Required information
Exercise 3-19A Record closing entries and prepare a post-closing tr...
Business, 11.02.2020 18:24 BackUpAccount
Required information
Exercise 3-19A Record closing entries and prepare a post-closing trial balance (LO3-6, 3-7)
[The following information applies to the questions displayed below.]
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.
Accounts Debit Credit
Cash $ 10,400
Accounts Receivable 134,000
Prepaid Rent 4,400
Supplies 22,000
Equipment 240,000
Accumulated Depreciation $ 119,000
Accounts Payable 10,400
Salaries Payable 9,400
Interest Payable 3,400
Notes Payable (due in two years) 24,000
Common Stock 140,000
Retained Earnings 44,000
Service Revenue 340,000
Salaries Expense 240,000
Rent Expense 12,000
Depreciation Expense 24,000
Interest Expense 3,400
Totals $ 690,200 $ 690,200
Exercise 3-19A Part 1
Required:
1. Record the necessary closing entries at December 31, 2021.
A) record the entry to close revenue accounts
B) record the entry to close the expense accounts
(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Note, the journal account entries are as follows:
no journal entry required
accounts payable
accounts receivable
accumulated depreciation
cash
common stock
depreciation expense
equipment
interest expense
interest payable
notes payable
prepaid rent
rent expense
retained earnings
salaries expense
salaries payable
service revenue
supplies
Answers: 2
Business, 21.06.2019 16:20
Match each of the terms below with an example that fits the term. a. fungibility the production of gasoline b. inelasticity the switch from coffee to tea c. non-excludability the provision of national defense d. substitution the demand for cigarettes
Answers: 3
Business, 21.06.2019 23:00
Which of the following statements about the relationship between economic costs and accounting costs is true? multiple choice accounting costs are equal to or greater than economic costs. accounting costs must always equal economic costs. accounting costs are always greater than economic costs. accounting costs are always less than or equal to economic costs.
Answers: 2
Business, 22.06.2019 11:00
Which statement best describes the variety of workplaces commonly found in the health science career cluster? a. workplaces in this cluster include healthcare facilities such as hospitals, physician offices, and clinics. b. workplaces in this cluster include healthcare facilities, laboratories, and other environments such as offices or homes. c . workplaces in this cluster include nonprofit hospitals, government-run clinics, and private physicians' offices. d. workplaces in this cluster include private and nonprofit hospitals and clinics, and dentists' offices.
Answers: 1
Business, 22.06.2019 21:40
Heather has been an active participant in a defined benefit plan for 19 years. during her last 6 years of employment, heather earned $42,000, $48,000, $56,000, $80,000, $89,000, and $108,000, respectively (representing her highest-income years). calculate heather’s maximum allowable benefits from her qualified plan (assume that there are fewer than 100 participants). assume that heather’s average compensation for her three highest years is $199,700. calculate her maximum allowable benefits.
Answers: 3
Mathematics, 26.08.2021 02:30
Mathematics, 26.08.2021 02:30
Biology, 26.08.2021 02:30
Mathematics, 26.08.2021 02:30
Mathematics, 26.08.2021 02:30
Mathematics, 26.08.2021 02:30
English, 26.08.2021 02:30
Mathematics, 26.08.2021 02:30