Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The adjusted trial balance for Ivanhoe Company is given below. IVANHOE COMPANY Trial Balance August 31, 2022 Before Adjustment After Adjustment Dr. Cr. Dr. Cr.

The adjusted trial balance for Ivanhoe Company is given below.

IVANHOE COMPANY Trial Balance August 31, 2022

Before Adjustment

After Adjustment

Dr. Cr. Dr. Cr.

Cash

$11,970 $11,970

Accounts Receivable

9,270 9,950

Supplies

2,690 1,090

Prepaid Insurance

4,470 3,050

Equipment

16,000 16,000

Accumulated DepreciationEquipment

$3,600 $4,800

Accounts Payable

5,100 5,100

Salaries and Wages Payable

0 1,810

Unearned Rent Revenue

2,010 1,080

Common Stock

18,750 18,750

Retained Earnings

5,560 5,560

Dividends

2,540 2,540

Service Revenue

32,340 33,020

Rent Revenue

12,420 13,350

Salaries and Wages Expense

16,250 18,060

Supplies Expense

0 1,600

Rent Expense

16,590 16,590

Insurance Expense

0 1,420

Depreciation Expense

0

1,200

$79,780

$79,780

$83,470

$83,470

Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Aug. 31

enter an account title to close revenue accounts

enter a debit amount

enter a credit amount

enter an account title to close revenue accounts

enter a debit amount

enter a credit amount

enter an account title to close revenue accounts

enter a debit amount

enter a credit amount

(To close revenue accounts)

Aug. 31

enter an account title to close expense accounts

enter a debit amount

enter a credit amount

enter an account title to close expense accounts

enter a debit amount

enter a credit amount

enter an account title to close expense accounts

enter a debit amount

enter a credit amount

enter an account title to close expense accounts

enter a debit amount

enter a credit amount

enter an account title to close expense accounts

enter a debit amount

enter a credit amount

enter an account title to close expense accounts

enter a debit amount

enter a credit amount

(To close expense accounts)

Aug. 31

enter an account title to close income / (loss)

enter a debit amount

enter a credit amount

enter an account title to close income / (loss)

enter a debit amount

enter a credit amount

(To close income / (loss))

Aug. 31

enter an account title to close dividends

enter a debit amount

enter a credit amount

enter an account title to close dividends

enter a debit amount

enter a credit amount

(To close dividends)

List of Accounts

  • Accounts Payable
  • Accounts Receivable
  • Accumulated Depreciation-Buildings
  • Accumulated Depreciation-Equipment
  • Advertising Expense
  • Amortization Expense
  • Buildings
  • Cash
  • Common Stock
  • Depreciation Expense
  • Dividends
  • Equipment
  • Income Summary
  • Income Tax Expense
  • Income Taxes Payable
  • Insurance Expense
  • Interest Expense
  • Interest Payable
  • Interest Receivable
  • Interest Revenue
  • Land
  • Maintenance and Repairs Expense
  • Mortgage Payable
  • No Entry
  • Notes Payable
  • Prepaid Advertising
  • Prepaid Cleaning
  • Prepaid Insurance
  • Prepaid Rent
  • Property Tax Expense
  • Property Taxes Payable
  • Rent Expense
  • Rent Revenue
  • Retained Earnings
  • Salaries and Wages Expense
  • Salaries and Wages Payable
  • Sales Revenue
  • Service Revenue
  • Supplies
  • Supplies Expense
  • Ticket Revenue
  • Unearned Rent Revenue
  • Unearned Sales Revenue
  • Unearned Service Revenue
  • Unearned Ticket Revenue
  • Utilities Expense
  • Website

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

Food And Beverage Cost Control

Authors: Jack E. Miller, Lea R. Dopson, David K. Hayes

3rd Edition

0471273546, 978-0471273547

More Books

Students also viewed these Accounting questions