Question

Given the following adjusted account balances (all normal), prepare the closing journal entries for Ski Lodge...

Given the following adjusted account balances (all normal), prepare the closing journal entries for Ski Lodge 2 on December 31, 2018.

Cash                       45,000       Prepaid rent          9,000            Jane Goden, Capital                    85,000

Land                        65,000       Service revenue     75,500            Unearned service revenue           24,000

Supplies                  4,000      Interest expense    5,000            Amortization expense - Vehicle    15,000

Rent expense          12,500       Salary expense      46,000            Jane Goden, Withdrawals            20,000

Note payable           70,000       Interest payable     3,000           Acc. amortization, Building           15,000           

Freight Payable        2,200       COGS                   1,000          Building                                      85,000

Rent revenue               500       Supplies expense 8,000           Gross margin                              1,000           

Accounts receivable 32,000       Accounts payable 33,000           Amortization Expense – Building 26,000           

                              

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
Given the following adjusted account balances (all normal), prepare the closing journal entries for Ezzy Holdings...
Given the following adjusted account balances (all normal), prepare the closing journal entries for Ezzy Holdings on December 31, 2018. Cash                       45,000       Prepaid rent          9,000            Garth Gaudette, Capital        85,000 Land                        65,000       Service revenue     75,500            Unearned service revenue    24,000 Supplies                  4,000      Interest expense    5,000            Amortization expense           15,000 Rent expense          12,500       Salary expense      46,000            Garth Gaudette, Withdrawals     20,000 Note payable           70,000       Interest payable     3,000           Acc. amortization, building     15,000      Supplies expense     8,000      Building                85,000            Accounts receivable            ...
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...
The partial adjusted account balances of the Raiders Fitness Center at December 31 are as follows:...
The partial adjusted account balances of the Raiders Fitness Center at December 31 are as follows: Accounts                                 Account Balances       Accounts                           Account Balances Cash                                                $ 16,000              Service Revenue                       $107,000 Accounts Receivable                         15,000              Interest Revenue                          13,000 Supplies                                                4,000              Depreciation Expense                   28,000 Prepaid Insurance                                8,000              Insurance Expense                       12,000 Buildings                                           300,000              Salaries and Wages Expense        45,000 Accumulated Depreciation—Building 120,000             Supplies Expense                            5,000             Utilities Expense                            10,000 Accounts Payable                              19,000              Unearned Service Revenue            7,000 Common Stock                                  90,000 Retained Earnings                            115,000 Dividends                                            10,000 Instructions Prepare...
Using the Adjusted Trial Balance below, prepare a) The General Journal Closing entries for Shona’s Real...
Using the Adjusted Trial Balance below, prepare a) The General Journal Closing entries for Shona’s Real Estate b) A Post-closing Trial Balance for Shona’s Real Estate Shona’s Real Estate List of Account Balances As at 30 June 2020 Cash at Bank 67,400 Shona, Capital 146,500 Loan Payable 74,300 Accounts Receivable 2,100 Revenue 143,000 Supplies 2,000 Motor Vehicles 89,000 Accumulated Depreciation- Motor Vehicles 8,200 Rent Expense 80,000 Unearned Revenue 1,700 Prepaid Advertising 1,200 Shona, Drawings 45,500 Accounts Payable 17,500 Wages Expense...
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 accounting records of Mason Service Company include the following selected, unadjusted balances at June...
) The accounting records of Mason Service Company include the following selected, unadjusted balances at June 30: Accounts Receivable, $2,700; Office Supplies, $1,800; Prepaid Rent, $3,600; Equipment, $15,000; Accumulated Depreciation - Equipment, $1,800; Salaries Payable, $0; Unearned Revenue, $2,400; Office Supplies Expense, $2,800; Rent Expense, $0; Salaries Expense, $15,000; Service Revenue, $40,500. The following data developed for adjusting entries are as follows: a.   Service revenue accrued, $1,400 b.   Unearned Revenue that has been earned, $800 c.   Office Supplies on hand,...
Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable...
Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $65,000, Accounts receivable $45,000, Capital stock $100,000, Cash $50,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $38,000, Notes payable $80,000, Prepaid expenses $5,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much are total assets?
Prepare the closing entries (no comments are required) for the following Adjusted Trial Balance dated 30/06/16...
Prepare the closing entries (no comments are required) for the following Adjusted Trial Balance dated 30/06/16 and answer the question. Accounts should be closed in the order they appear in the Trial Balance. Do not use punctuation when entering amounts. Adjusted TB Account Dr Cr Cash At Bank 40,000 Accounts Receivable 50,000 Inventory 110,000 Prepaid Rent 5,000 Equipment 100,000 Accum Depreciation 20,000 Accounts Payable 65,000 Interest Payable 5,000 Notes Payable 180,000 Owners Capital 20,000 Drawings 5,000 Income Summary Service Revenue...
On December 31, Year 1, Morgan Company had the following normal account balances in its general...
On December 31, Year 1, Morgan Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance. Land $ 20,250 Unearned revenue 15,400 Dividends 5,400 Prepaid rent 5,850 Cash 58,920 Salaries expense 16,500 Accounts payable 2,280 Common stock 20,000 Operating expense 17,250 Office supplies 1,950 Advertising expense 2,500 Retained Earnings, 1/1/Year 1 15,430 Service revenue 82,280 Accounts receivable 6,770
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT