Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The end-of-period account balances after adjustments of Hernandez Shoe Repair are as follows: Adjusted Trial Balance Debit Credit Cash $ 36,000 Supplies 2,700 Prepaid Rent

The end-of-period account balances after adjustments of Hernandez Shoe Repair are as follows:

Adjusted Trial Balance

Debit Credit

Cash $ 36,000

Supplies 2,700

Prepaid Rent 9,600

Equipment 94,000

Accumulated DepreciationEquipment $ 22,000

Accounts Payable 14,500

Tax Payable 26,600

Capital Stock 54,600

Retained Earnings 0

Dividend 7,500

Service Revenues 41,000

Supplies Expense 2,000

Depreciation Expense 3,000

Rent Expense 900

Salaries and Wages Expense 1,200

Utilities Expense 1,800

Total Balance $158,700 $158,700

Instructions:

a) Prepare the end of the period closing entries for Hernandez Shoe Repair. You may omit journal entry explanations.

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_2

Step: 3

blur-text-image_3

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

College Accounting Chapters 1-24

Authors: Tracie L Nobles, Cathy Scott

11th Edition

1111528306, 978-1111528300

More Books

Students also viewed these Accounting questions

Question

In a hypothesis test, what does the power of the test measure?

Answered: 1 week ago

Question

Armed conflicts.

Answered: 1 week ago

Question

Pollution

Answered: 1 week ago