$41.97
Add to Cart
ACC290T Week 5 Apply Exercise SCORE 100 PERCENT
More than 10 available, 1 sold
Details
Shipping: Australia: free (more destinations)
Condition: Used
Question 1
The first two closing entries to the Income Summary account indicate a debit of $57,250 and a credit of $69,100. The third closing entry would be:
Multiple Choice
debit Capital $11,850; credit Income Summary $11,850.
debit Income Summary $11,850; credit Drawing $11,850.
debit Revenue $69,100; credit Expenses $57,250.
debit Income Summary $11,850; credit Capital $11,850.
Question 2
On December 31, 2019, the ledger of Lopez Company contained the following account balances:
Cash $ 31,000 Maria Lopez, Drawing $ 11,500
Accounts Receivable 1,900 Fees Income 43,750
Supplies 1,100 Depreciation Expense 1,750
Equipment 24,000 Salaries Expense 15,000
Accumulated Depreciation 1,500 Supplies Expense 2,000
Accounts Payable 2,000 Telephone Expense 1,600
Maria Lopez, Capital 46,250 Utilities Expense 3,650
________________________________________
Prepare the closing entries for the above transactions.
Question 3
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.
Income Summary Account No. 399
Balance
Date Description Debit Credit Debit Credit
2019
Dec. 31 Closing 66,400 66,400
31 Closing 35,600 30,800
31 Closing 30,800 0
________________________________________
Linda Carter, Capital Account No. 301
Balance
Date Description Debit Credit Debit Credit
2019
Dec. 1 117,000 117,000
31 Closing 30,800 147,800
31 Closing 10,700 137,100
Enter the following amounts.
Question 4
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:
ACCOUNT NO. ACCOUNT BALANCE
101 Cash $ 61,000
111 Accounts Receivable 35,460
121 Supplies 8,700
131 Prepaid Insurance 23,100
141 Equipment 99,000
142 Accumulated Depreciation—Equipment 39,420
202 Accounts Payable 11,100
301 Aretha Hinkle, Capital 111,000
302 Aretha Hinkle, Drawing 11,100
401 Fees Income 299,800
510 Depreciation Expense—Equipment 19,260
511 Insurance Expense 9,500
514 Rent Expense 31,100
517 Salaries Expense 147,000
518 Supplies Expense 3,700
519 Telephone Expense 4,900
523 Utilities Expense 7,500
________________________________________
All accounts have normal balances.
Required:
1. Prepare the closing entries.
2. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.
Question 5
On December 31, the Income Summary account of Madison Company has a debit balance of $31,000 after revenue of $33,000 and expenses of $64,000 were closed to the account. Madison Wells, Drawing has a debit balance of $3,400 and Madison Wells, Capital has a credit balance of $52,000.
Required:
1. Record the journal entries necessary to complete closing the accounts.
2. What is the new balance of Madison Wells, Capital?
Question 6
The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows.
Account Name Balance
Cash 7,700
Accounts Receivable 2,250
Supplies 2,100
Prepaid Insurance 770
Equipment 20,500
Accumulated Depreciation–Equipment 4,400
Accounts Payable 3,450
Roger Dye, Capital 16,500
Roger Dye, Drawing 4,200
Fees Income 19,800
Supplies Expense 820
Insurance Expense 670
Depreciation Expense–Equipment 620
Salaries Expense 3,450
Utilities Expense 1,070
________________________________________
Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entries for RD Consulting on December 31, 2019. All accounts have normal balances and adjusting entries have been made.
Question 7
The partial worksheet for the Jamison Company showed the following data on October 31, 2019.
INCOME
STATEMENT BALANCE
SHEET
ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT
Jason Jamison, Capital 31,000
Jason Jamison, Drawing 2,000
Fees Income 21,000
Salaries Expense 10,800
Rent Expense 1,100
Supplies Expense 500
Utilities Expense 600
Depr. Exp. −Equip. 950
Totals 13,950 21,000 42,650 35,600
Net Income 7,050 7,050
21,000 21,000 42,650 42,650
________________________________________
Prepare the closing entries for Jamison Company on October 31, 2019.
Question 8
On December 31, the ledger of Davis Company contained the following account balances:
Accounts Payable $ 12,600 Fees Income $ 177,000
Accounts Receivable 5,500 Supplies 3,900
Accumulated Depreciation 7,400 Prepaid Rent 59,500
Cash 79,000 Rent Expense 8,700
Depreciation Expense 7,400 Supplies Expense 7,900
Equipment 67,000 Teresa Davis, Capital 108,500
Teresa Davis, Drawing 51,500 Utilities Expense 15,100
________________________________________
All the accounts have normal balances. Prepare the closing entries for Davis Company On December 31.
• Record entry to transfer fees income to income summary.
• 2 Record entry to transfer expenses to income summary.
• 3 Record entry to transfer net income or net loss from income summary to capital.
• 4 Record entry to transfer drawings to capital account.
Question 9
Dorsey Company’s partial worksheet for the month ended March 31, 2019, is shown below. Open the owner’s capital account (account number 301) in the general ledger and record the March 1, 2019, balance of $40,500 shown on the worksheet.
INCOME STATEMENT BALANCE SHEET
ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT
Cash 10,200
Accounts Receivable 14,400
Supplies 5,350
Equipment 38,500
Accum. Depr. - Equip. 13,400
Accounts Payable 11,200
N. Dorsey, Capital 40,500
N. Dorsey, Drawing 4,700
Fees Income 29,800
Salaries Expense 15,100
Rent Expense 2,250
Supplies Expense 1,550
Depr. Exp. −Equip. 2,850
Totals 21,750 29,800 73,150 65,100
Net Income 8,050 8,050
29,800 29,800 73,150 73,150
________________________________________
Prepare a journal entries for the Dorsey Company’s on March 31, 2019. Post the closing entries to the owner’s capital account. Prepare a postclosing trial balance.
Question 10
Danos Company’s partial worksheet for the month ended December 31, 2019, is shown below. Open the owner’s capital account (account number 301) in the general ledger and record the December 1, 2019, balance of $83,000 shown on the worksheet.
INCOME STATEMENT BALANCE SHEET
ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT
Cash 26,500
Accounts Receivable 25,800
Supplies 10,900
Equipment 69,000
Accum. Depr. - Equip. 23,800
Accounts Payable 20,400
D. Danos, Capital 83,000
D. Danos, Drawing 7,900
Fees Income 57,400
Salaries Expense 30,600
Rent Expense 4,700
Supplies Expense 2,350
Depr. Exp. −Equip. 6,850
Totals 44,500 57,400 140,100 127,200
Net Income 12,900 12,900
57,400 57,400 140,100 140,100
________________________________________
Prepare the closing entries for the Danos Company’s on December 31, 2019. Post the closing entries to the owner’s capital account. Prepare a postclosing trial balance.
ANSWER WILL BE SENT ON EMAIL.
The first two closing entries to the Income Summary account indicate a debit of $57,250 and a credit of $69,100. The third closing entry would be:
Multiple Choice
debit Capital $11,850; credit Income Summary $11,850.
debit Income Summary $11,850; credit Drawing $11,850.
debit Revenue $69,100; credit Expenses $57,250.
debit Income Summary $11,850; credit Capital $11,850.
Question 2
On December 31, 2019, the ledger of Lopez Company contained the following account balances:
Cash $ 31,000 Maria Lopez, Drawing $ 11,500
Accounts Receivable 1,900 Fees Income 43,750
Supplies 1,100 Depreciation Expense 1,750
Equipment 24,000 Salaries Expense 15,000
Accumulated Depreciation 1,500 Supplies Expense 2,000
Accounts Payable 2,000 Telephone Expense 1,600
Maria Lopez, Capital 46,250 Utilities Expense 3,650
________________________________________
Prepare the closing entries for the above transactions.
Question 3
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.
Income Summary Account No. 399
Balance
Date Description Debit Credit Debit Credit
2019
Dec. 31 Closing 66,400 66,400
31 Closing 35,600 30,800
31 Closing 30,800 0
________________________________________
Linda Carter, Capital Account No. 301
Balance
Date Description Debit Credit Debit Credit
2019
Dec. 1 117,000 117,000
31 Closing 30,800 147,800
31 Closing 10,700 137,100
Enter the following amounts.
Question 4
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:
ACCOUNT NO. ACCOUNT BALANCE
101 Cash $ 61,000
111 Accounts Receivable 35,460
121 Supplies 8,700
131 Prepaid Insurance 23,100
141 Equipment 99,000
142 Accumulated Depreciation—Equipment 39,420
202 Accounts Payable 11,100
301 Aretha Hinkle, Capital 111,000
302 Aretha Hinkle, Drawing 11,100
401 Fees Income 299,800
510 Depreciation Expense—Equipment 19,260
511 Insurance Expense 9,500
514 Rent Expense 31,100
517 Salaries Expense 147,000
518 Supplies Expense 3,700
519 Telephone Expense 4,900
523 Utilities Expense 7,500
________________________________________
All accounts have normal balances.
Required:
1. Prepare the closing entries.
2. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.
Question 5
On December 31, the Income Summary account of Madison Company has a debit balance of $31,000 after revenue of $33,000 and expenses of $64,000 were closed to the account. Madison Wells, Drawing has a debit balance of $3,400 and Madison Wells, Capital has a credit balance of $52,000.
Required:
1. Record the journal entries necessary to complete closing the accounts.
2. What is the new balance of Madison Wells, Capital?
Question 6
The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows.
Account Name Balance
Cash 7,700
Accounts Receivable 2,250
Supplies 2,100
Prepaid Insurance 770
Equipment 20,500
Accumulated Depreciation–Equipment 4,400
Accounts Payable 3,450
Roger Dye, Capital 16,500
Roger Dye, Drawing 4,200
Fees Income 19,800
Supplies Expense 820
Insurance Expense 670
Depreciation Expense–Equipment 620
Salaries Expense 3,450
Utilities Expense 1,070
________________________________________
Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entries for RD Consulting on December 31, 2019. All accounts have normal balances and adjusting entries have been made.
Question 7
The partial worksheet for the Jamison Company showed the following data on October 31, 2019.
INCOME
STATEMENT BALANCE
SHEET
ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT
Jason Jamison, Capital 31,000
Jason Jamison, Drawing 2,000
Fees Income 21,000
Salaries Expense 10,800
Rent Expense 1,100
Supplies Expense 500
Utilities Expense 600
Depr. Exp. −Equip. 950
Totals 13,950 21,000 42,650 35,600
Net Income 7,050 7,050
21,000 21,000 42,650 42,650
________________________________________
Prepare the closing entries for Jamison Company on October 31, 2019.
Question 8
On December 31, the ledger of Davis Company contained the following account balances:
Accounts Payable $ 12,600 Fees Income $ 177,000
Accounts Receivable 5,500 Supplies 3,900
Accumulated Depreciation 7,400 Prepaid Rent 59,500
Cash 79,000 Rent Expense 8,700
Depreciation Expense 7,400 Supplies Expense 7,900
Equipment 67,000 Teresa Davis, Capital 108,500
Teresa Davis, Drawing 51,500 Utilities Expense 15,100
________________________________________
All the accounts have normal balances. Prepare the closing entries for Davis Company On December 31.
• Record entry to transfer fees income to income summary.
• 2 Record entry to transfer expenses to income summary.
• 3 Record entry to transfer net income or net loss from income summary to capital.
• 4 Record entry to transfer drawings to capital account.
Question 9
Dorsey Company’s partial worksheet for the month ended March 31, 2019, is shown below. Open the owner’s capital account (account number 301) in the general ledger and record the March 1, 2019, balance of $40,500 shown on the worksheet.
INCOME STATEMENT BALANCE SHEET
ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT
Cash 10,200
Accounts Receivable 14,400
Supplies 5,350
Equipment 38,500
Accum. Depr. - Equip. 13,400
Accounts Payable 11,200
N. Dorsey, Capital 40,500
N. Dorsey, Drawing 4,700
Fees Income 29,800
Salaries Expense 15,100
Rent Expense 2,250
Supplies Expense 1,550
Depr. Exp. −Equip. 2,850
Totals 21,750 29,800 73,150 65,100
Net Income 8,050 8,050
29,800 29,800 73,150 73,150
________________________________________
Prepare a journal entries for the Dorsey Company’s on March 31, 2019. Post the closing entries to the owner’s capital account. Prepare a postclosing trial balance.
Question 10
Danos Company’s partial worksheet for the month ended December 31, 2019, is shown below. Open the owner’s capital account (account number 301) in the general ledger and record the December 1, 2019, balance of $83,000 shown on the worksheet.
INCOME STATEMENT BALANCE SHEET
ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT
Cash 26,500
Accounts Receivable 25,800
Supplies 10,900
Equipment 69,000
Accum. Depr. - Equip. 23,800
Accounts Payable 20,400
D. Danos, Capital 83,000
D. Danos, Drawing 7,900
Fees Income 57,400
Salaries Expense 30,600
Rent Expense 4,700
Supplies Expense 2,350
Depr. Exp. −Equip. 6,850
Totals 44,500 57,400 140,100 127,200
Net Income 12,900 12,900
57,400 57,400 140,100 140,100
________________________________________
Prepare the closing entries for the Danos Company’s on December 31, 2019. Post the closing entries to the owner’s capital account. Prepare a postclosing trial balance.
ANSWER WILL BE SENT ON EMAIL.
