Exercise 3-18A Record closing entries and prepare a post-closing
trial balance (LO3-6, 3-7)
Laker Incorporated’s fiscal...
Exercise 3-18A Record closing entries and prepare a post-closing
trial balance (LO3-6, 3-7)
Laker Incorporated’s fiscal year-end is December 31, 2021. The
following is an adjusted trial balance as of December
31.
Accounts
Debit
Credit
Cash
$
12,000
Supplies
39,000
Prepaid Rent
30,000
Accounts Payable
$
3,000
Notes Payable
30,000
Common Stock
40,000
Retained Earnings
9,000
Dividends
4,000
Service Revenue
54,000
Salaries Expense
20,000
Advertising Expense
13,000
Rent Expense
10,000
Utilities Expense
8,000
Totals
$
136,000
$
136,000
...
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 ...
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...
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...
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...
The following balances are available from the unadjusted trail
balance below for 2016.
Account
Balance
Cash...
The following balances are available from the unadjusted trail
balance below for 2016.
Account
Balance
Cash
$ 12,000
Accounts Receivable
3,000
Inventory
5,000
Investments
2,500
Accounts Payable
4,000
Dividends Payable
2,000
Bonds Payable
4,500
Sales Revenue
10,000
Service Revenue
1,000
COGS
7,000
Wage Expense
1,000
Rent expense
500
Dividends Declared
450
Common stock
2,000
Retained earnings on of 1/1/2016
$ 11,950
After the necessary closing entry for 2016, what will be the
ending 2016 balance of retained earnings?
Castaway Co.
Balance Sheet
Assets:
20X1
20X2
Cash
100,000
100,000
Accounts Receivable
48,000
30,000
Inventory
65,000...
Castaway Co.
Balance Sheet
Assets:
20X1
20X2
Cash
100,000
100,000
Accounts Receivable
48,000
30,000
Inventory
65,000
50,000
Prepaid Rent
6,000
12,000
Equipment
125,000
300,000
Accumulated Dep
25,000
35,000
BV of Equipment
100,000
265,000
Land
50,000
20,000
Total Assets
$ 369,000
$ 477,000
Castaway Co.
Income Statement
for 20X2
Revenues
$ 200,000
COGS
75,000
Gross Profit
125,000
Insurance Expense
5,000
Rent Expense
6,000
Supplies Expense
5,000
Depreciation Expense
10,000
Interest Expense
8,000
Net Income
$ 91,000
What is cash paid for...
The following information is available for the Higgins Travel
Agency. After closing entries are posted, what...
The following information is available for the Higgins Travel
Agency. After closing entries are posted, what will be the balance
in the Retained earnings account?
Net Income
$
62,500
Retained earnings
140,000
Dividends
20,000
The Retained earnings account has a credit balance of $49,000
before closing entries are made. Total revenues for the period are
$67,200, total expenses are $45,800, and dividends are $13,800.
What is the correct closing entry for the expense accounts?
Multiple Choice
Debit Income Summary $45,800;...
(TCOs B and D) The following items are taken from the financial
statements of Lacey Company...
(TCOs B and D) The following items are taken from the financial
statements of Lacey Company for 20xx: Advertising Expense $14,000
Accounts Receivable 12,000 Cost of Goods Sold 65,000 Accumulated
Depreciation - Equipment 20,000 Accounts Payable 21,000 Cash 44,000
Depreciation Expense 17,000 Common Stock 100,000 Dividends 25,000
Insurance Expense 5,000 Note Payable (due prior year) 70,000 Rent
Expense 4,000 Prepaid Insurance 17,000 Retained Earnings
(beginning) 22,000 Salaries Expense 50,000 Salaries Payable 3,500
Net Sales 175,000 Supplies 4,000 Supplies Expense 3,000...