Calculator C Mastery Problem: Completing the Accounting Cycle Chandler Company Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal Journal Post-Closing Trial Balance Chander Company is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and selline art. Chandler Company began business on January 1, 2018, and is just completing its first year of business. Roscoe asks for your help in completing the accounting cyde for the company by assisting with the closing gros Calculate Mastery Problem Completing the Accounting Cycle Chandler Company Chart Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal Journal Post-Closing Trial Balance e art. Chandler nung cycle for the CHART OF ACCOUNTS Chand Company General Ledger ASSETS REVENUE 21 Cash 41 Fees Eamed 2 Revue 12 Aco Receive 16 Prepaid insurance 43 Revenue 18 Equipment 10 Accumulated Depreciation Equipment EXPENSES Calculator Mastery Problem: Completing the Accounting Cycle Chandler Company Chart of Accounts A Susted Trial Balance The Closing Process Roscoe's Journal Joumal Post-Closing Trial Balance Adjusted Trial Balance nce The closing entries are essential the link to Before the designs are made you begin with an adjusted tra Dosing the balance the adjusted balance to the post Chandler Company ADJUSTED TRIAL BALANCE December 31, 2018 Calculator Mastery Problem: Completing the Accounting Cycle Chandler Company Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal Journal Post-Closing Trial Balance Adjusted Trial Biance The Closing Process The final step of the accounting cycle is the closing process. The main goal of this stage of the cycle is to ensure that the balance of each temporary account is returned to zero and that net income is transferred to the owner's capital account. The first step in successfully undertaking the closing process is to understand the difference between a more account and a permanent account. Roscoe has some questions about the process Answer the following questions (1)-(3) 1. la temporary account has an ending balance of 367,000, what is to beginning balance for the following accounting period? If there is no amount or an amount is zero, enter " 2. If a permanent account has an ending balance of 507.000, what is beginning balance for the following accounting period? Check My Work Calculator Mastery Problem: Completing the Accounting Cycle Chandler Company Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Joumal Journal Post-Closing Trial Balance Adjusted Trial Balance The Closing Process Roscoe's Joumal Roscoe has attempted to prepare the closing entries for Chandler Company on this panel. He's not sure if he's entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect Determine which entry is incorrect and joumalize both closing entries for Chander Company as of Dec 31 on the Journal panel JOURNAL ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY O My Won Calculator Mastery Problem: Completing the Accounting Cycle Chandler Company Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Joumalbumal Post-Closing Trial Balance Adjusted Trial Balance The Closing Process Roscoe's Journal Jaume Roscoe has attempted to prepare the desing entries for Chandler Company on the co n panel Hes not sure he's entered the journal entries correct, and asks you to review them. You find that one entry is correct, but the other is incorrect Refer to the Chart Accounts for exact wording of accounties Determine which enay is incorrect and journaltze both closing enester Chandler Company at of Dec 1 in the following ouma MOUL ACCOUNTINGTOLATION Oh My Wan Calculator Mastery Problem: Completing the Accounting Cycle The Closing Process Chandler Company Chart of Accounts Adjusted Trial Balance Roscoe's Journal Joumal Post-Closiny Trial Balance The post dosing trial balance shows all the permanent accounts with their updated values after the temporary accounts have been reduced to zero balance for the next accounting cyde. Also, the post dosing trial balance is meant to ensure that debits equal credits post close Roscoe is very hapy with your work on the closing entries for Chandler Company and asks if you would prepare a post closing a balance for the company Chandler Company POST CLOSING TRIAL BALANCE December 31, 2018 Marche JOURNAL ACCOUNTING EQUATION Chwun Calculator C Mastery Problem: Completing the Accounting Cycle Chandler Company Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal Journal Post-Closing Trial Balance Chander Company is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and selline art. Chandler Company began business on January 1, 2018, and is just completing its first year of business. Roscoe asks for your help in completing the accounting cyde for the company by assisting with the closing gros Calculate Mastery Problem Completing the Accounting Cycle Chandler Company Chart Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal Journal Post-Closing Trial Balance e art. Chandler nung cycle for the CHART OF ACCOUNTS Chand Company General Ledger ASSETS REVENUE 21 Cash 41 Fees Eamed 2 Revue 12 Aco Receive 16 Prepaid insurance 43 Revenue 18 Equipment 10 Accumulated Depreciation Equipment EXPENSES Calculator Mastery Problem: Completing the Accounting Cycle Chandler Company Chart of Accounts A Susted Trial Balance The Closing Process Roscoe's Journal Joumal Post-Closing Trial Balance Adjusted Trial Balance nce The closing entries are essential the link to Before the designs are made you begin with an adjusted tra Dosing the balance the adjusted balance to the post Chandler Company ADJUSTED TRIAL BALANCE December 31, 2018 Calculator Mastery Problem: Completing the Accounting Cycle Chandler Company Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal Journal Post-Closing Trial Balance Adjusted Trial Biance The Closing Process The final step of the accounting cycle is the closing process. The main goal of this stage of the cycle is to ensure that the balance of each temporary account is returned to zero and that net income is transferred to the owner's capital account. The first step in successfully undertaking the closing process is to understand the difference between a more account and a permanent account. Roscoe has some questions about the process Answer the following questions (1)-(3) 1. la temporary account has an ending balance of 367,000, what is to beginning balance for the following accounting period? If there is no amount or an amount is zero, enter " 2. If a permanent account has an ending balance of 507.000, what is beginning balance for the following accounting period? Check My Work Calculator Mastery Problem: Completing the Accounting Cycle Chandler Company Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Joumal Journal Post-Closing Trial Balance Adjusted Trial Balance The Closing Process Roscoe's Joumal Roscoe has attempted to prepare the closing entries for Chandler Company on this panel. He's not sure if he's entered the journal entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect Determine which entry is incorrect and joumalize both closing entries for Chander Company as of Dec 31 on the Journal panel JOURNAL ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY O My Won Calculator Mastery Problem: Completing the Accounting Cycle Chandler Company Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Joumalbumal Post-Closing Trial Balance Adjusted Trial Balance The Closing Process Roscoe's Journal Jaume Roscoe has attempted to prepare the desing entries for Chandler Company on the co n panel Hes not sure he's entered the journal entries correct, and asks you to review them. You find that one entry is correct, but the other is incorrect Refer to the Chart Accounts for exact wording of accounties Determine which enay is incorrect and journaltze both closing enester Chandler Company at of Dec 1 in the following ouma MOUL ACCOUNTINGTOLATION Oh My Wan Calculator Mastery Problem: Completing the Accounting Cycle The Closing Process Chandler Company Chart of Accounts Adjusted Trial Balance Roscoe's Journal Joumal Post-Closiny Trial Balance The post dosing trial balance shows all the permanent accounts with their updated values after the temporary accounts have been reduced to zero balance for the next accounting cyde. Also, the post dosing trial balance is meant to ensure that debits equal credits post close Roscoe is very hapy with your work on the closing entries for Chandler Company and asks if you would prepare a post closing a balance for the company Chandler Company POST CLOSING TRIAL BALANCE December 31, 2018 Marche JOURNAL ACCOUNTING EQUATION Chwun