b. Prepare a before-closing trial balance. MARY'S DESIGNS Before-Closing Trial Balance December 31, Year 1 Account Titles Debit Credit
Q: 1.What is the total of the debit column of the post-closing trial balance after all 4 closing…
A: Post-closing trial balance: A post-closing trial balance is a listing of all balance sheet accounts…
Q: a. Journalize and post the July transactions. Use page J1 for the journal and the three-column form…
A: Business events are the business transactions which affect the activities, assets, liabilities of…
Q: Required: A Record the above transactions in the relevant ledger accounts. B Balance off the…
A:
Q: Journal entry worksheet
A:
Q: Instructions 1. The chart of accounts for Sufia Consulting is shown in Exhibit 20, and the…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Instructions (a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August…
A:
Q: A. On the transaction summary table, indicate the effect of each transaction on eachaccount. Put “+”…
A: The first question is answered for you. Please resubmit specifying the question number you want…
Q: 1. Number in order the following steps in the accounting cycle: a. Prepare a trial balance. b. Post…
A: The accounting cycle is the procedure of recording the financial transactions in the books of…
Q: The journal entry to close the Fees Earned, $120, and Rent Revenue, $22, accounts during the…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: Prepare following: a.Prepare journal entry, Post to Ledger(T account) and prepare Unadjusted Trial…
A: Financial statements are prepared to analyze the financial position of a company.
Q: USE THE NUMBERS 1-10 TO PLACE THE FOLLOWING STEPS OF THE ACCOUNTING CYCLE IN THEIR PROPER ORDER, 1…
A: Accounting cycle includes the step by step procedure of recording and finalizing the business…
Q: A. Analyze business transactions. B. Journalize the transactions. C. Post to ledger accounts. D.…
A: SOLUTION ACCOUNTING CYCLE IS A COLLECTIVE PROCESS IDENTIFYING ,ANALYSING AND RECORDING THE…
Q: Prepare Income statement,Balancesheet,closing entries,pos-closing trial balance and opening entry on…
A: Income Statement is a statement which shows the financial results of a business during the…
Q: Instructions (a) Prepare the adjusting entries for the month of June. Use J3 as the page number for…
A: Adjusted entries can be defined the type of journal entries being prepared at the year end to give…
Q: Put the following steps in the accounting cycle in the correct order (1-9). Prepare the post-closing…
A: Below is the correct accounting cycle: Analyze transactions and events Journalize transactions and…
Q: Instruction: You are given the Trial Balance of Quick Service Company. You are asked to review its…
A: The trial balance is the summary of a company’s all transactions of a specified period, it is…
Q: No. Account Title Debit Credit $ 38,264 12,618 2,545 2,220 3,300 101 Cash Accounts receivable 106…
A: Solution:
Q: instructions a) prepare the for Good luckKCo. elosing ejournalentries b) prepare a post-closing…
A: Closing Journal Entries: Closing journal entries are those journal entries that are prepared at the…
Q: July 14 20XX Performed accounting services on account, $2,100. When entering journal entries enter…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: OAK CONSULTING Post-Closing Trial Balance As of December 31, Year 2 Account Titles Debit Credit…
A: Closing entry means where all nominal account i.e. revenue and expenses account will be transfer to…
Q: a. Prepare an unadjusted trial balance, listing the accounts in their proper order. Place the…
A: Unadjusted Trial Balance - Unadjusted Trial Balance is the trial balance before making adjustments.…
Q: Prepare journal entries to record the following transactions. If an amount box does not require an…
A: Journal entries refers to the legal systematic documentation of the financial transactions of the…
Q: Closing Entries From the work sheet shown below, prepare the following: 1. Prepare closing entries…
A: (a)
Q: Required a. Write up the General Journal for the month b. Write yup the Respective Ledger accounts…
A: Record Keeping is an important part of the Business. Journal is used to record the transactions at…
Q: $4-12 Identifying accounts included on a post-closing trial balance For each account listed,…
A: The post-closing trial balance is prepared after all the adjustment entries and closing entries.…
Q: List the following steps of the accounting cycle in their proper order. Steps 1. Posting journal…
A: >Accounting cycle is the flow or steps carried out to complete the accounting process. These are…
Q: Statement of CF General General Income Statement Requirement Trial Balance Balance Sheet Analysis…
A: Note: Dear student as per our guidelines and given time we are supposed to answer only the first…
Q: Prepare the adjusting entries that were made. (Credit account titles are automatically manually.)…
A: Adjusting entries refers to the journal entries which are reported in the books at the end of the…
Q: Which of the following is the closing balance of a ledger account which is written at the end of the…
A: Ledger accounts are prepared after journal entries to classify all the recorded entries in specific…
Q: Prepare a general ledger using T-accounts. Enter the opening balances in the ledger accounts as of…
A: Required general ledger accounts with opening balances are shown below:
Q: Q1. Record each of the above transactions in general journal including the explantion/narration. Use…
A:
Q: Instructions (a) Enter the trial balance on a worksheet and complete the worksheet. (b) Prepare an…
A: Solution: Introduction: Unadjusted trial balance is the trial Balance which is prepared before…
Q: tecord each of the above transactions in general journal including the explantion/narration. Use the…
A:
Q: Prepare a trial balance at November 30. WILDHORSE EQUIPMENT REPAIR Trial Balance Debit Credit %24…
A: A trial balance lists the ending balances of all the ledger accounts. The total of the debit side of…
Q: Closing Entries From the work sheet shown below, prepare the following: 1. Prepare closing…
A: Trial balance is a statement showing the summary of accounts and their balances. In trial balance,…
Q: 1. Prepare the journal entries to record the February transactions. 2. Set up the following ledger…
A: Journalizing- Journalizing is the method used by businesses to keep track of their transactions in a…
Q: Put the following steps in the accounting cycle in the correct order (1-9). Journalize transactions…
A:
Q: Prepare closing entries including general ledger account numbers and descriptions. Use 360 for the…
A: Closing entries: Revenue account will have credit balance, so a journal entry has to be passed by…
Q: a. List down the steps involved in ACcounting Cycle. b. Prepare Adjusting Entries for the year ended…
A:
Q: Instructions (a) Journalize the adjusting entries for the month of May. (b) Prepare the adjusted…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: (a) Prepare the general journal entries to record the July transactions. (b) Set up T accounts,…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Week 6 Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash…
A: Journal: Journal is considered as a book of original entry because all the transactions that have…
Q: following T accounts. You have been asked by your manager to prepare an unadjusted trial balance for…
A: Firstly, let us draw the trail balance, to determine the credit side total
Practice help, please.
Step by step
Solved in 2 steps
- Holloway Company earned $6,200 of service revenue on account during Year 1. The company collected $5,270 cash from accounts recievable during Year 1. a. the balance of the accounts recievable that would be reported on the Decmeber 31,Year1,balance sheet b. the amount of net income that would be reported on the Year 1 income statement. c. the amount of net cash flow from operating activites that would be reported on the Year 1 statement of cash flows d. the amount of retained earnings that would be reported on the Year 1 balance sheetCurrent Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,000; Accounts Receivable, $7,500; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,800. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Dorothy Corporation Partial Balance Sheet Total current assets 000The following transactions pertain to year 1, the first-year operations of Munoz Company. All inventory was started and completed during year 1. Assume that all transactions are cash transactions. 1. Acquired $4,100 cash by issuing common stock. 2. Paid $720 for materials used to produce inventory. 3. Paid $1,930 to production workers. 4. Paid $1,568 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $119 rental fee for administrative office equipment. 7. Produced 380 units of inventory of which 230 units were sold at a price of $13 each. Required Prepare an Income Statement me statement and a balance sheet in accordance with AP. Complete this question by entering your answer in the tabs below. Assets Balance Sheet Prepare a balance sheet in accordance with GAAP. Note: Do not round your intermediate calculations. X Answer is complete but not entirely correct. MUNOZ COMPANY Balance Sheet as of 12/31/Year 1 Cash Finished goods inventory Total assets…
- Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,800; Accounts Receivable, $7,000; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,200. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Total current assets Dorothy Corporation Partial Balance Sheet Feedback 7,000 ✓ 1,100✔ 1,200 3,000 ✓ 5,900 23,800 2,400 ✓Presented below are accounts of Cutie Company Additional: During the year, the owner made an additional investment of 20,000 and withdrawals of 50,000. Cutie company beginning capital is 617,600 and its net income for the year is 75,000. Instructions: Prepare the Statement of Financial Position in account form and report form and determine the amount of cash. Prepare the supporting notes.nces Blooming Flower Company was started in Year 1 when it acquired $60,500 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Income Statements Required: Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Complete this question by entering your answers in the tabs below. Balance Sheets Assets Cash Merchandise inventory Prepare a balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Total assets Liabilities Stockholders' equity Common stock Retained earnings Year 1 $ 22,200 26,400 12,500…
- The following transactions pertain to the operations of Ewing Company for Year 1: Acquired $22, 300 cash from the issue of common stock. Provided $19, 100 of services on account. Paid $14, 400 cash on accounts payable. Performed services for $40, 500 cash. Collected $5, 650 cash from accounts receivable. Incurred $7, 600 of operating expenses on account. Paid $24,000 cash for one year's rent in advance. Paid $7,200 cash dividend to the stockholders. Paid $2,000 cash for supplies to be used in the future. Recognized $34,500 of accrued salaries expense. Required: Classify the cash flows from these transactions as operating activities (OA), investing activities (IA), or financing activities (FA). Prepare a statement of cash flows. (There is no beginning cash balance.)Selected accounts from Phipps Corporation's trial balance are as follows. Prepare the assets section of the company's balance sheet. 6. PHIPPS CORPORATION Trial Balance December 31 (Selected Accounts) Debit Credit Cash $ 50,000 Short-term Marketable Securities 25,000 Accounts Receivable 13,000 Inventories 45,000 10,000 Other current Assets Land 100,000 45,000 Equipment Accumulated Depreciation: Equipment $5,000 Goodwill 20,000 Other Intangible Assets 15,000Holloway Company earned $6, 700 of service revenue on account during Year 1. The company collected $5, 695 cash from accounts receivable during Year 1. Required Based on this information alone, determine the following for Holloway Company. The balance of the accounts receivable that would be reported on the December 31, Year 1, balance sheet. The amount of net income that would be reported on the Year 1 income statement. The amount of net cash flow from operating activities that would be reported on the Year 1 statement of cash flows. The amount of retained earnings that would be reported on the Year 1 balance sheet. Event Earned revenue Collected accounts receivable Ending balance HOLLOWAY COMPANY Effect of Events on the Year 1 Accounting Equation Assets Liabilities + Cash + + + Accounts Receivable = C || || || + + + Stockholders' Equity Common Stock + + + Retained Earnings
- The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The balance sheet reported the following: cash, $1,450,000, prepaid expenses, $510,000; long-term assets, $3,900,000; and shareholders equity, $4,000,000. The current ratio at the end of the year was 2.0 and the debt to equity ratio was 1.4. Required: Determine the following amounts and ratios Note: Round your "The acid-test ratio" answer to 1 decimal place. 1. Current liabilities 2. Long-term liabilities 3. Accounts receivable 4. The acid-test ratio S 980,000During the current year, the following credit entries were posted to the paid-in capital accounts of Crawford Shipyards: Capital Stock . . . . . . . . . . . . . . . . . . . . . $12,000,000 Additional Paid-in Capital. . . . . . . . . . . . 43,500,000 Explain the type of cash transaction that probably caused these credit changes, and illustrate the presentation of this transaction in a statement of cash flows. At the beginning of the current year, Callifax Corporation had dividends payable of $1,500,000. During the current year, the company declared cash dividends of $4,300,000, of which $900,000 appeared as a liability at year-end. Determine the amount of cash dividends paid during this year. Prepare a statement of cash flows for the year 2012, following the proper format using following data:Blooming Flower Company was started in Year 1 when it acquired $61,400 cash from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all transactions were cash transactions. Purchases of inventory Sales Cost of goods sold Selling and administrative expenses Income Statements Balance Sheets Assets Cash Required Prepare an income statement (use multistep format) and balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting period in the accounting equation before preparing the statements for that year.) Merchandise inventory Complete this question by entering your answers in the tabs below. Total assets Liabilities Stockholders' equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Year 1 $22,300 26,500 12,400 5,310 $ 60,290 9,900 Prepare a balance sheet for each fiscal year. (Hint: Record the transaction data for each accounting…