Journalize the closing entries at april 30. Accounting and Finance Homework help: journalize the closing entries for Goode Company at April 30, 2018-12-23

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Solution

journalize the closing entries at april 30

Analyze and use these data to complete parts 5 and 6. No common stock was issued during April. For each account in the post-closing trial balance, enter the balance in the appropriate balance column of a four column account. Accounts Receivable 12 2010 May 1 Balance…………………. This is where my problem lies. Journalize and post the adjusting entries. The accounting cylcle for Kelly Consulting for April , including financial statements was illistrated on page 157-168.

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Cajon Company Balance Sheet and Closing Entries

journalize the closing entries at april 30

After preparing the closing entries above, Service Revenue will now be zero. E4-1 - Complete the worksheet: The adjusted columns of the worksheet for Cajun Company are as follows: Cajun Company Worksheet partial For the month ended April 30, 2006 Adjusted trial Income Balance Balance Statement Sheet Account Titles Dr. Snack Attack will install vending machines with food and drinks and pay a 10% commission on all sales. Prepare an adjusted trial balance. May's portion of this premium was used up during this month.

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Solved: Exercise 4

journalize the closing entries at april 30

Income summary is account 33 in the chart of accounts. Enter the transactions in a general journal. Night paid cash for both items. E4-5 The adjustments columns of the worksheet for Mears Company are shown below. Since dividend and withdrawal accounts are contra to the retained earnings account, they reduce the balance in the retained earnings.

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Journal Entries and financial statements

journalize the closing entries at april 30

Debit Credit 2010 May 31 Accounts Receivable……………………………………. In case of a company, retained earnings account, and in case of a firm or a sole proprietorship, owner's capital account receives the balances of temporary accounts. Cash 14,752 14,752 Accounts Receivable 7,840 7,840 Prepaid Rent 2,280 2,280 Equipment 23,050 23,050 Accum. Notice that the balance of the Income Summary account is actually the net income for the period. Debit Credit Adjusting Entries 2010 May 31 Insurance Expense……………………………………….

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ACCT201 Ch 4 Flashcards

journalize the closing entries at april 30

Office Equipment 18 2010 May 1 Balance…………………. Account Titles Cash 14,752 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accumulated Depreciation 4,921 Notes Payable 5,700 Accounts Payable 5,672 Common Stock 25,000 Retained Earnings 8,960 Dividends 3,650 Service Revenue 12,590 Salaries Expense 9,840 Rent Expense 760 Depreciation Expense 671 Interest Expense 57 Interest Payable 57 Totals 62,900 62,900 Instructions Complete the work sheet. What is the significance of no common stock issued? Our example is a sole proprietorship business. It is used to close income and expenses. Now for the next step, we need to get the balance of the Income Summary account. When you close the accounts, you are closing out net income to retained earnings, which adds to it.

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The chart of accounts for Kelly Consulting is shown on page 158, and the post

journalize the closing entries at april 30

Income summary account is a temporary account which facilitates the closing process. If a business has other income accounts, for example gain on sale account, then the debit side of the first closing entry will also include the gain on sale account and the income summary account will be credited for the sum of all income accounts. As you will see later, Income Summary is eventually closed to capital. Can you tell me where I have gone wrong with this problem? Post the closing entries Income Summary and Retained Earnings. Prepare the statement of owner's equity. Journalize the closing entries on page 9 of the general journal.

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Working Papers

journalize the closing entries at april 30

Adjustment information at the end of May is provided below. Again, exactly what you do on the retained earnings statements. Use T Accounts Prepare a post closing trial balance at April 30. Permanent accounts are never closed. Accumulated Depreciation 19 2010 May 1 Balance…………………. Kelly pitney began her consulting business, Kelly Consulting, on April 1, 2010.

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Closing Entries: Step by Step Guide

journalize the closing entries at april 30

Prepare a post-closing trial balance. Closing Entries Service Revenue D 15,590 Income Summary C 15,590 To close revenue account Income Summary D 12,328 Salaries Expense C 10,840 Rent Expense C 760 Depreciation Expense C 671 Interest Expense C 57 To close expense accounts Income Summary D 3,262 Retained Earnings C 3,262 To close net income to retained earnings Retained Earnings D 3,650 Dividends C 3,650 To close dividends to capital b. Post the entries to the general ledger. You also listed all your assets on the balance sheet as credits for unknown reasons. Straight-line depreciation is also used for the two boats purchased in May. In essence, the closing entries are doing to the accounts what you just did on the statement. And you end up at 5572.

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The chart of accounts for Kelly Consulting is shown on page 158, and the post

journalize the closing entries at april 30

These transactions required an expansion of the chart of accounts as shown below. The adjusted trial balance columns of the work sheet for Cajon Company are as follows. Step 3: Close Income Summary to the appropriate capital account The Income Summary balance is ultimately closed to the capital account. Post the journal to a ledger of four-column accounts. Cash 13,752 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accumulated Depreciation 4,921 Notes Payable 5,700 Accounts Payable 5,672 Common Stock 25,000 Retained Earnings 5,960 Dividends 3,650 Service Revenue 15,590 Salaries Expense 10,840 Rent Expense 760 Depreciation Expense 671 Interest Expense 57 Interest Payable 57 Totals 62,900 62,900 Instructions Complete the worksheet.

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