Question

4 Zelda’s Zipper Company has the following Adjusted Trial Balance on Dec 31, 2018 (Partial, NOT...

4 Zelda’s Zipper Company has the following Adjusted Trial Balance on Dec 31, 2018 (Partial, NOT all accounts are included): 5 DEBIT CREDIT Sales Revenue $875,000 Accounts Receivable $150,000 Supplies $22,400 Prepaid Rent $6,500 Accumulated Depreciation $25,000 Accounts Payable $225,000 Zelda’s Capital $950,000 Unearned Revenue $175,000 Salary Payable $54,500 Rent Expense $99,000 Salary Expense $125,000 Insurance Expense $130,450 Supplies Expense $10,000 Depreciation Expense $12,500 Zelda’s Drawing $12,300 Required: 1. Record the CLOSING ENTRIES in the Journal (Use either Zelda’s Capital or Income Summary to close, either option is fine) 2. What is the ending Balance in Zelda’s Capital Account on Dec 31, 2018, after the closing process is recorded and posted to the LEDGERS.

Homework Answers

Answer #1

Required: 1. Record the CLOSING ENTRIES in the Journal (Use either Zelda’s Capital or Income Summary to close, either option is fine

Date account and explanation debit credit
Sales revenue 875000
Income summary 875000
(To close revenue)
Income summary 376950
rent expense 99000
Salary expense 125000
Insurance expense 130450
Supplies expense 10000
Depreciation expense 12500
(To close expense account)
Income summary 498050
  Zelda’s Capital 498050
(To close income summary)
Zelda’s Capital 12300
  Zelda’s Drawings 12300

(To close drawing account)

Ending balance of Zelda’s Capital account = 950000+498050-12300 = $1435750

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 the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance 31-Dec-17 Account...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance 31-Dec-17 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 42520 Utilities Expense 8,595 Depreciation Expense 156000 Interest Expense 6,840 ________      Totals $1,549,565 $1,549,565 As the senior accountant you had...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________      Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________      Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31,...
The following is the Easton Company's adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________      Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Frederick Company's adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31,...
The following is the Frederick Company's adjusted Trial Balance. Frederick Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $85,150 Accounts Receivable 229,140 Supplies 16,955 Equipment 395,285 Accumulated Depreciation $221,260 Accounts Payable 74,235 Capital Stock 220,000 Retained Earnings 101,145 Service Revenue 893,105 Interest Income 1,500 Dividends 2,000 Rent Expense 58,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 145,840 ________      Totals $1,522,565 $1,522,565 Use this information to prepare the Balance Sheet for the fiscal...
The following is the Easton Company's adjusted Trial Balance . Easton Company Adjusted Trial Balance December...
The following is the Easton Company's adjusted Trial Balance . Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________ Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the...
A partial adjusted trial balance of West Company at January 31, 2018, shows the following. WEST...
A partial adjusted trial balance of West Company at January 31, 2018, shows the following. WEST COMPANY Adjusted Trial Balance January 31, 2018 Debit Credit Supplies $ 2,800 Prepaid Insurance 9,600 Salaries and Wages Payable $3,200 Unearned Revenue 3,000 Supplies Expense 3,800 Insurance Expense 1,600 Salaries and Wages Expense 7,200 Service Revenue 8,000 Instructions: Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $3,400 of...
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...
The December 31, 2019 adjusted trial balance for Camptown Company is shown below. Debit Credit Cash...
The December 31, 2019 adjusted trial balance for Camptown Company is shown below. Debit Credit Cash $12,600 Accounts receivable 2,400 Prepaid rent 800 Inventory 28,000 Accounts payable $4,200 Salary payable 1,000 Notes payable 800 Capital 13,800 Drawing 1,000 Sales revenue 96,000 Sales returns and allowances 1,600 Sales discounts 400 Cost of goods sold 25,000 Salary expense 21,000 Rent expense 22,500 Supplies expense 500 Total $115,800 $115,800 Using the information above prepare an income statement in single-step format and the closing...