Chandler, Inc. is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and sell fine art. Chandler, In Roscoe asks for your help in completing the accounting cyde for the company by assisting with the c Adjusted Trial Balance Before the dosing entries are journalized, you begin with an adjusted trial balance. The closing entries are essentially the link from the adjusted trial balance Chandler, Inc. Adjusted Trial Balance December 31, 2017 Account Title Debit Balances Credit Balances Cash 66,000 Accounts Receivable 29,000 Prepaid Insurance 16,000 Office Equipment 60,000 Accumulated Depreciation-Office Equipment 40,000 Accounts Payable Salaries Payable 8,000 Income Taxes Payable 4,000 2,000 Common Stock 18,000 Retained Earnings 5,000 Dividends 165,600 Fees Earned 92,000 Rent Revenue 17,200 Interest Revenue 71,000 Salaries Expense 25,600 Selling Expense 15,000 Income Taxes Expense 17,000 The final step of the accounting cyde 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 ta The first step in successfully undertaking the closing process is to understand the difference between a temporary account and a Answer the following questions (1)-(3). If an amount is zero, enter-0". 1. If a temporary account has an ending balance of $67,000, what is its beginning balance for the following accounting period? 2. If a permanent account has an ending balance of $67.,000, what is its beginning balance for the following accounting period? Roscoe wilt be prepering his yearly financial statements after completing Chandler, Inci's closino process, and is somewhat confused about the characteristics of the accounts. He has st in completing it. (Select Yes or "No' from the below dropdowns.) Temporary Permanent Closed to Account Retained Earings Asset accounts Liability accounts Dividends account Roscoe's Journal Roscoe has attempted to journalize the closing entries for Chandier, Inc, on this panel. He's not sure if he's journalized the Determine which entry is incorrect, and journalize both ciesing entnes for Chandler, Inc, as of Dec 31 Journal Page 25 Date Description Post. Ref.DebitCredit Dec. 31 Retained Earnings 451,600 Fees Earned Date Description Post. Ref.Debit Credit Dec. 31 Retained Earnings 451,600 Fees Earned 165,600 Rent Revenue 92,000 Interest Revenue 17.200 Salaries Expense 1,000 Selling Expense 25,600 Income Taxes Expense 15,000 Depreciation Expense 47,200 Insurance Expense 17,000 Miscellaneous Expense 1,000 Dec. 31 Retained Earnings 5,000 Dividends Journal Roscoe has attempted to journalize the closing entries for Chandler Inc on the Rescoes Jcurnai panel. He's not sure if he's journalz s incorrect, and journelize both closing entnies for Chandler inc as of Dec 31 azed the entries correctly, and asks you to review them. You find that one antry is corract, but the othar is incorrs If an amount box does not require an entry, leave it blank Determine which entry is incorrect, and journalizo Dec. 31 Calculator Mastery Problem: The Accounting Cycle. Chandler, Inc. Chandler, Inc, is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and sell fine art. Chandler, Inc. began business on January 1, 201, 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 dosing process. Adjusted Trial Balance Before the clasing entries are journalized, you begin with an adjusted trial balance. The dosing entries are essentilly the link from the adjusted trial balance to the post-cdosing trial balance. Chandler, Inc. Adjusted Trial Balance December 31, 2017 Account Title Debit Balances Credit Balances 66,000 Accounts Receivable 29,000 Prepaid Insurance 16,000 Office Equipment Accumulated Depreciation-Office Equipment 60,000 40,000 Accounts Payable 5,000 Salaries Payable B,000 4,000 Retained Eamings 18,000 5,000 interest Reverue 71,000 25,600 ng Expense 15,000 47,000 Insurance Expense 47,200 Depreciation Expense 1,000 Misuellaneous Experse 352 800 oscoe's Journal e the dosing entries for Chandler, Inc. on this panel. He's not sure if he's journalized the entries correctly, and asks you to review them. You find that one journalized the entries correctly, and asks you to review them. You find that one entry is corect, but the other is incorrect. Determine which entry is incorrect, and journalize both closing entries for Chandler, Inc. as of Dec. 31 Journal Page 25 Date Description Post. Ref.Debit Credit Dec. 31 Retained Earnings 451,600 Fees Earned 165,600 Rent Revenue 92,000 Interest Revenue 17,200 Salaries Expense 71,000 Selling Expense 25.600 Income Taxes Expense 15,000 Depreciation Expense 47,200 Insurance Expense 17,000 Miscellaneous Expense 1,000 Dec 31 Retained Eamings 5,000 Dividends 5,000 Journal Roscoe has attempted to journalize the closing entries for Chandler. Inc. on the Rescoe's Journal paniel. He's not sure it he's journalized the 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 journalize boeh ciosing encnes far Chandier, Inc. as of Dec, 31. If an amount box does not require an entry, leave it blank her Caiculator ournal Roscoe has attempted to journalize the cdosing entries for Chandler, Inc. on the Roscoe's Journal panel. He's not sure if he's journalized the entries correctly, and asks you to review them. You find that one entry is correct, but the other is ino Determine which entry is incorrect, and journalize both ciosing entries for Chandler, Inc. as of Dec. 31. If an amount box does not require an entry, leave it blank. Dec. 31 Dec. 31 sing Trial Balance to zero balance for the next accounting cycle. Also, the post-closing trial balance is nieant to ensure that The post ciosing trial balance showa al the permanent accounts with their uptated debits equal credits post-close for the next vith their updated values after the temporary accounts havs been reduced toal baianoe for the company. If an amount box does not require an entry, leave it prepare a post clesing t biank a s very happy with your work an the ciosing entries for chandler, Inc, and asks if vou weuld Chandler, Inc. Post Closing Trial Balance December 31, 2017 Debit Balances Credit Balances Account Title Cash Accounts Receivable Prepaid Insurance Chandler, Inc. is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and sell fine art. Chandler, In Roscoe asks for your help in completing the accounting cyde for the company by assisting with the c Adjusted Trial Balance Before the dosing entries are journalized, you begin with an adjusted trial balance. The closing entries are essentially the link from the adjusted trial balance Chandler, Inc. Adjusted Trial Balance December 31, 2017 Account Title Debit Balances Credit Balances Cash 66,000 Accounts Receivable 29,000 Prepaid Insurance 16,000 Office Equipment 60,000 Accumulated Depreciation-Office Equipment 40,000 Accounts Payable Salaries Payable 8,000 Income Taxes Payable 4,000 2,000 Common Stock 18,000 Retained Earnings 5,000 Dividends 165,600 Fees Earned 92,000 Rent Revenue 17,200 Interest Revenue 71,000 Salaries Expense 25,600 Selling Expense 15,000 Income Taxes Expense 17,000 The final step of the accounting cyde 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 ta The first step in successfully undertaking the closing process is to understand the difference between a temporary account and a Answer the following questions (1)-(3). If an amount is zero, enter-0". 1. If a temporary account has an ending balance of $67,000, what is its beginning balance for the following accounting period? 2. If a permanent account has an ending balance of $67.,000, what is its beginning balance for the following accounting period? Roscoe wilt be prepering his yearly financial statements after completing Chandler, Inci's closino process, and is somewhat confused about the characteristics of the accounts. He has st in completing it. (Select Yes or "No' from the below dropdowns.) Temporary Permanent Closed to Account Retained Earings Asset accounts Liability accounts Dividends account Roscoe's Journal Roscoe has attempted to journalize the closing entries for Chandier, Inc, on this panel. He's not sure if he's journalized the Determine which entry is incorrect, and journalize both ciesing entnes for Chandler, Inc, as of Dec 31 Journal Page 25 Date Description Post. Ref.DebitCredit Dec. 31 Retained Earnings 451,600 Fees Earned Date Description Post. Ref.Debit Credit Dec. 31 Retained Earnings 451,600 Fees Earned 165,600 Rent Revenue 92,000 Interest Revenue 17.200 Salaries Expense 1,000 Selling Expense 25,600 Income Taxes Expense 15,000 Depreciation Expense 47,200 Insurance Expense 17,000 Miscellaneous Expense 1,000 Dec. 31 Retained Earnings 5,000 Dividends Journal Roscoe has attempted to journalize the closing entries for Chandler Inc on the Rescoes Jcurnai panel. He's not sure if he's journalz s incorrect, and journelize both closing entnies for Chandler inc as of Dec 31 azed the entries correctly, and asks you to review them. You find that one antry is corract, but the othar is incorrs If an amount box does not require an entry, leave it blank Determine which entry is incorrect, and journalizo Dec. 31 Calculator Mastery Problem: The Accounting Cycle. Chandler, Inc. Chandler, Inc, is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and sell fine art. Chandler, Inc. began business on January 1, 201, 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 dosing process. Adjusted Trial Balance Before the clasing entries are journalized, you begin with an adjusted trial balance. The dosing entries are essentilly the link from the adjusted trial balance to the post-cdosing trial balance. Chandler, Inc. Adjusted Trial Balance December 31, 2017 Account Title Debit Balances Credit Balances 66,000 Accounts Receivable 29,000 Prepaid Insurance 16,000 Office Equipment Accumulated Depreciation-Office Equipment 60,000 40,000 Accounts Payable 5,000 Salaries Payable B,000 4,000 Retained Eamings 18,000 5,000 interest Reverue 71,000 25,600 ng Expense 15,000 47,000 Insurance Expense 47,200 Depreciation Expense 1,000 Misuellaneous Experse 352 800 oscoe's Journal e the dosing entries for Chandler, Inc. on this panel. He's not sure if he's journalized the entries correctly, and asks you to review them. You find that one journalized the entries correctly, and asks you to review them. You find that one entry is corect, but the other is incorrect. Determine which entry is incorrect, and journalize both closing entries for Chandler, Inc. as of Dec. 31 Journal Page 25 Date Description Post. Ref.Debit Credit Dec. 31 Retained Earnings 451,600 Fees Earned 165,600 Rent Revenue 92,000 Interest Revenue 17,200 Salaries Expense 71,000 Selling Expense 25.600 Income Taxes Expense 15,000 Depreciation Expense 47,200 Insurance Expense 17,000 Miscellaneous Expense 1,000 Dec 31 Retained Eamings 5,000 Dividends 5,000 Journal Roscoe has attempted to journalize the closing entries for Chandler. Inc. on the Rescoe's Journal paniel. He's not sure it he's journalized the 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 journalize boeh ciosing encnes far Chandier, Inc. as of Dec, 31. If an amount box does not require an entry, leave it blank her Caiculator ournal Roscoe has attempted to journalize the cdosing entries for Chandler, Inc. on the Roscoe's Journal panel. He's not sure if he's journalized the entries correctly, and asks you to review them. You find that one entry is correct, but the other is ino Determine which entry is incorrect, and journalize both ciosing entries for Chandler, Inc. as of Dec. 31. If an amount box does not require an entry, leave it blank. Dec. 31 Dec. 31 sing Trial Balance to zero balance for the next accounting cycle. Also, the post-closing trial balance is nieant to ensure that The post ciosing trial balance showa al the permanent accounts with their uptated debits equal credits post-close for the next vith their updated values after the temporary accounts havs been reduced toal baianoe for the company. If an amount box does not require an entry, leave it prepare a post clesing t biank a s very happy with your work an the ciosing entries for chandler, Inc, and asks if vou weuld Chandler, Inc. Post Closing Trial Balance December 31, 2017 Debit Balances Credit Balances Account Title Cash Accounts Receivable Prepaid Insurance