College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 5, Problem 2E
The ledger accounts after
- a. Journalize the following closing entries and number as steps 1 through 4.
- b. What is the new balance of J. Cortez, Capital after closing? Show your calculations.
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The account that is brought up to date after the closing entries have been journalized and posted is the ____.
Select one:
a. Capital Account
b. Sales account
c. Capital Stock account
d. Purchases account
Identify which of the following accounts would be listed on the company’s Post-Closing TrialBalance.A. Accounts ReceivableB. Accumulated DepreciationC. CashD. Office ExpenseE. Note PayableF. Rent RevenueG. Retained EarningsH. Unearned Rent Revenue
Required: 1. Record the preceding transactions in the general journal. 2. Post the entries to the general ledger. 3. Make the necessary adjustments. 4. Post the adjusting entries to the general ledger. 5. Prepare the worksheet. 6. Prepare the financial statements: a. Statement of Financial Position b. Statement of Comprehensive Income c. Cash Flow Statement d. Statement of Changes in Equity 7. Prepare closing entries. 8. Prepare the post-closing trial balance.
Chapter 5 Solutions
College Accounting (Book Only): A Career Approach
Ch. 5 - What is the third step in the accounting cycle?...Ch. 5 - Which of the following accounts would be closed...Ch. 5 - If Income from Services had a 20,400 credit...Ch. 5 - Which of the following accounts would appear on a...Ch. 5 - Under the cash basis of accounting, which of the...Ch. 5 - Prob. 6QYCh. 5 - Number in order the following steps in the...Ch. 5 - List the steps in the closing procedure in the...Ch. 5 - What is the purpose of closing entries? What is a...Ch. 5 - What are real accounts? What are nominal accounts?...
Ch. 5 - What is the purpose of the Income Summary account?...Ch. 5 - What is the purpose of the post-closing trial...Ch. 5 - Write the third closing entry to transfer the net...Ch. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Classify the following accounts as real...Ch. 5 - The ledger accounts after adjusting entries for...Ch. 5 - As of December 31, the end of the current year,...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - After all revenue and expenses have been closed at...Ch. 5 - Identify whether the following accounts would be...Ch. 5 - Prob. 8ECh. 5 - Indicate with an X whether each of the following...Ch. 5 - Prepare a statement of owners equity for The...Ch. 5 - Prob. 1PACh. 5 - The partial work sheet for Ho Consulting for May...Ch. 5 - The account balances of Bryan Company as of June...Ch. 5 - Williams Mechanic Services prepared the following...Ch. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 4PBCh. 5 - Toms Catering Services prepared the following work...Ch. 5 - Rather than going directly to college, some...Ch. 5 - Prob. 2ACh. 5 - The post-closing trial balance submitted to you by...Ch. 5 - You are preparing a post-closing trial balance for...Ch. 5 - The bookkeeper has completed a work sheet and has...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - Prob. 1CP
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- Closing entries may be prepared from all of the following except Select one: a. Income statement and balance sheet columns of the worksheet b. Income and owner's equity statements c. Adjusted balances in the ledger d. Balance sheet Previc xam Jump to...arrow_forwardThe partial work sheet for Ho Consulting for May follows: Required 1. Write the owners name on the Capital and Drawing T accounts. 2. Record the account balances in the T accounts for owners equity, revenue, and expenses. 3. Journalize the closing entries using the four steps in correct order. Number the closing entries 1 through 4. 4. Post the closing entries to the T accounts immediately after you journalize each one to see the effect of the closing entries. Number the closing entries 1 through 4. Check Figure Debit to Income Summary, second entry, 5,840arrow_forwardThe partial work sheet for Ho Consulting for May follows: Required If you are using working papers, complete the following: 1. a.Write the owners name on the Capital and Drawing T accounts. b.Record the account balances in the T accounts for owners equity, revenue, and expenses. 2. Journalize the closing entries using the four steps in correct order. Number the closing entries 1 through 4. 3. Post the closing entries to the T accounts immediately after you journalize each one to see the effect of the closing entries. Number the closing entries 1 through 4. Check Figure Debit to Income Summary, second entry, 5,840arrow_forward
- Which of the following statements is correct about closing entries?a. Must debit or credit one income statement account and one statement of financialposition accountb. Include closing the dividends account to income summaryc. All of these choices are correctd. Are posted to the appropriate general ledger accountsarrow_forwarda. Prepare the T-accounts for Retained Earningsand Income Summary b. Prepare the Post-closing Trial Balanceand keep the order of accountsarrow_forwardQuestion Directions: Establish the following T-Accounts and record the transactions directly into the T-accounts. Use the following account titles: CashMasunurin, CapitalAccounts ReceivableMasunurin, WithdrawalsSuppliesLaundry RevenuesPrepaid InsuranceSalaries ExpenseEquipmentRent ExpenseFurniture and FixturesUtility ExpenseAccounts PayableMiscellaneous Expense On January 1, 2017, Jaime Masunurin opened BLS Laundry Shop. Throughout the month of January, the following transactions were completed: 1. He deposited P400,000 in a bank account in the name of the business.2. He bought chairs and a table and paid them with P5,700 cash.3. He bought supplies on account from Morong Supply Inc. P3,250.4. He paid P5,750 for the monthly rental of the place.5. He bought washing machines and dryers from Bataan Equipment Corp. amounting to P115,000. He paid them with P35,000 in cash and the balance on the account.6. He earned P19,250 revenues on cash basis for the first half of the month.7. He…arrow_forward
- For each account, identify whether it is included in a post-closing trial balance. a. Store Equipment b. Interest Payable c. Notes Receivable d. Rental Revenue e. Commission Revenue f. Accounts Receivable Included in post-closing trial balance?arrow_forwardI need help with this practice problem. Put the balances from the adjusted trial balance into the T accountsCreate properly formatted income statement and balance sheet for the year and the balance sheet as of 12/31.Create the closing entries.Post the results of the closing entries into the T accountDraw off balances for the T accounts.Create the post-closing trial balancearrow_forwardCan someone help me the analysis of income summary. Answed the following questions: - The income summary account is normally seen during . . - What do the figures in the account represent? (debit and credit side) -Performance of the entity based on Income summary - Prepare a closing entry to close the Income summary accountarrow_forward
- Journalize the transactions and the closing entry for net incomearrow_forwardTim Adjusting entries are: a. Journal entries that are prepared to record the income statement accounts. O b. Journal entries that are prepared to record statement of financial position accounts. C. Journal entries that are prepared to correct the cash account. O d. Journal entries that are prepared to record the effects of the passage of time for some accounts. NEXT P ype here to search B. =d by vs 10 Sarrow_forward2. Journalize the closing entries and balance off the ledger accounts including the income summary account.arrow_forward
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