Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i Data Table N $ 600 Accounts payable Accounts receivable Accumulated depreciation, equipment Advertising expense Cash Common stock Current portion of long-term note payable Depreciation

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
i Data Table N $ 600 Accounts payable Accounts receivable Accumulated depreciation, equipment Advertising expense Cash Common stock Current portion of long-term note payable Depreciation expense-equipment Dividends declared Equipment 12,500 Interest expense 16,800 Note payable, long term 7,000 Other assets, long-term 11,100 Prepaid expenses 17,200 Retained earnings, January 31, 2020 300 Salary expense 1,500 Salary payable 1.900 Service revenue 11,000 Supplies 41,700 Supplies expense Unearned service revenue 16,300 14,300 5,700 13,400 27,700 2.800 99,000 3,300 4.300 2.800 o | Help The accounts of Puzzler Services, Inc., at January 31, 2021, are listed in alphabetical order Click the icon to view the accounts) Read the requirements Gradebook Requirement 1. All adjustments have been journalized and posted, but the desing entries have not yet been made Joumaliza Prze's doing som 31, 2021. (Record debits first, then credits Exclude explanations from any journal entries) Record the closing entries for Puzzler at January 31, 2021 Begin by closing the revenue account Journal Entry Date Accounts Debit Credit (1) Jan 31 Ned close the expense accounts Choose from any list or enter any number in the input fields and then continue to the net question The accounts of Puzzler Services, Inc., at January 31, 2021, are listed in alphabetical order (Click the icon to view the accounts.) Read the requirements Next, close the expense accounts Journal Entry Accounts Debit Credit Date (2) Jan 31 Now close the dividends account Choose from any list or enter any number in the input fields and then continue to the next question The accounts of Puzzler Services, Inc., at January 31, 2021, are listed in alphabetical order Click the icon to view the accounts.) Read the requirements Now close the dividends account Journal Entry Debit Credit Accounts Date (3) Jan 31 Requirement 2. A T-account for Retained Earnings has been set up for you. Post to that account. Then calculate Puzzler's net income for the year ended January 31, 2021 What is the ending balance of Retained Earnings? Post the herinning balance and datino antelac to Retained Farnings in the Tacnun bu selecting the respective nadinin cafutances and than antadinther Choose from any list or enter any number in the input fields and then continue to the next question O The accounts of Puzzler Services, Inc., at January 31, 2021 are listed in alphabetical order. Click the icon to view the accounts ) Read the requirements Requirement 2. A T-account for Retained Earnings has been set up for you, Post to that account. Then calculate Puzzler's net income for the your unded January 31, 2021. What is the ending balance of Retained Earnings? Post the beginning balance and closing entries to Retained Earnings in the T-account by selecting the respective posting references and then entoring the correct amounts. Determine the ending balance Retained Earnings The net income for 2021 was Choose from any list or enter any number in the input fields and then continue to the next question, Chapter 4 Homework Internal Control and Cash 06/25/21 11.50nm 3 Requirement 3. Did Retained Earnings increase or decrease during the year? What caused the increase or decrease? Retained Earnings during 2021 because Choose from any list or enter any number in the input fields and then continue to the next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Audit Quality Developing A Quality Assurance And Improvement Program

Authors: Sally-Anne Pitt

1st Edition

1118715519, 978-1118715512

More Books

Students also viewed these Accounting questions