The items that follow are from the Income Statement columns of the work sheet for Ben's Repair
Question:
The items that follow are from the Income Statement columns of the work sheet for Ben's Repair Shop for the year ended December 31, 2011. Prepare entries in journal form to close the revenue, expense, Income Summary, and Withdrawals account. The owner, Ben Junkus, withdrew $6,000 during theyear.
Transcribed Image Text:
Income Statement Debit Credit 25,620 Account Name Repair Revenue Wages Expense Rent Expense Supplies Expense Insurance Expense Depreciaion ExpenseRepair Equipmene 1,200 4,260 1,345 15,830 25,620 9,790 Net Income 25,620 25,620
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
tr msoheightsourceauto col msowidthsourceauto br msodataplacementsamecell style18 msonumberformat00220022 00000220022 00000220022 00220022 msostylenam...View the full answer
Answered By
Akshay Singla
as a qualified engineering expert i am able to offer you my extensive knowledge with real solutions in regards to planning and practices in this field. i am able to assist you from the beginning of your projects, quizzes, exams, reports, etc. i provide detailed and accurate solutions.
i have solved many difficult problems and their results are extremely good and satisfactory.
i am an expert who can provide assistance in task of all topics from basic level to advance research level. i am working as a part time lecturer at university level in renowned institute. i usually design the coursework in my specified topics. i have an experience of more than 5 years in research.
i have been awarded with the state awards in doing research in the fields of science and technology.
recently i have built the prototype of a plane which is carefully made after analyzing all the laws and principles involved in flying and its function.
1. bachelor of technology in mechanical engineering from indian institute of technology (iit)
2. award of excellence in completing course in autocad, engineering drawing, report writing, etc
4.70+
48+ Reviews
56+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The items that follow are from the Income Statement columns of winters Repair Shops work sheet for the year ended December 31, 2014. Prepare journal entries to close the revenue, expense, Income...
-
The completed financial statement columns of the work sheet for Bray Company are available. Instructions (a) Prepare an income statement, a statement of owner's equity, and a classified balance...
-
The items below are from the Income Statement columns of the work sheet for Best Repair Shop, Inc., for the year ended December 31, 2011. Prepare journal entries to close the revenue, expense, Income...
-
Suppose the given numbers for a mental calculation (see Problem 59) are 10x + y and 10x + z. Notice that these two numbers have the same tens digit. Also assume that y + z = 10, which says that the...
-
Tonya Jefferson, a sole proprietor, runs a successful lobbying business in Washington, D.C. She doesn't sell many business assets, but she is planning on retiring and selling her historic townhouse,...
-
We cannot use the least-squares regression line to predict y from x. In these situations, statisticians often try to manipulate one or both of the variables to try to find a linear fit. This is...
-
(Should we only consider returns?) Professor Smith was bragging at the local watering hole about her abilities as an investor in the stock market: In the last month, I earned 8% on my portfolio, she...
-
Jarod Douglas Jones is a young professional just getting started in the world. He has been having some difficulty getting his checkbook to match his bank statement. Last month all he had to do was...
-
II. Read and analyze each statement carefully. Write your COMPLETE solution on a separate sheet. Avoid erasures. (10pts.) Investigate the limits of f (x) = x2 - 2x + 1 by completing the table of...
-
A smoking lounge is to accommodate 15 heavy smokers. The minimum fresh air requirement for smoking lounges is specified to be 30 L/s per person (ASHRAE, Standard 62, 1989). Determine the minimum...
-
The items that appear below are from the Adjustments columns of a work sheet dated June 30, 2011. 1. Prepare the adjusting entries in journal form. 2. Where required, prepare appropriate reversing...
-
In the partial work sheet for L. Wung Company that follows, the Trial Balance and Income Statement columns have been completed. All amounts are in dollars. 1. Show the adjustments that have been made...
-
Compare a project youve worked on that was limited mostly by activities with another project youve worked on that was limited mostly by resources. Which did you find more challenging? Why?
-
Ramsville s new CEO, Zach G . Evan, had developed and championed Ramsville s new Lean Initiative not long after taking over. After achieving substantial improvements in cost , lead time, and quality...
-
This week, one of the topics we have been looking at IPO stock issuance and the associated costs. Firms going to public markets through stock issuance incur a variety of costs, some are clear cut,...
-
Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Incorporated) on January 1, 2020. The annual reporting period ends December 31. The trial balance on...
-
ASSIGNMENT QUESTION Choose an organization of your choice from the sectors mentioned below to answer questions (a), (b) and (c). Information systems have become the backbone of most organizations....
-
Long-term care faces many challenges; however, one common challenge is discovering solutions to obstacles that may hinder improvement methods. As healthcare administrators, we must be able to...
-
True or False. The matrix iteration method will never fail to converge to higher frequencies.
-
Assume today is the 21st of February. Using the information below, FT Extract, answer the following questions (parts i and ii). You work for a US company that is due to receive 250 million in June...
-
The first-order rate constant for the photodissociation of A is 1.24 * 10 3 min 1 . Calculate the time needed for the concentration of A to decrease to (a) 25 % of its initial concentration; (b)...
-
Alligood Equipment Corporation sold a precision tool machine with computer controls to Kaui Corporation for $400,000 on January 2 and agreed to take payment nine months later on October 2. Assuming...
-
Helen Knight is attempting to sell her business to Chris Bosh. The company has assets of $1,800,000, liabilities of $1,600,000, and owners equity of $200,000. Both parties agree that the proper rate...
-
In 2013, Copia Company had current assets of $155,000 and current liabilities of $100,000, of which accounts payable were $65,000. Cost of goods sold was $425,000, merchandise inventory increased by...
-
ABC Corporation's balance sheet on December 31, 2023, is as follows: Item Amount ($) Accounts Payable 1,260,000 Notes Payable 1,240,000 Accrued Expenses 1,120,000 Total Current Liabilities ?...
-
What is the lease alternative's net present value. Note: Enter negative amount with a minus sign. Round your intermediate calculations and final answer to the nearest whole dollar amount. The Riteway...
-
Inventory Valuation Methods at Amazon Values: FIFO Cost of Goods Sold: $2,000,000 LIFO Cost of Goods Sold: $1,800,000 Weighted Average Cost of Goods Sold: $1,900,000 Requirements: Calculate the...
Study smarter with the SolutionInn App