An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.
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Marina Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Marina Services Co Journalize the four entries required to close theaccounts.
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After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $193,400 and a credit of $258,600. At the same date, Laurie Engan, Capital has a credit balance of $300,000, and Laurie Engan, Drawing has a balance of $25,000.
(a) Journalize the entries required to complete the closing of the accounts.
(b) Determine the amount of Laurie Engan, Capital at the end of the period.
Prior to its closing, Income Summary had total debits of $432,200 and total credits of $572,600. Briefly explain the purpose served by the income summary account and the nature of the entries that resulted in the $432,200 and the $572,600.
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year:
a. Accounts Receivable
b. Accumulated Depreciationâ€”Equipment
c. Depreciation Expenseâ€”Equipment
e. Erin Dowley, Capital
f. Erin Dowley,
g. Fees Earned
j. Supplies Expense
k. Wages Expense Drawing
l. Wages Payable
Optimum Weight Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2010, the end of the current fiscal year, the balances of selected accounts from the ledger of Optimum Weight Co. are as follows:br>
Prepare a classified balance sheet that includes the correct balance forCash.
At the balance sheet date, a business owes a mortgage note payable of $360,000, the terms of which provide for monthly payments of $2,000. Explain how the liability should be classified on the balance sheet.
Identify each of the following as (a) A current asset
Identify each of the following as
(a) A current asset or
(b) Property, plant, and equipment:
1. Accounts receivable
5. Prepaid rent
FedEx Corporation had the following revenue and expense account balances (in millions) at its fiscal year-end of May 31, 2007:
a. Prepare an income statement.
b. Compare your income statement with the related income statement that is available at the FedEx Corporation Web site, which is linked to the textâ€™s Web site at academic.cengage.com/accounting/warren. What similarities and differences do yousee?
The following account balances were taken from the adjusted trial balance for 3 Rivers Messenger Service,
The following account balances were taken from the adjusted trial balance for 3 Rivers Messenger Service, a delivery service firm, for the current fiscal year ended September 30, 2010:
Depreciation Expense $ 8,000 Rent Expense $ 60,500
Fees Earned 425,000 Salaries Expense 213,800
Insurance Expense 1,500 Supplies Expense 2,750
Miscellaneous Expense 3,250 Utilities Expense 23,200