Exercise 1 Prepare the closing entries of temporary accounts with the following information: Carmelo Vlez started a business called Deep Cleaning. After the adjustments in December 2020, the following balances were recorded in the ledger of each account.<\/p>
Carmelo Vlez, capital $ 200,000<\/p>
Carmelo Vlez, drawing 1,500<\/p>
Service fee 150,000<\/p>
Salary expense 40,000<\/p>
Rent expense 24,000<\/p>
Supplies expense 22,500<\/p>
Miscellaneous expense 15,000<\/p>
<\/p>
Exercise 2 Complete the following fixes for transactions made with errors.<\/p>
<\/p>
348 \/ 5000<\/p>
<\/p>
<\/p>
Resultados de traduccin<\/p>
Date Account Ref. Debit Credit <\/p>
May 2 Supplies 5,000<\/p>
Accounts receivable 5,000<\/p>
Purchase of materials on credit<\/p>
May 5 Account expense 2,000<\/p>
Sales 2,000<\/p>
Sale on credit to a customer<\/p>
May 8 Cash 3,500<\/p>
Sales 3,500<\/p>
Sale of equipment for $ 3,000<\/p>
May 12 Salary expense 2,200<\/p>
Cash 2,200<\/p>
Salary debt<\/p>
<\/p>", "transcribed_text": "", "related_book": { "title": "Income Tax Fundamentals 2013", "isbn": "1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516", "edition": "31st Edition", "authors": "Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1124.jpg", "uri": "\/textbooks\/income-tax-fundamentals-2013-31st-edition-9781285586618", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CP7SNJ91", "uri": "\/textbooks\/uninterruptible-power-systems-a-comprehensive-guide-1st-edition-979-8870319568-291013", "name": "Uninterruptible Power Systems A Comprehensive Guide", "edition": "1st Edition" }, "question_posted": "2024-06-28 07:51:30", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/a-number-of-firms-such-as-bce-inc-coca-cola", "description": "A number of firms, such as BCE Inc., Coca Cola, and McDonalds, have discontinued their practice of issuing quarterly earnings forecasts, thereby lowering their disclosure quality. Often, a reason...", "stars": 3 }, { "url": "\/study-help\/psychology\/preparing-job-application-materials-eg-cover-letters-and-rsums-1980503", "description": "preparing job application materials (e.g., cover letters and rsums);", "stars": 3 }, { "url": "\/l-bowers-and-v-lipscomb-are-partners-in-elegant-event", "description": "L. Bowers and V. Lipscomb are partners in Elegant Event Consultants. Bowers and Lipscomb share income equally. M. Ortiz will be admitted to the partnership. Prior to the admission, equipment was...", "stars": 3 }, { "url": "\/study-help\/questions\/question-1-10-marks-write-a-program-to-count-total-9874826", "description": "Question 1: 10 Marks Write a program to count total number of times the value val appears in integer array arr of size count. For example, if arr[={1,2,3,4,1,2,4,4,4), count=9, and val=3 then output...", "stars": 3 }, { "url": "\/study-help\/questions\/on-january-1-the-first-day-of-the-fiscal-year-8260575", "description": "On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $3,000,000, 8%, 10-year bond that pays semiannual interest of $120,000 ($3,000,000 x 8% x year), receiving cash of...", "stars": 3 }, { "url": "\/study-help\/questions\/which-of-the-following-statements-about-quantitative-easing-qe-and-2962237", "description": "Which of the following statements about quantitative easing (QE) and open-market purchases is true? Multiple Choice QE is similar to open-market purchases in that both are aimed at reducing...", "stars": 3 }, { "url": "\/study-help\/questions\/the-articles-of-valley-farms-inc-inadvertently-indicated-that-its-2967963", "description": "The articles of Valley Farms Inc. inadvertently indicated that its agent for service of process was Samantha Roberts rather than Samantha Robertson. Luisa owes the corporation $30,000 and is...", "stars": 3 }, { "url": "\/study-help\/questions\/1-have-you-ever-applied-the-doctrine-of-mean-in-2970741", "description": "1) Have you ever applied the doctrine of mean in your moral evaluation? Share the moment in your life when you applied this moral principle but if you disagree with the notion of this principle,...", "stars": 3 }, { "url": "\/study-help\/questions\/weve-learned-how-contract-law-in-the-united-states-has-2971796", "description": "We've learned how contract law in the United States has developed over time and have used several sources for learning particular rules of contract law. Which of the following best describes the most...", "stars": 3 }, { "url": "\/study-help\/questions\/what-does-auld-say-is-the-challenge-in-the-phase-2980456", "description": "What does Auld say is the challenge in the Phase II design and implementation of \"NSMD\" certification programs?", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/make-a-performance-report-for-the-month-of-may-2015-4267399", "next": "\/study-help\/questions\/1-explain-with-exampleswhy-what-are-the-reasons-companies-do-4267401" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Exercise 1 Prepare the closing entries of temporary accounts with the following", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/exercise-1-prepare-the-closing-entries-of-temporary-accounts-with-4267400" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }