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Mastery Problem: Completing the Accounting Cycle Chandler, the Chart et Ace Adjusted Trial Blue The Closing Proceso Roscoe's Journal Chandler, Inc Chander, Inc. is owned by Honore Chandler and provide appenisul services to individuals and companies wishing to purchase and softine art. Chandler, in, bocan turn on January 1,2017, and is part completing en frie year of huminens. Ronode anks tor your help in compong the acounting syde for the company by annienting with the colonna som Chart al Accounts CHART OF ACCOUNTS Chandler, Inc. General Ledger 1 ASSETS REVENUE 11 Cash 41 Fox Eamed 12 Accounts Receivable 42 Rent Revenue 43 Intret Revenue 15 Prepaid sunce 18 Office Equipment 19 Accumulated Depreciation Office Equipment EXPENSES LIABILITIES 21 Accounts Payable 23 Sans Payable 51 Salaries Expense 52 Seling Expo 55 Income Taxes Expo 55 Insurance Expense Check My World 24 tone Tees Payable 56 Insurance Expense 56 Depreciation Expono te Motorcous Expense EQUITY 31 Common Stock and aming 39 Odds 34 Summa Art Tral Balance Before the mos on journalized, you begin with an asted rytterence. The changes we sentially the trk from the used in balance to the pot doning til Chande, Inc ABLJUSTED TRIAL MAKE December 31, 2017 ACCOUNT TITLE DEDIN SU 20 2 ACCOUNts Receivable 3 Prepaid Insurance 16,000.00 60,000.00 40,000.00 * Office Equipment Accumulated Depreciation Office Equipment 6 Accounts Payable 7 Salaries Payable 8 Income Taxes Payable 6,000.00 8,000.00 4,000.00 9 Common Stock 2,000.00 10 Retained Earnings 18,000.00 11 Dividends 5,000.00 12 Fees Earned 165,600.00 13 Rent Revenue 92,000.00 14 Interest Revenue 17,200.00 71,000.00 37,600.00 15,000.00 15 Salaries Expense 16. Selling Expense 17 Income Taxes Expense 18 Insurance Expense 19 Depreciation Expense 20 Miscellaneous Expense 17,000.00 47,200.00 1,000.00 21 Totals 352,800.00 352,800.00 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 bounce of caen temporary account is returned to zero and that net income is transferred to the retained comings account. The first shop in scoalay undertaking the cloning process is to understand the attornos dotwon a temporary account and a permanent account. Ronope has some questions about the process. Answer the following questions (0) 1. Ita temporary account has an ending balance of $57,000, what is te beginning balance for the following accounting period? 2. If a permanent account Pilt an ending balance of $67.000, what in tis beginning balance for the following accounting period? 5 3. Ronde will be preparing his yearly financial statements atee completing Chandler, Iren's closing proces, and is somewhat contuted about the characteresten af me ancourts on tos Chart of Accounts. He has started by creating the following chart, and asks for your help in completing t. For each account or type of account isted, choose al descriptions that apply Closed to come summary Account Temporary Account Permanent Account Yo No Revenues Accounts 0 0 0 OOOD De Red Eaminge ancount Oo Expenses Liabil OO Discount Pencen med to sumake the coming entries or Chandler, ne on the consumtif parel. els not sure he's journalised the entros correctly and asks you to ruwww.thom you find two of the entries are connect, but two welcome Dito ni tres ww income and joumaties or recome more for Chante, e, mor Dec. 3 in the way you , WE JOURNAL ACCOUNTING EQUATION DITE OTRE LABUTI SCRIPTION Clining Intries 1 Poul Closing Tror Balanon The post coung tal balance shows all the permanent account win the updated va ahot the top accu ve been dood to 2000 doline for the rest continge Are the post closing tribolange is meant to that sul credits post Roscoe way nowy wm your work on the song entre tor Chaww.te, and you would prepare a posicions balance for a company Chandier, Inc. POST CLOSING TRIAL BALANCE December 11, 2017 ACCOUNT th CHE Aus Robe The pos doning til balance shown at the permanent accounts with theilt updated vakson amet the temporary accounts have been reduced to raro buduce for the rest otsunting cyclo Also, the post closing trial balance in mount to ensure that dobits equal credis post close Pollase is very happy with your work on the cheming entries for Churchiar, te, and asks if you would proper a post-closing treat bulances for the company Chandler, Inc POST-CLOSING TRIAL BALANCE December 31, 2017 ACCOUNT TITLE ORT 3 Accounts Receivable Prepaid Insurance Office Equipment Accumulated Depreciation Office Equipment Accounts Payable + Soares Payable Income Taxes Payable Common Stock ut Retained Earnings Mastery Problem: Completing the Accounting Cycle Chandler, the Chart et Ace Adjusted Trial Blue The Closing Proceso Roscoe's Journal Chandler, Inc Chander, Inc. is owned by Honore Chandler and provide appenisul services to individuals and companies wishing to purchase and softine art. Chandler, in, bocan turn on January 1,2017, and is part completing en frie year of huminens. Ronode anks tor your help in compong the acounting syde for the company by annienting with the colonna som Chart al Accounts CHART OF ACCOUNTS Chandler, Inc. General Ledger 1 ASSETS REVENUE 11 Cash 41 Fox Eamed 12 Accounts Receivable 42 Rent Revenue 43 Intret Revenue 15 Prepaid sunce 18 Office Equipment 19 Accumulated Depreciation Office Equipment EXPENSES LIABILITIES 21 Accounts Payable 23 Sans Payable 51 Salaries Expense 52 Seling Expo 55 Income Taxes Expo 55 Insurance Expense Check My World 24 tone Tees Payable 56 Insurance Expense 56 Depreciation Expono te Motorcous Expense EQUITY 31 Common Stock and aming 39 Odds 34 Summa Art Tral Balance Before the mos on journalized, you begin with an asted rytterence. The changes we sentially the trk from the used in balance to the pot doning til Chande, Inc ABLJUSTED TRIAL MAKE December 31, 2017 ACCOUNT TITLE DEDIN SU 20 2 ACCOUNts Receivable 3 Prepaid Insurance 16,000.00 60,000.00 40,000.00 * Office Equipment Accumulated Depreciation Office Equipment 6 Accounts Payable 7 Salaries Payable 8 Income Taxes Payable 6,000.00 8,000.00 4,000.00 9 Common Stock 2,000.00 10 Retained Earnings 18,000.00 11 Dividends 5,000.00 12 Fees Earned 165,600.00 13 Rent Revenue 92,000.00 14 Interest Revenue 17,200.00 71,000.00 37,600.00 15,000.00 15 Salaries Expense 16. Selling Expense 17 Income Taxes Expense 18 Insurance Expense 19 Depreciation Expense 20 Miscellaneous Expense 17,000.00 47,200.00 1,000.00 21 Totals 352,800.00 352,800.00 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 bounce of caen temporary account is returned to zero and that net income is transferred to the retained comings account. The first shop in scoalay undertaking the cloning process is to understand the attornos dotwon a temporary account and a permanent account. Ronope has some questions about the process. Answer the following questions (0) 1. Ita temporary account has an ending balance of $57,000, what is te beginning balance for the following accounting period? 2. If a permanent account Pilt an ending balance of $67.000, what in tis beginning balance for the following accounting period? 5 3. Ronde will be preparing his yearly financial statements atee completing Chandler, Iren's closing proces, and is somewhat contuted about the characteresten af me ancourts on tos Chart of Accounts. He has started by creating the following chart, and asks for your help in completing t. For each account or type of account isted, choose al descriptions that apply Closed to come summary Account Temporary Account Permanent Account Yo No Revenues Accounts 0 0 0 OOOD De Red Eaminge ancount Oo Expenses Liabil OO Discount Pencen med to sumake the coming entries or Chandler, ne on the consumtif parel. els not sure he's journalised the entros correctly and asks you to ruwww.thom you find two of the entries are connect, but two welcome Dito ni tres ww income and joumaties or recome more for Chante, e, mor Dec. 3 in the way you , WE JOURNAL ACCOUNTING EQUATION DITE OTRE LABUTI SCRIPTION Clining Intries 1 Poul Closing Tror Balanon The post coung tal balance shows all the permanent account win the updated va ahot the top accu ve been dood to 2000 doline for the rest continge Are the post closing tribolange is meant to that sul credits post Roscoe way nowy wm your work on the song entre tor Chaww.te, and you would prepare a posicions balance for a company Chandier, Inc. POST CLOSING TRIAL BALANCE December 11, 2017 ACCOUNT th CHE Aus Robe The pos doning til balance shown at the permanent accounts with theilt updated vakson amet the temporary accounts have been reduced to raro buduce for the rest otsunting cyclo Also, the post closing trial balance in mount to ensure that dobits equal credis post close Pollase is very happy with your work on the cheming entries for Churchiar, te, and asks if you would proper a post-closing treat bulances for the company Chandler, Inc POST-CLOSING TRIAL BALANCE December 31, 2017 ACCOUNT TITLE ORT 3 Accounts Receivable Prepaid Insurance Office Equipment Accumulated Depreciation Office Equipment Accounts Payable + Soares Payable Income Taxes Payable Common Stock ut Retained Earnings