FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 4, Problem 10QS
To determine
To Prepare: The journal entries to close the balances in temporary revenue and expenses account.
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The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.
No.
Account Title
Debit
Credit
101 Cash
$18,000
9,900
2,000
23,000
126 Supplies
128 Prepaid insurance
167 Equipment
168 Accumulated depreciation-Equipment
301 A. Cruz, Capital
302 A. Cruz, Withdrawals
404 Services revenue
$ 6,500
42,465
6,000
43,400
612 Depreciation expense-Equipment
622 Salaries expense
2,000
25,302
1,823
2,908
637 Insurance expense
640 Rent expense
652 Supplies expense
1,432
Totals
$92,365
$92,365
1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901.
2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: A. Cruz, Capital was $42,465 on December 31 of the
prior year.
Complete this questions by entering your answers in the tabs below.
During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation,
completed the following transactions.
Began business by making a deposit in a company bank account of $60,000, in exchange
for 6,000 shares of $10 par value common stock.
July 1
July 3
Paid the current month's rent, $3,500
July 5
Paid the premium on a 1-year insurance policy, $4,200
July 7
Purchased supplies on account from Little Company, $1,000.
July 10
Paid employee salaries, $3,500
July 14
Purchased equipment from Lake Company, $10,000. Paid $2,500 down and the balance was
placed on account. Payments will be $500.00 per month until the equipment is paid. The first payment is due 8/1.
Note: Use accounts payable for the balance due.
July 15
Received cash for preparing tax returns for the first half of July, $8,000
July 19
Made payment on account to Lake Company, $500.
July 31
Received cash for preparing tax returns for the last half of July, $9,000
July 31
Declared and paid cash…
The general ledger of Zips Storage at January 1, 2024, includes the following account balances:
Accounts
Cash
Accounts Receivable
Prepaid Insurance
Land
Accounts Payable!
Deferred Revenue
Common Stock
Retained Earnings
Totals
Debits
$25,500
16,300
13,800
157,000
$212,600
Credits
$7,600
6,700
Pay property taxes, $9,400.
Pay on accounts payable, $12,300.
152,000
46,300
$212,600
The following is a summary of the transactions for the year:
1. January 9
2. February 12
3. April 25
4. May 6
5. July 15
6. September 10
7. October 31
8. November 20
9. December 30
Provide storage services for cash, $143,100, and on account, $56,700.
Collect on accounts receivable, $52,400.
Receive cash in advance from customers, $13,800..
Purchase supplies on account, $11,000.
Pay salaries, $132,600.
Issue shares of common stock in exchange for $36,000 cash.
Pay $3,700 cash dividends to stockholders.
Insurance expired during the year is $7,900. Supplies remaining on hand at the end of the year equal $3,800.…
Chapter 4 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 4 - Prob. 1MCQCh. 4 - A company purchased $4,500 of merchandise on May 1...Ch. 4 - Prob. 3MCQCh. 4 - Prob. 4MCQCh. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - Prob. 4QSCh. 4 - Prob. 5QSCh. 4 - Prob. 6QSCh. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 4 - Prob. 21QSCh. 4 - Prob. 22QSCh. 4 - Prob. 23QSCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Prob. 4ECh. 4 - Prob. 5ECh. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Computing net sales for multiple-step income...Ch. 4 - Impacts of inventory error on key accounts P3 A...Ch. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Prob. 16ECh. 4 - Prob. 17ECh. 4 - Prob. 18ECh. 4 - Prob. 19ECh. 4 - Prob. 20ECh. 4 - Prob. 21ECh. 4 - Prob. 22ECh. 4 - Prob. 23ECh. 4 - Prob. 24ECh. 4 - Prob. 25ECh. 4 - Prob. 1PSACh. 4 - Preparing journal entries for merchandising...Ch. 4 - Prob. 3PSACh. 4 - Prob. 4PSACh. 4 - Prob. 5PSACh. 4 - Prob. 1PSBCh. 4 - Prob. 2PSBCh. 4 - Prob. 3PSBCh. 4 - Prob. 4PSBCh. 4 - Prob. 5PSBCh. 4 - Santana Rey created Business Solutions on October...Ch. 4 - Prob. 1GLPCh. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Prob. 1AACh. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - Prob. 4BTNCh. 4 - Prob. 5BTNCh. 4 - Prob. 6BTN
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