Question

After the accounts have been adjusted at April 30, the end of the fiscal year, the...

After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.: Felix Godwin, Capital $543,840 Felix Godwin, Drawing 47,000 Fees Earned 508,845 Wages Expense 385,700 Rent Expense 92,600 Supplies Expense 34,715 Miscellaneous Expense 11,570 Journalize the two entries required to close the accounts. For a compound transaction, if an amount box does not require an entry, leave it blank. Apr. 30 Apr. 30

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Journal entry to Close the accounts

30-Apr

Fees Earned

$ 508,845.00

            Income Summery

$ 508,845.00

(fees Earned transferred to income Summery)

30-Apr

Income Summery

$ 524,585.00

      Wages Expense

$ 385,700.00

       Rent Expense

$    92,600.00

       Supplies Expense

$    34,715.00

       Miscellaneous Expense

$    11,570.00

( all Expenses Transferred)
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
fter the accounts have been adjusted at April 30, the end of the fiscal year, the...
fter the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.: Felix Godwin, Capital $380,190 Felix Godwin, Drawing 36,000 Fees Earned 355,925 Wages Expense 275,500 Rent Expense 66,100 Supplies Expense 24,795 Miscellaneous Expense 8,265 Journalize the two entries required to close the accounts. For a compound transaction, if an amount box does not require an entry, leave it blank. Apr. 30 Felix Godwin, Capital...
After the accounts have been adjusted at April 30, the end of the fiscal year, the...
After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.: Retained Earnings $643,600 Dividends 10,500 Fees Earned 356,500 Wages Expense 283,100 Rent Expense 56,000 Supplies Expense 11,500 Miscellaneous Expense 13,000 Journalize the four entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Nuclear Landscaping Co. General Ledger ASSETS 11 Cash 12...
After the accounts have been adjusted at April 30, the end of the fiscal year, the...
After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.: Retained Earnings $3,484,000 Dividends 36,000 Fees Earned 1,254,000 Wages Expense 748,200 Rent Expense 64,400 Supplies Expense 13,250 Miscellaneous Expense 8,950 Journalize the four entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Nuclear Landscaping Co. General Ledger ASSETS 11 Cash 12...
Closing Entries After the accounts have been adjusted at May 31, the end of the fiscal...
Closing Entries After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances were taken from the ledger of Beautifying Landscaping Co.: Retained Earnings $574,570 Dividends 27,000 Fees Earned 684,490 Wages Expense 445,400 Rent Expense 106,900 Supplies Expense 40,085 Miscellaneous Expense 13,360 Journalize the two entries required to close the accounts. If an amount box does not require an entry, leave it blank.
After the accounts have been adjusted at January 31, the end of the fiscal year, the...
After the accounts have been adjusted at January 31, the end of the fiscal year, the following balances are taken from the ledger of Harrison's Dog Walking Service Company: Common Stock $352,540 Retained Earnings 13,040 Dividends 6,740 Fees Earned 135,950 Wages Expense 40,980 Rent Expense 15,390 Supplies Expense 15,200 Miscellaneous Expense 1,710 Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank or "0".
Mira Services Co. offers its services to individuals desiring to improve their personal images. After the...
Mira Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Mira Services Co.: Bonnie Mira, Capital $900,000 Bonnie Mira, Drawing 18,000 Fees Earned 525,400 Wages Expense 481,000 Rent Expense 69,500 Supplies Expense 11,400 Miscellaneous Expense 14,800 Journalize the four entries required to close the accounts. Refer to the Chart of Accounts for...
Use the following accounts in proper sequence. The accounts (all normal balances) were taken from the...
Use the following accounts in proper sequence. The accounts (all normal balances) were taken from the ledger of Sophie Designs Co. on April 30. Accounts Payable $ 4,100 Rent Expense $11,500 Accounts Receivable 3,450 Salary Expense 14,000 Cash 6,700 Fees Earned 45,425 Sophie Dawson, Capital 17,800 Supplies 3,125 Sophie Dawson, Drawing 7,500 Supplies Expense 1,700 Equipment 14,500 Utilities Expense 4,000 Miscellaneous Expense 850 Required: Prepare a trial balance of Sophie Designs Co. on April 30.
The account balances of Wallace Company as of June 30, the end of the current fiscal...
The account balances of Wallace Company as of June 30, the end of the current fiscal year, are as follows: TRIAL BALANCE ACCOUNT NAME DEBIT CREDIT Cash 5,332    Accounts Receivable 689    Supplies 431    Prepaid Insurance 1,180    Equipment 6,476    Accumulated Depreciation, Equipment 1,952    Van 10,098    Accumulated Depreciation, Van 3,204    Accounts Payable 1,191    B. Wallace, Capital 18,518    B. Wallace, Drawing 15,480    Fees Earned 36,308    Salaries Expense 18,070    Advertising Expense 1,894    Van Operating Expense 570    Utilities Expense 815    Miscellaneous Expense 138    61,173    61,173   ...
Closing Entries with Net Loss Creative Images Co. offers its services to individuals desiring to improve...
Closing Entries with Net Loss Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Creative Images Co.: Violet Lozano, Capital $950,000 Violet Lozano, Drawing 11,000 Fees Earned 698,900 Wages Expense 472,000 Rent Expense 73,000 Supplies Expense 11,800 Miscellaneous Expense 14,300 Journalize the two entries required to close the accounts. If an...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2016,...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $42,770 Accounts Receivable 116,900 Cash ? Common Stock 15,000 Dividends 24,000 Fees Earned 745,230 Insurance Expense 3,600 Land 50,000 Miscellaneous Expense 9,500 Notes Payable 50,000 Prepaid Insurance 21,600 Rent Expense 48,000 Retained Earnings 60,000 Supplies 4,275 Supplies Expense 6,255 Unearned...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT