The ledger of Martinez Company contains the following balances: Retained Earnings $31,000, Dividends $3,000, Service Revenue $49,000, Salaries and Wages Expense $27,500, and Supplies Expense $6,500. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close dividends.
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- The ledger of Rios Company contains the following balances: Retained Earnings $30,000; Dividends $2,000; Service Revenue $50,000; Salaries and Wages Expense $27,000; and Supplies Expense $7,000.The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close dividends. Enter the balances in the T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference.The ledger of Martinez Company contains the following balances: Retained Earnings $31,00O, Dividends $3,000, Service Revenue $49,000, Salaries and Wages Expense $27,500, and Supplies Expense $6,500. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close dividends. Enter the balances in T-accounts, and post the closing entries. Salaries and Wages Expense Supplies Expense Service Revenue Dividends Income Summary Retained Earnings >Required: Using the following categories, Indicate the effects of the following transactions. Indicate the accounts affected and the amounts. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) a. During the period, customer balances are written off in the amount of $11,800. b. At the end of the period, bad debt expense is estimated to be $9,800. 3. Assets Liabilities Stockholders' Equity
- The ledger of Crane Company contains the following balances: Owner’s Capital $29,200, Owner’sDrawings $2,700, Service Revenue $50,000, Salaries and Wages Expense $27,400, and SuppliesExpense $7,100.The closing entries are as follows:(1) Close revenue accounts.(2) Close expense accounts.(3) Close net income/(loss).(4) Close drawings.Enter the balances in T-accounts, post the closing entries in the order presented in the problemand use the numbers as a referenceThe ledger of Mai Company includes the following accounts with normal balances as of December 31: Retained Earnings $9,000; Dividends $800; Services Revenue $13,000; Wages Expense $8,400; and Rent Expense $1,600. Prepare its December 31 closing entries. 1 Record the entry to close revenue accounts. 2 Record the entry to close expense accounts. 3 Record the entry to close the income summary account. 4 Record the entry to close the dividends account.The balance sheet debit column of the worksheet for Sandhill Company includes the following accounts: Accounts Receivable $ 11,800, Prepaid Insurance $ 3,600, Cash $ 4,000, Supplies $ 4,400, and Debt Investments (short-term) $ 7,100. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List Current Assets in order of liquidity.) SANDHILL COMPANY Partial Balance Sheet %24 %24 >
- The following information is available for Cubic Company before closing the accounts. After all closing entries are made, what will be the balance in the Retained earnings account? $110,400 106,000 39,000 Net income Retained earnings Dividends Multiple Choice $110,400. S177400, $216,400 $248,800. S916.600The ledger of Wildhorse Company contains the following balances: Owner’s Capital $30,500, Owner’s Drawings $2,600, Service Revenue $51,000, Salaries and Wages Expense $26,300, and Supplies Expense $6,200.The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close drawings. Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference. Salaries and Wages Expense select an option enter a debit amount select an option enter a credit amount Supplies Expense select an option enter a debit amount select an option enter a credit amount Service Revenue select an…1. Presented below is the adjusted trial balance of the LLL Corporation. Using this data, prepare the following statements: a. Income Statement (multiple step format); be sure to include the required earnings per share presentation. b. Statement of Retained Earnings Balance Sheet (classified format) C. LLL Corporation Adjusted Trial Balance 31-Dec-20 Debit Credit Cash 104,000 Accounts Receivable 294,000 Allowance for Doubtful Accounts 22,000 Notes Receivable (due 2/25/21) 2,500 Inventory, 12/31/17 Equipment Accumulated Depreciation - Equipment Building Accumulated Depreciation - Building 259,500 325,000 115,000 531,000 166,000 Land 125,000 Accounts Payable 136,000 Salaries & Wages Payable 6,000 Notes Payable - Due 5/31/21 125,000 395,000 Mortgage Payable - Due 12/31/2035 Common Stock, Par $.01 10,000 Additional Paid in Capital in Excess of Par 400,000 Retained Earnings, 12/31/20 179,000 Dividends Declared 15,000 Sales, Net 885,000 Cost of Goods Sold (COGS) 475,000 165,000 Selling…
- The ledger of Pharoah Company contains the following balances: Owner's Capital $29,400, Owner's Drawings $1,600, Service Revenue $52,000, Salaries and Wages Expense $25,400, and Supplies Expense $7,100. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close drawings. Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference. > Salaries and Wages Expense Supplies Expense Service Revenue Owner's Drawings Income Summary Owner's CapitalThe ledger of Sunland Company contains the following balances: Owner's Capital $28,900, Owner's Drawings $2,100, Service Revenue $51,000, Salaries and Wages Expense $26,400, and Supplies Expense $7,100. The closing entries are as follows: (1) Close revenue accounts. (2) Close expense accounts. (3) Close net income/(loss). (4) Close drawings. Enter the balances in T-accounts, post the closing entries in the order presented in the problem and use the numbers as a reference Bal 64. Bal. Bal Bal. Bal > Salaries and Wages Expense 26400 Supplies Expense 7100 $1000 (2) Service Revenue 2100 (2) Owner's Drawings (4) 28900 (4 Income Summary Owner's Capital V 26400 7100 $1000 2100For the year ended December 31, a company had revenues of $201,000 and expenses of $120,600. $40,200 in dividends were paid during the year. Which of the following entries could not be a closing entry? Multiple Choice Debit Income Summary $120,600; credit Expenses $120,600. Debit Revenues $201,000; credit Income Summary $201,000. Debit Income Summary $80,400; credit Retained earnings $80,400. Debit Income Summary $201,000; credit Revenues $201,000. Debit Retained earnings $40,200; credit Dividends $40,200. MacBook Air