Question

American Chip Corporation’s fiscal year-end is December 31. The following is a partial adjusted trial balance...

American Chip Corporation’s fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2018.

Account Title Debits Credits
Retained earnings 93,000
Sales revenue 880,000
Interest revenue 4,000
Cost of goods sold 485,000
Salaries expense 120,000
Rent expense 28,000
Depreciation expense 43,000
Interest expense 6,300
Insurance expense 7,300


Required:
Prepare the necessary closing entries at December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The following is a partial trial balance for General Lighting Corporation as of December 31, 2016:...
The following is a partial trial balance for General Lighting Corporation as of December 31, 2016:   Account Title Debits Credits   Sales revenue 3,050,000   Interest revenue 94,000   Loss on sale of investments 29,500   Cost of goods sold 1,330,000   Loss from write-down of inventory due to obsolescence 340,000   Selling expenses 440,000   General and administrative expenses 220,000   Interest expense 93,000 300,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been recorded. The income tax rate is 40%....
Question 1 Part A and B A. The following is a partial year-end adjusted trial balance....
Question 1 Part A and B A. The following is a partial year-end adjusted trial balance. Account Title Debits Credits Sales revenue 420,000 Loss on sale of investments 46,000 Interest revenue 4,500 Cost of goods sold 220,000 General and administrative expenses 52,000 Restructuring costs 62,000 Selling expenses 31,000 Income tax expense 0 Income tax expense has not yet been recorded. The income tax rate is 40%. a. Determine the operating income (loss). b. Determine the income (loss) before income taxes....
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31,...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies 13,255 Prepaid Rent 10,500 Equipment 295,285 Accumulated Depreciation $236,760 Accounts Payable 75,555 Wages Payable 14,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 900,105 Interest Income 1,500 Rent Expense 64,000 Wages Expense 541,260 Supplies Expense 42,520   Utilities Expense 8,595 Depreciation Expense 156,500   Interest Expense 6,840 _________      Totals $1,559,065 $1,559,065 Prepare the general...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31,...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies 10,255 Prepaid Rent 8,250 Equipment 295,285 Accumulated Depreciation $235,260 Accounts Payable 72,555 Wages Payable 10,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 897,105 Interest Income 1,500 Rent Expense 63,250 Wages Expense 537,260 Supplies Expense 42,520   Utilities Expense 8,595 Depreciation Expense 155,000   Interest Expense 6,840 ________      Totals $1,547,565 $1,547,565 Prepare the general...
Vanguard Company had the following adjusted trial balance at December 31, 2011.                  ...
Vanguard Company had the following adjusted trial balance at December 31, 2011.                                      VARGUARD COMPANY                   Adjusted Trial Balance                   For the year ended December 31, 2011                                      Account titles   Debits   Credits           Cash   $14,800                Accounts Receivable   8,800               Equipment   15,900               Accounts Payable       $4,400           ...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash $ 51,000 Accounts receivable 45,000 Inventories 86,000 Prepaid rent for the next 8 months 27,000 Marketable securities (short term) 21,000 Machinery 200,000 Accumulated depreciation—machinery $ 22,000 Patent (net of amortization) 90,000 Accounts payable 13,500 Wages payable 9,500 Taxes payable 43,000 Bonds payable (due in 10 years) 250,000 Common stock 140,000 Retained earnings 42,000 Totals $ 520,000 $ 520,000 Required: Prepare a...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31,...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 330,000 Supplies 9,255 Prepaid Rent 12,000 Equipment 295,285 Accumulated Depreciation $238,760 Accounts Payable 78,555 Wages Payable 15,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 895,105 Interest Income 1,500 Rent Expense 64,500 Wages Expense 542,260 Supplies Expense 42,520   Depreciation Expense 167,095   Dividends 8,700 _________      Totals $1,560,065 $1,560,065 Prepare the general journal entry (without explanation)...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31,...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies 11,255 Prepaid Rent 5,500 Equipment 295,285 Accumulated Depreciation $236,260 Accounts Payable 72,555 Wages Payable 10,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 898,105 Interest Income 1,500 Rent Expense 66,000 Wages Expense 537,260 Supplies Expense 42,520   Depreciation Expense 164,595   Dividends 6,840 ________      Totals $1,549,565 $1,549,565 Prepare the general journal entry (without explanation)...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018,...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018, included the following income accounts: Account Title Debits Credits Sales revenue 2,560,000 Cost of goods sold 1,520,000 Selling and administrative expenses 438,000 Interest expense 52,000 Unrealized holding gains on investment securities 92,000 The trial balance does not include the accrual for income taxes. Lindor's income tax rate is 40%. 1.2 million shares of common stock were outstanding throughout 2018. Required: Prepare a single, continuous...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title...
The following is a December 31, 2018, post-closing trial balance for the Jackson Corporation. Account Title Debits Credits Cash $ 52,000 Accounts receivable 46,000 Inventories 87,000 Prepaid rent for the next 8 months 28,000 Marketable securities (short term) 22,000 Machinery 205,000 Accumulated depreciation—machinery $ 23,000 Patent (net of amortization) 91,000 Accounts payable 14,000 Wages payable 10,000 Taxes payable 44,000 Bonds payable (due in 10 years) 260,000 Common stock 150,000 Retained earnings 30,000 Totals $ 531,000 $ 531,000 Required: Prepare a...