Required: 1. Prepare closing entries. 2. Prepare post-closing trial balance. The following is the unadjusted trial balance
Fantastic news! We've Found the answer you've been seeking!
Question:
Required:
1. Prepare closing entries.
2. Prepare post-closing trial balance.
Transcribed Image Text:
The following is the unadjusted trial balance of ABC Company as the end of its second year of operations. The company operates the largest chain of dormitories in Metro Manila and its main target market is college students. Account Name Cash Rent Reveivable Office Supplies Prepaid Insurance Accumulated Depreciation - Building Accumulated Depreciation - Furniture and Fixture Accumulated Depreciation - Computers Building Furniture and Fixtures Land Computers Accounts Payable Unearned Rent Revenue Interest Payable Salaries and Wages Payable Utilities Payable Notes Payable Owner's Capital Owner's Drawings Administrative Expenses Advertising Expense Salaries and Wages Expense Maintenance and Repairs Expense Utilities Expense Insurance Expense Debit Rent Revenue Gain on Disposal of Equipment 4,826,000.00 54,000.00 10,000.00 60,000.00 30,000,000.00 3,000,000.00 5,000,000.00 300,000.00 200,000.00 40,000.00 80,000.00 800,000.00 350,000.00 550,000.00 60,000.00 Credit 2,000,000.00 200,000.00 20,000.00 2,000,000.00 100,000.00 60,000.00 50,000.00 100,000.00 6,500,000.00 9,000,000.00 25,000,000.00 300,000.00 45,330,000.00 45,330,000.00 The following is the unadjusted trial balance of ABC Company as the end of its second year of operations. The company operates the largest chain of dormitories in Metro Manila and its main target market is college students. Account Name Cash Rent Reveivable Office Supplies Prepaid Insurance Accumulated Depreciation - Building Accumulated Depreciation - Furniture and Fixture Accumulated Depreciation - Computers Building Furniture and Fixtures Land Computers Accounts Payable Unearned Rent Revenue Interest Payable Salaries and Wages Payable Utilities Payable Notes Payable Owner's Capital Owner's Drawings Administrative Expenses Advertising Expense Salaries and Wages Expense Maintenance and Repairs Expense Utilities Expense Insurance Expense Debit Rent Revenue Gain on Disposal of Equipment 4,826,000.00 54,000.00 10,000.00 60,000.00 30,000,000.00 3,000,000.00 5,000,000.00 300,000.00 200,000.00 40,000.00 80,000.00 800,000.00 350,000.00 550,000.00 60,000.00 Credit 2,000,000.00 200,000.00 20,000.00 2,000,000.00 100,000.00 60,000.00 50,000.00 100,000.00 6,500,000.00 9,000,000.00 25,000,000.00 300,000.00 45,330,000.00 45,330,000.00
Expert Answer:
Answer rating: 100% (QA)
Answer Closing Entries Account Debit Credit Rent Revenue 2500000000 Administrative Expenses 4000000 ... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
Posted Date:
Students also viewed these accounting questions
-
Provide the following requirements: Adjusting entries Income statement Balance sheet Statement of changes in equity Closing entries The following is the unadjusted trail balance of Summa Cum Laude...
-
2: The following six-column table for Solutions Co. includes the unadjusted trial balance as of December 31, 2011. 1234567 5 Account Title 6 Cash A 7 Accounts receivable 8 Supplies 9 Machinery 10...
-
The Harris Company unadjusted trial balance appears as follows: Harris Company Trial Balance December 31, 20XX Cash Accounts Receivable Prepaid Rent Prepaid Insurance Office Supplies Office Equipment...
-
Which of the following statements are true about REST? Pick ONE OR MORE options Logical URLs should be used instead of physical URLS Adal URLs must always be used in REST response A paging technique...
-
Prove that if an is a conditionally convergent series and r is any real number, then there is a rearrangement of an whose sum is
-
What is customer lifetime value (CLV)?
-
Sprague Company manufactures basketballs. Materials are added at the begin- ning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July...
-
Redemption of Bonds Elliot Company issued $100,000 face value bonds at a premium of $5,500. The bonds contain a call provision of 101. Elliot decides to redeem the bonds due to a significant decline...
-
Thomkins Company purchased a new printing machine for its wallcovering manufacturing business for $90,000 on 8/1/21. In addition, Thomkins paid sales tax of $6500, delivery costs of $1,100, and...
-
Which series has the highest beta. BraveNewCoin Liquid Index for Bitcoin 1D BNC Trading Brave Ne Yellow Green Blue Orange
-
A pulse moves on a string at 1 m/s, traveling. to the right. At point A, the string is tightly clamped and cannot move. 1 m/s - A klm 1m Which of the following shows how the string would look soon...
-
Jo recently set-up as a satay man along Bukit Timah Road in Singapore providing satay at parties. Jo bought-in 1,700 chicken satays at 50 cents per satay and had 700 satays at the end of the month....
-
How is it possible for a profitable business to experience cash flow problems?
-
Consider the Smart Sports business, and for each type of account listed above write down at least one example of an item that might be included under that heading.
-
If one of Dannis customers, who bought drinks worth 30 during January, was allowed not to pay immediately but was given one months credit, then: 1. What would be the effect on Dannis profit for...
-
Poppy started a business on 1 July 2011 as a personal fitness instructor and put in 8,000 capital to fund it. She prepared her first years accounts to 30 June 2012. During her first year, she...
-
write two paragraphs on the significance of Import Substitution. You may want to: Explain how Import Substitution is a cause or a consequence of some event. Explain how Import Substitution...
-
Answer the following two independent questions. a. MM Corporation is considering several proposed investments for the coming budget year. MM produces electrical apparatus for industrial complexes....
-
The following T accounts show transactions that were recorded by Housing Locators, a firm that specializes in local housing renting. The entries for the first transaction are labeled with the letter...
-
Daniel Brown is in charge of the $250 petty cash for Metro Auto Repair service. When an employee needs a special part that is not in inventory, Daniel takes money from petty cash to buy the part. One...
-
Dental Supplies, Inc., is a wholesale supplier of dental supplies and materials. Dental Supplies, Inc., commenced business on August 1, 2016. Dental Supplies, Inc., purchases merchandise for cash and...
-
Which is the fundamental journal article on the subject of capital structure?
-
In the final analysis, isnt the cheapest financial resource short-term borrowing?
-
If a shareholder sells the warrant, what is he actually selling?
Study smarter with the SolutionInn App