Question

E4.21 (LO 4), AP Selected year-end account balances from the adjusted trial balance as of December...

E4.21 (LO 4), AP Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Tippy Corporation is provided below.

Prepare closing entries.

Debit Credit
Accounts Receivable    $ 72,600   
Dividends 26,300
Depreciation Expense 13,200
Equipment 212,800
Salaries and Wages Expense 91,100
Accounts Payable $ 53,000
Accumulated Depreciation—Equipment 114,800
Unearned Rent Revenue 22,900
Service Revenue 183,800
Rent Revenue 6,200
Rent Expense 3,600
Retained Earnings 61,800
Supplies Expense 1,400

Instructions

a. Prepare closing entries

b. Determine the post-closing balance in Retained Earnings.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

a.

b.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Grouper...
Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Grouper Corp. is provided below. Debit Credit Accounts Receivable $82,760 Dividends 29,980 Depreciation Expense 15,050 Equipment 242,590 Salaries and Wages Expense 103,850 Accounts Payable $60,420 Accumulated Depreciation—Equipment 130,870 Unearned Rent Revenue 26,110 Service Revenue 209,530 Rent Revenue 7,070 Rent Expense 4,100 Retained Earnings 70,450 Supplies Expense 1,600 Collapse question part (a) Prepare closing entries.
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of...
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. 101 Cash $ 18,000 126 Supplies 12,000 128 Prepaid insurance 2,000 167 Equipment 23,000 168 Accumulated depreciation—Equipment $ 6,500 307 Common stock 12,322 318 Retained earnings 32,600 319 Dividends 6,000 404 Services revenue 42,100 612 Depreciation expense—Equipment 2,000 622 Salaries expense 24,544 637 Insurance expense 1,768 640 Rent expense 2,821 652 Supplies expense 1,389 Totals $ 93,522 $ 93,522 1. Prepare the...
The adjusted trial balance shown bel ow is for Smith Company at the end of its...
The adjusted trial balance shown bel ow is for Smith Company at the end of its fiscal year: SMITH COMPANY Adjusted Trial Balance December 31, 201 7 ________________________________ ________________________________ ___________ Debit Credit Cash ................................ ................................ ................................ ... $ 15,400 Accounts Receivable ................................ ................................ ........... 2,200 Supplies ................................ ................................ .............................. 1,800 Equipment ................................ ................................ ........................... 15,500 Accumulated Depreciation — Equipment ................................ .............. $ 4,000 Accounts Paya ble ................................ ................................ ............... 3,000 Unearned Service Revenue ................................ ................................ 5,000 Common Stock ................................ ...................................
The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account...
The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $235,000; sales revenue, $820,000; cost of goods sold, $520,000; salaries expense, $195,000; rent expense, $43,000; and interest expense, $18,000. Prepare the necessary closing entries. Record the entry to close the revenue accounts using the income summary. Record the entry to close the expense accounts using the income summary. Record the entry to close the income summary account.
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 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...
Prepare the 4 required year-end closing entries, given the following adjusted trial balance. Use Journal Entry...
Prepare the 4 required year-end closing entries, given the following adjusted trial balance. Use Journal Entry format. DEBIT CREDIT Cash $112,000 Accounts Receivable $27,000 Prepaid Rent $15,000 Prepaid Insurance $9,000 Office Supplies $3,300 Equipment $38,000 Accumulated Depreciation - Equipment $3,200 Building $288,000 Accumulated Depreciation - Building $42,000 Land $700,000 Accounts Payable $25,800 Salaries Payable $14,500 Interest Payable $2,500 Notes Payable $72,000 Common Stock $200,000 Retained Earnings $710,000 Dividends $200,500 Service fees earned $430,800 Salaries Expense $90,000 Insurance Expense $5,200 Rent...
Below is an adjusted trial balance from Husky Iron Works located in Huntsville, Ontario. Husky Iron...
Below is an adjusted trial balance from Husky Iron Works located in Huntsville, Ontario. Husky Iron Works Trial Balance December 31, 2016 Debit Credit Cash $6,200 Accounts receivable 57,000 Inventory 354,800 Prepaid rent 28,000 Equipment 108,000 Accumulated amortization—equipment $48,200 Accounts payable 43,200 Salary payable 5,000 Interest payable 1,200 Note payable, long-term 87,000 J. Marvin, capital 270,000 J. Marvin, withdrawals 153,000 Sales revenue 766,200 Cost of goods sold 328,000 Salary expense 123,600 Rent expense 44,000 Amortization expense—equipment 5,000 Insurance expense 13,200...
The adjusted trial balance for Oriole Company is given below. ORIOLE COMPANY Trial Balance August 31,...
The adjusted trial balance for Oriole Company is given below. ORIOLE COMPANY Trial Balance August 31, 2022 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $11,640 $11,640 Accounts Receivable 8,440 8,940 Supplies 2,930 1,370 Prepaid Insurance 4,250 2,860 Equipment 16,000 16,000 Accumulated Depreciation—Equipment $3,600 $4,800 Accounts Payable 5,870 5,870 Salaries and Wages Payable 0 1,140 Unearned Rent Revenue 1,920 1,080 Common Stock 18,220 18,220 Retained Earnings 5,700 5,700 Dividends 2,600 2,600 Service Revenue 34,240 34,740 Rent Revenue 13,720 14,560...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT