salaries expense Travelling and lodging expense Rent expense TOTAL REQUIRED A) Prepare the closing entries for Zahid Company as on December 31, 2021 (4 marks) Debit (Amount 5) Credit (Amount 5) 9,000 6,500 7,500 7,000 15,000 3 000 2,400 37,500 2,500 19,500 4,600 3,300 4,700 8,000 3,500 67,000 67,000 b B) Calculate the amount of closing capital to be reported in the closing trial balance as on December 31st, 2021 (2 marks) Note Closing trial Balance is not required C) Why revenue and expense accounts are closed at the end of the accounting period (1 mark) For the toolbar, press ALT F10 (PC) or ALT FN F10 (Mac) MacBook Air", "question_description": "\"image", "transcribed_text": "7 points CEO-3] The following adjusted trial balance contains the accounts and balances of Zahid Company as of December 31, 2021, the end of its fiscal year. Cash Supplies Prepaid rent Furniture Equipment Accumulated depreciation-Equipment Unearned service revenue Ahmed, Capital Ahmed, Withdrawals Services revenue Interest revenue Depreciation expense-Equipment Salaries expense Travelling and lodging expense Rent expense TOTAL REQUIRED: A) Prepare the closing entries for Zahid Company as on December 31, 2021. (4 marks) Debit (Amount 5) Credit (Amount 5) 9,000 6,500 7,500 7,000 15,000 3.000 2,400 37,500 2,500 19,500 4,600 3,300 4,700 8,000 3,500 67,000 67,000 b. B) Calculate the amount of closing capital to be reported in the closing trial balance as on December 31st, 2021. (2 marks) Note: Closing trial Balance is not required. C) Why revenue and expense accounts are closed at the end of the accounting period? (1 mark) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). MacBook Air", "related_book": { "title": "Financial Accounting Tools for Business Decision Making", "isbn": "9781118560952, 1118560957, 978-0470239803", "edition": "5th Edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/112.jpg", "uri": "\/textbooks\/financial-accounting-tools-for-business-decision-making-5th-edition-112", "see_more_uri": "" }, "free_related_book": { "isbn": "B09Z2S9PY2", "uri": "\/textbooks\/-civaner-2-pcs-handle-solo-soccer-kick-trainer-soccer-ball-bungee-net-equipment-accessories-b09z2s9py2-120598", "name": "\u200eCivaner 2 Pcs Handle Solo Soccer Kick Trainer Soccer Ball Bungee Net Equipment Accessories", "edition": "" }, "question_posted": "2024-05-26 16:10:14", "see_more_questions_link": "\/study-help\/questions\/business-business-communication-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/the-portfolio-of-stock-that-comprises-the-asx200-index-is-482808", "description": "The portfolio of stock that comprises the ASX200 index is currently worth $5000. 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