Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with #6 Please explain how to prepare and post the closing entries. The Accounting Cycle: Nov. 1: Luis Ruiz invests $20,000 to

I need help with #6
Please explain how to prepare and post the closing entries. image text in transcribed
image text in transcribed
The Accounting Cycle: Nov. 1: Luis Ruiz invests $20,000 to start his own consulting agency Nov. 1: Purchased a one-year fire insurance policy, $960. Nov. S: Acquired a computer for $10,000, paying $3,500 down with balance due in 60 days. Nov. 6: Purchased office supplies on account from Taylor Supply, $1,500 Nov.9: Paid Taylor Supply $400 on account. Nov. 10: Billed Barkley Insurance for consulting services performed, $6,000 Nov. 12: Collected $1,500 from Barkley Insurance. Nov. 12: Hired secretary to be paid $600 per week Nov. 15: Collected $1,000 from Bryant Realty for consulting services to be performed Nov. 26: Pald the secretary two weeks' wages, $1,200. Nov. 29: Received and paid the November utility bill $700 Nov. 30: Received (but did not pay) the November telephone bill, $100. Nov. 30: Performed consulting services for Bing Enterprises, $4,800, to be collected in December. Nov. 30: Ruiz withdrew $1,400 from the business for personal living expenses

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

Certified Internal Auditor CIA Practice Of Internal Auditing Part 2- 2019

Authors: Muhammad Zain

1st Edition

1093798459, 978-1093798456

More Books

Students also viewed these Accounting questions

Question

=+21.6. Prove (21.9) by Fubini's theorem.

Answered: 1 week ago

Question

Discuss the various types of policies ?

Answered: 1 week ago

Question

Briefly explain the various types of leadership ?

Answered: 1 week ago

Question

Explain the need for and importance of co-ordination?

Answered: 1 week ago

Question

Explain the contribution of Peter F. Drucker to Management .

Answered: 1 week ago