This is one problem all material for it is attached
Mastery Problem: Completing the Accounting Cycle Chandler, Inc. Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal Journal A Post-Closing Trial Balance Chandler, Inc Chandler, Inc. is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and selfine art Chandler, Inc began business on January 1, 2017, and is just completing its first year of business Roscoe asks for your help in completing the accounting cycle for the company by assisting with the closing.rocess CHART OF ACCOUNTS Chandler, Inc. General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Rent Revenue 15 Prepaid Insurance 43 Interest Revenue 18 Office Equipment 19 Accumulated Depreciation Office Equipment EXPENSES 51 Salaries Expense LIABILITIES 21 Accounts Payable 52 Selling Expense 53 Income Taxes Expense 23 Salaries Payable 24 Income Taxes Payable 55 Insurance Expense 56 Depreciation Expense 59 Miscellaneous Expense EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary December 2011 ACCOUNT TITLE DEBIT CREDIT 1 Cash 73,000.00 2 Accounts Receivable 29,000.00 3 Prepaid Insurance 16,000.00 60,000.00 4 Office Equipment 5 Accumulated Depreciation Office Equipment 6 Accounts Payable 40,000.00 6,000.00 7 Salaries Payable 8,000.00 8 Income Taxes Payable 4,000.00 9 Common Stock 2,000.00 10 Retained Earnings 25,000.00 11 Dividends 5,000.00 12 Fees Earned 165,600.00 13 Rent Revenue 14 Interest Revenue 92,000.00 17,200.00 71,000.00 25,600.00 15 Salaries Expense 16 Selling Expense 17 Income Taxes Expense 18 Insurance Expense 19 Depreciation Expense 20 Miscellaneous Expense 15,000.00 17,000.00 47,200.00 1,000.00 21 Totals 359,800.00 359,800.00 The final step of the accounting is the process. The man gear stage of the death my count is to read the comes to the red carings out the include the process to understand the one baca per Roscoe some but the process Answer the following 1. la temporary courts mendirance 6700 watts begong bachelor otra pero s hn mnr 3 Roscow be preparing this yeary recomen Chander process, and welcomed the core courses Chat A He hastaned by the way her for your help 1 fs r a t f Close to income way my here wowy Account Permanent Aedes at asosis o o o o o o o o o o o o o o o o o o 0 0 0 0 0 0 Determine which entries are incorrect, and journalize al four of the closing entries for Chandler, Inc. as of Dec 31 on the Journal panel PAGE 25 JOURNAL ACCOUNTING EQUATION DATE POST. REK DEBIT CREDIT DESCRIPTION Closing Entries ASSETS LAGUTIES 1 EQUITY 2 Dec 31 Income Summary 274.800.00 1 3 Fees Earned 1 4 165,600.00 92.000,00 1 5 Rent Revenue Interest Revenue 31 Income Summary Salaries Expense 17,200.00 1 6 176,800.00 1 7 71.000,00 T 1 25.600.00 15,000.00 9 T 10 Selling Expense Income Taxes Expense Depreciation Expense Insurance Expense Miscellaneous Expense 42.200,00 17,000.00 1 1 12 1,000.00 1 31 451,600.00 ! 14 Retained Earnings Income Summary Retained Earnings 451.600.00 15 31 5,000.00 16 Dividends 5,000.00 Roscoe has attempted to pumake the desing entries for Chander, wc on the one un panet He's not sure he's punated the entries.comely, and intes you to when you find that two of themes we comed, but two we comed Determine which enses are incorrect and pursue at tour of the coung entes for Chander, we as of Dec 31n the towing journal page JOUR ACCOUNTING EQUATION DET CREDIT ASSETS LAGUTIES TORTY RT Code 2 4 14 1 16 Post Closing Trial Balance The post contrabalance shows the permanent accounts with the updated values at the tempery counts we been reduced to eo balance to the cycle. Ao the post de les mans ses quals poucose Roscoe is very happy we your work on the congeries for chanderine, and you would prepare a poster the company Chanderine POST-CLOSING TRIAL BALANCE December 11, 2017 ACCOUNT Canh Populi Omar kcc Sales Public Pub # Come lack
