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Mastery Problem: Accrual Accounting Chandler, Inc. Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal Chandler, Inc. Chandler, Inc. is owned by Roscoe Chandler and provides appraisal services to individuals and companies wishing to purchase and sel fine 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 process. Problem: Accrual Accounting RO Adjusted Trial Balance The Closing Process Chart of Accounts ASSETS REVENUE 11 Cash 41 Service revenue 12 Accounts Receivable 42 Rent Revenue 43 Interest Revenue 15 Prepaid Insurance 18 Office Equipment 19 Accumulated Depreciation Office Equipment EXPENSES 51 Salaries Expense LIABILITIES 52 Selling Expense 53 Income Taxes Expense 21 Accounts Payable 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 10 more Check My Work uses remaining. Chart of Accounts The Closing Process Adjusted Trial Balance Chandler, Inc. ADJUSTED TRIAL BALANCE December 31, 2017 DEBIT CREDIT ACCOUNT TITLE 1 Cash 54,000.00 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 1 Salaries Payable 8,000.00 8 Income Taxes Payable 4,000.00 9 Common Stock 2,000.00 10 Retained Earnings 18,000.00 11 Dividends 5,000.00 12 Service revenue 165,600.00 rual Accounting Problem eBook Calculator Chandler, Inc. Chart Of Accounts Adjusted Trial Balance The Closing Process Adjusted Trial Balance 19 Common Stock 2,000.00 10 Retained Earnings 18,000.00 11 Dividends 5,000.00 12 Service revenue 165,600.00 13 Rent Revenue 92,000.00 14 Interest Revenue 17,200.00 71,000.00 37,600.00 15 Salaries Expense 16 Selling Expense 17 Income Taxes Expense 18 Insurance Expense 19 Depreciation Expense 15,000.00 17,000.00 47,200.00 20 Miscellaneous Expense 1,000.00 21 Totals 352,800.00 352,800.00 eBook Calculator Mastery Problem: Accrual Accounting Chandler, Inc. Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal The Closing Process The final step of the accounting cycle is the closing process. The main goal of this stage of the cycle is to ensure that the balance of each temporary account is returned to zero and that net income is transferred to the retained earnings account. The first step in successtully undertaking the closing process is to understand the difference between a temporary account and a permanent account. Roscoe has some questions about the process. Answer the following questions (1)-(3). 1. If a temporary account has an ending balance of $57,000, what is its beginning balance for the following accounting period? $ 2. If a permanent account has an ending balance of $57,000, what is its beginning balance for the following accounting period? $ 3. Roscoe will be preparing his yearly financial statements after completing Chandler, Inc.'s closing process, and is somewhat confused about the characteristics of the accounts on his Chart of Accounts. He has started by creating the following chart, and asks for your help in completing it. For each account or type of account isted, choose all descriptions that apply Closed to Income Summary Account That Down Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal The Closing Process $ 3. Roscoe will be preparing his yearly financial stateme tements after completing Chandler, Inc.'s closing process, and is somewhat contuned about the characteristics of the accounts on his Chart of Accounts. He has started by creating the following chart, and asks for your help in completing it. For each account or type of account isted, choose all descriptions that apply Closed to Income Summary Account Temporary Account Permanent Account Yes No Revenues Asset accounts Retained Earnings account o o o o o o o o o o o o Expenses Liability accounts Dividends account Check My Work 10 more Check My Work uses remaining, - Chandler, ine. Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal The Closing Process Roscoe's Journal Roscoe has atempted to journire the closing entries for Chandier, Inc. on the panel. He's not sure he's journalized the entries correctly, and asks you to review hem. You find that two of the entries are correct, but we are incorect Determine which entries are correct, and jumalire al four of the closing entries for Chandle the oldest on the ouma panel GENERAL JOURNAL ACCOUNTING EQUATION DATE POST ME BERIT MITS LATES TOURITY 1 ACCOUNT ME Closing the Dec 31 27430000 Income Sur Service 1 + . 165.600.00 2.000.00 1120000 1 1 Interest in 31 Income Sur Salaries 1 71.000.00 Check My Work 10 more Check My Works remaining Next eBook Calculator Mastery Problem: Accrual Accounting Chart of Accounts Adjusted Trial Balance The Closing Process The Closing Process Roscoe's Journal Rent Revenue 92,000.00 t 5 Interest Revenue 17,200.00 1 6 31 Income Summary 188,800.00 71,000.00 1 3 37.600.00 t 9 15,000.00 1 10 47,200.00 1 Salaries Expense Selling Expense Income Taxes Expense Depreciation Expense Insurance Expense Miscellaneous Expense 31 Retained Earnings Income Summary 31 Retained Earnings 17,000.00 1 12 1,000.00 13 463600.00 463,600.00 15 5,000.00 15 Dividends 5,000.00 My Work 10 more Check My Work uses remaining. Score: 0.0% All work saved. En rual Accounting Problem eBook Calculator Mastery Problem: Accrual Accounting Chandler, Inc. Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal Journal Roscoe has attempted to joumairo the closing entries for Chander, Inc. on the Roscoe's Journal panel. He's not sure it he's journalized the entries correctly, and asks you to review them. You find that two of the entries are correct, but two are incorrect Determine which entres are incorrect, and joumalize as four of the closing entries for Chandler, Inc. as of Dec. 31 ans she totowng joumai pago. PAGES GENERAL JOURNAL ACCOUNTING EQUATION POST, BOF DERIT DATE ASSETS CREDIT LA EQUITY ACCOUNT TITLE Closing Entes + 1 1 4 Check My Work 10 more Check My Work uses remaining Chart of Accounts Adjusted Trial Balance The Closing Process Roscoe's Journal Journal 2 3 4 5 5 7 1 9 10 12 13 14 15