Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i Non-Merchandising Transactions Jan. 2 Collected $3,700 on account. Paid the utilities and telephone bills from December. (On December 20, the company received bills for

image text in transcribed
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 Non-Merchandising Transactions Jan. 2 Collected $3,700 on account. Paid the utilities and telephone bills from December. (On December 20, the company received bills for the telephone ($310) and utilities ($290). At that time the company recorded a Telephone Payable Jan. 15 liability and a Utilities Payable liability, respectively.) Paid the wages accrued in December. (Wages accrued in December Jan, 15 amounted to $1,150 and was recorded as a Wages Payable liability.) Jan. 18 Rented canoes and received cash, $2,100. Received bills for utilities ($320) and telephone ($250) which will be Jan. 20 paid later. Jan. 23 Paid various accounts payable, $1,400. Jan. 30 Paid employee, $1,200. Print Done Requirement 3. Prepare the month ended January 31, 2025, single step income statemer Tree Top Company Income Statement Month Ended January 31, 2025 Revenues: Total Revenues Expenses: Total Expenses Net Income (Loss) Requirement 4. Journalize and post the closing entries. Omit explanations. Denote each clos Begin by journalizing the closing entries. Omit explanations. (Record debits first, then credits Start by closing revenues. posted the marc transactions to the accounts Requirement 4. Journalize and post the closing entries. Omil explanations. Denote each closing amount as c Begin by joumalizing the dosing entries. Omit explanations. (Record debits first, then credits. Exclude explana Start by closing revenues Date Accounts Debit Credit Jan. 31 Co (1) Close expenses for the month. Date Accounts Debit Credit Jan. 31 Cla 2 Close Income Summary Data Account Debit Credit en 31 Enter the adjusted balance of each account and select and Bal reference to identify the adjusted balances Post Gungmone that were not closed For any accounts with a toro balance adjusted balance and post-closing ba balance on the last line of the account for chaque andor poor cong mata Accounts Payable Sales Re Enter the adjusted balance of each account and select an "Adj. Bal." reference to identify the adjusted balances. Post the closing entries. Use "Clo. including those that were not closed). For any accounts with a zero balance adjusted balance and/or post-closing balance, select the posting referen balance ("Bal.") on the last (third) line of the account. (For any accounts with a zero adjusted and/or post-closing balance, select a posting reference Cash Accounts Payable Sales Revenue Accounts Receivable Utilities Payable Canoe Rental Revenue Merchandise Inventory Telephone Payable Cost of Goods Sold Estimated Returns Inventory Wages Payable Rent Expense Office Supplies Refunds Payable Wages Expense Estimated Returns Inventory Wages Payable Rent Expenso Office Supplies Refunds Payable Wages Expense Prepaid Rent Interest Payable Utilities Expense Land Unearned Revenue Telephone Expense Building Notes Payable Supplies Expense Accumulated Dog - Building Depreciation Fynense Building Land Unearned Revenue Telephone Expense Building Notes Payable Supplies Expense Accumulated Depr.-Building Depreciation Expense Building Canoes Walker, Capital Depreciation Expense-Canoes Accumulated Depr.-Canoes Income Summary Interest Expense dakite and credits in the ledger by preparing a post-closing trial balance of a permanent account has a zero balance, exd Prove the equality of deblts and credits in the ledger by preparing a post-closing trial balance.( Tren Tap Company Pont-Closing Trial Balance January 31, 2025 Balance Account Title Debat Credit Total Requirement 5. Compute the gross profit percentage for January for Tree Top Company. (Roun Gross profit 34 Choose from any listente Tiber 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

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

11th Edition

0072834943, 9780072834949

More Books

Students also viewed these Accounting questions

Question

How we can improve our listening skills?

Answered: 1 week ago

Question

How do artifacts affect interaction between members of the team?

Answered: 1 week ago