The income statement for the Splish Brothers Inc. for the month ended July 31 shows Service Revenue $17,350, Salaries and Wages Expense $9,000, Maintenance and Repairs Expense $2,850, and Income Tax Expense $1,290. The statement of retained earnings shows an opening balance for Retained Earnings of $22,070 and Dividends $1,990. (a) Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31 Debit Credit

The income statement for the Splish Brothers Inc. for the month ended July 31 shows Service Revenue $17,350, Salaries and Wages Expense $9,000, Maintenance and Repairs Expense $2,850, and Income Tax Expense $1,290. The statement of retained earnings shows an opening balance for Retained Earnings of $22,070 and Dividends $1,990. (a) Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31 Debit Credit

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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The Income Statement columns of the work sheet of Cederblom Company for the fiscal year ended December 31 follow. During the year, S. Cederblom withdrew 17,000. Journalize the closing entries.
At December 31, 2019, the ledger of Aulani Company includes the following accounts, all havingnormal balances: Sales Revenue, $59,000; Cost of Goods Sold, $31,000; Retained Earnings, $20,000;Interest Expense, $3,200; Dividends, $5,000; Wages Expense $8,000, and Interest Payable, $2,100.Required:1. Prepare the closing entries for Aulani at December 31, 2019.2. How does the closing process affect Aulani’s retained earnings?
Preparing and Analyzing Closing Entries At December 31, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $59,800; Cost of Goods Sold, $31,400; Retained Earnings, $20,000; Interest Expense, $3,200; Dividends (declared and paid), $5,000; Wages Expense, $8,000, and Interest Payable, $2,100. Required: Prepare the closing entries for Aulani at December 31. If an amount box does not require an entry, leave it blank. How does the closing process affect Aulani's retained earnings?
The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19,560, Salaries and Wages Expense $9,600, Maintenance and Repairs Expense $4,420, and Income Tax Expense $1,340. The statement of retained earnings shows an opening balance for Retained Earnings of $20,650 and Dividends $1,770. (a) Prepare closing journal entries. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 31 enter an account title to close revenue account enter a debit amount enter a credit amount enter an account title to close revenue account enter a debit amount enter a credit amount (To close revenue account) July 31 enter an account title to close expense accounts enter a debit amount enter a credit amount…
The income statement for the Windsor, Inc. for the month ended July 31 shows Service Revenue $18,760, Salaries and Wages Expense $9,350, Maintenance and Repairs Expense $2,970, and Income Tax Expense $1,360. The statement of retained earnings shows an opening balance for Retained Earnings of $21,890 and Dividends $1,610. Prepare closing journal entries. What is the ending balance in Retained Earnings? Ending balance in Retained Earnings $enter the Ending balance in Retained Earnings in dollars
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $225,000; Service Revenue, $875,000; Salaries Expense, $385,000; Rent Expense, $145,000; Interest Expense, $80,000; and Dividends, $55,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. Required: A. Journalize the entries required to complete the closing of the accounts on December 31. Refer to the Chart of Accounts for exact wording of account titles. B. Determine the amount of Retained Earnings at the end of the period. CHART OF ACCOUNTS General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Prepaid Insurance 14 Supplies 15 Land 16 Building 17 Accumulated Depreciation-Building 18 Equipment 19 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Salaries and Wages Payable 23 Unearned Rent EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary REVENUE 41 Fees Earned…
Preparing and Analyzing Closing Entries At December 31, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $63,500; Cost of Goods Sold, $33,300; Retained Earnings, $20,000; Interest Expense, $3,200; Dividends (declared and paid), $5,000; Wages Expense, $8,000, and Interest Payable, $2,100. Required: 1. Prepare the closing entries for Aulani at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Sales Revenue Retained Earnings Dec. 31 Retained Earnings Cost of Goods Sold Interest Expense Wages Expense Dec. 31 Retained Earnings Dividends Feedback Check My Work 000 00 00 2. How does the closing process affect Aulani's retained earnings?
The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $222,000; Service Revenue, $860,000; Salaries Expense, $382,000; Rent Expense, $142,000; Interest Expense, $77,000; and Dividends, $52,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet Record the entry to close revenue accounts. 2 Record the entry to close expense accounts. 3 Record the entry to close dividend accounts. Note : = journal entry has been entered X Debit 860,000 Credit 860,000
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The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $219,000; Service Revenue, $845,000; Salaries Expense, $379,000; Rent Expense, $139,005; Interest Expense, $74,000; and Dividends, $49,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 Record the entry to close revenue accounts. 2 Record the entry to close expense accounts. 3 Record the entry to close dividend accounts. Credit Note : = journal entry has been entered View general jouurnal