Account Number Debit Credit Cash $6,400 121 Accounts Receivable $1,500 131 $2,200 141 Prepaid Insurance $300 143 Prepaid Advertising $200 145 Prepaid Rent SO 151 Equipment $5,800 211 Accounts Payable $2,500 221 Unearned Fees Revenue 50 226 Wages Payable $500 231 Income Taxes Payable 50 311 Common Stock 58,000 Retained Earnings $3,600 351Dividend sO Fees Revenue $17,000 511 Wages Expense 1,000 521 Advertising Expense 5400 531 Rent Expense $2.000 341 Supplies Expense $900 551 Insurance Expense ribe 591 Income Taxet Espense 50 531,600 Totals 531,600 nnen, her !..017 anA d.semacad ,ha fnnnw..," ard.com/webapps/assessment/take/launch,jsp?course assessment id118540 182course la- 121276 18conteht la 2242 Paul Watts reviewed his Watts Electrical Corp. business on December 31, 2017 and discovered the following. a $800 cash received from customers and recorded as fees revenue was for services to be provided by Watts Electrical Corp during January and February, 2018. /Cr. Dr. QUESTION 2 b. $2,000 cash paid for rent and recorded as rent expense was for office space for the months of October, November, December (2017), and January (2018) Dr QUESTION 3 e Wats Electrical Corp. owes its employees a total of $400 for work they performed for the company prior to December 31. The wages will be paid to the employees during the first week in January Dr / Cr QUESTION 4 d Warts Electrical Coap paid a $150 cash dividend to TW Rich Cop (Owner) ), but the company did not record the transaction Dr December 31, 2017 Account Debit Number Account Credit 6,250 Cash 1,500 Accounts Receivable 121 2,200 Supplies Prepaid Insurance 143 Prepaid Advertising 145 Prepaid Rent 131 300 141 200 500 151 Equipment 5,800 211 Accounts Payable 2,500 221 Unearned Fees Revenue 800 226 Wages Payable 900 231 Income Taxes Payable 311 Common Stock 8,000 331 Retained Earnings 3,600 351 Dividend 150 411 Fees Revenue 16,200 511 ages Expense Advertising Expense 11.400 521 400 531 1.500 Rent Expense 541 Supplies Espense Insurance Expense Income Taxes Expense 900 551 900 591 Totals 32.000 32,000 Based on the adjusted trial balance of the Watts Electrical Corp on December 31, 2017, a Prepare the closing entries for revenue. Dr. QUESTION6 b. To close total expenses, how much income summary is debited or credited? $15,100/ Credit $15,100/ Debit O $16,100/ Credit $16,100/ Debit QUESTION 7 c. Prepare closing entries for income summary Dr. / Cr QUESTION Clek Save and Submit to save and submit. Click Save All Ancers to save all QUESTION6 b. To close total expenses, how much income summary is debited or credited? o $15,100 /Credit O $15,100/ Debit O $16,100/ Credit O $16,100/ Debit QUESTION 7 c. Prepare closing entries for income summary / Cr Dr QUESTION 8 d. Prepare closing journal entries for dividends Dr Chek Save and Submit to save and submi ciek Saeal Ahavers to snve alt ansuers
