Chapter 4 (Mastery)

PLEASE HELP.

Mastery Problem Completing the Accounting Cycle Chandler Company Chart of Accounts Adjusted Trial Balance TU The Closing Process Roscoe's Journal Chandler Company x x Chander Company is owned by Roscoe Chander and provides appraisal services to individuals and companies wishing to purchase and selline at Chandler Company begabunesson January 1, 2018, and is just completing its first year of business Roscoe anks for your help in completing the accounting cycle for the company by assisting with the closing Doces Chart of Accounts ASSETS REVENUE 11 Cash 41 Fees Earned 42 Rent Revenue 12 Accounts Receivable 16 Prepaid Insurance 43 Interest Revenue 18 Equipment 19 Accumulated Depreciation-Equipment EXPENSES LIABILITIES 7 21 Accounts Payable 22 Salaries Payable 24 Income Taxes Payable 51 Salaries Expense 52 Selling Expense 53 Income Taxes Expense 54 Depreciation Expense-Equipment 55 Insurance Expense 59 Miscellaneous Expense EQUITY 31 Roscoe Chandler Capital 32 Roscoe Chandler, Drawing Mastery Problem: Completing the Accounting Cycle Chandler Company Chart of Accounts Adjusted Til Balance The Closing Process Roscoe's Journal Adjusted Tral Balance Before the condentes are made you begin with an adsted trial balance. The closing entnes are essentially the link from the adjusted na balance to the post cong trance Clundier Company ADJUSTED TRIAL BALANCE December 1, 2010 ACCOUNT TITLE CREDIT 22.000.00 29.000.00 16.000.00 60.000.00 Account Receivable Peidin Toimet Amated Decation et Accounts Payable Sales Pales meyle 40000 00000 0.00 400000 Adjusted Trial Balance Jalanca ayaule DVVU. 4,000.00 27,000.00 8 Income Taxes Payable 9. Roscoe Chandler, Capital 10 Roscoe Chandler, Drawing 11 Fees Earned 5,000.00 175,600.00 12 Rent Revenue 92,000.00 13 Interest Revenue 17,200.00 71,000.00 14 Salaries Expense 15 Selling Expense 37,600.00 15,000.00 47,200.00 16 Income Taxes Expense 17. Depreciation Expense-Equipment 18 Insurance Expense 19 Miscellaneous Expense 17,000.00 1,000.00 20 Totals 369,800.00 369,800.00 Roscoe's Journal Roscoe has attempted to prepare the closing entries for Chance Company on this panel. Hes not sure the sentered the journal entries correctly, and asks you to review them you find that one cotty is connect but the other is incorrect Determine which entry in correct, and yourmindse bolh clining entries for Chantier Company as of the 91 on the Jourut panet TIGE 25 JOURNAL ACCOUNTING EQUATION DATE DESC PONT BE CRONE MET LITUS Desconde 7.600.00 1750.00 Net 1220000 71000 Sint Roscoe's Journal Closing the Dec 31 Roscoe Chander Gapital Fees Eamed 2 473.600.00 175,600.00 92,000.00 Rent Revenue Interest Revenue 17,200.00 71.000,00 1 Salaries Expense Selling Expense Income Taxes Expense Depreciation Expense-Equipment 57,600.00 15,000.00 1 47,200.00 Insurance Expense 17,000.00 1 11 1 1.000.00 Miscellaneous Expense 31 Roscoe Candlet Capital Roscoe Clandet. Dawid 5.000.00 5.000.00 1 Roscoe has attempted to prepare the closing entries for Chandler Company on the Roscoes Journal panel He's not sure if he's entered the joumaltres correctly, and asks you to review them You and that one entry is correct, but the other is incorrect Refer to the Chart of Accounts for exact wording of account titles Die termine which entry is morrect, and journalze both closing entries for Chandler Company on Of Dee at in the following journal How does secados mork IMES JOURNAL Score: 98/147 ACCOUNTING EQUATION DATE POTRET CREDIT ASSETS TOUT DESCRIPTION Contri 175.600.00 Dec 31 Roscoe under Capital Fees Earned Pent Indetenue Senester Journal Shaded cells Closing the Dec. 31 Roscoe Chandler, Capital 175,600.00 Fees Earned 4 Rent Revenue I Interest Revenue Salaries Expense Selling Expense Income Taxes Expense Depreciation Expense Equipment Insurance Expense Miscellaneous Expense 11 12 Dec 51 Roscoe Candies Capital Roscoe under Drawing 11 Points 173 Shaded case CD Post Closing Trial Balance The post contra balance shows the permanent accounts with the updated values aethe temporary accounts have been reduced to zero balance for the heat accounting die A, post-cong trial balance is meant to ensure that debes equal credits est dose Roscoe a very happy with your work on the long entries to Chandler Company and asks if you would prepare a fost contract for the company Question not attempted Score: 0/39 Clunder Company POST CLOSING TRIAL BALANCE December 2018 ACCOUNT THE ch 1 pidu Tuomet component Post-Closing Tral Balance 1 Cash 2 Accounts Receivable 3 Prepaid Insurance 4 Equipment 5. Accumulated Depreciation Equipment 6 Accounts Payable 7 Salaries Payable 8 Income Taxes Payable 9 Roscoe Chandler, Capital 10 Totals