Prepare the adjusted trial balance at April 30, 2012. Prepare a post-closing trial balance at April 30. 2-48 CVP and Financial Statements for a Mega-Bran... Fin 370 week 3 4-6A. what is the solution of question P5.4 （part a to c）？ help_outline. (c) Prepare a post-closing trial balance at April 30. Closing entries After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.: Retained Earnings $643,60 Dividends 10,500 Fees Earned 356,500 Wages Expense 283,100 Rent Expense 56,000 Supplies Expense 11,500 Miscellaneous Expense 13,000 Journalize the four entries required to close the accounts. Question: 1) Journalize The Closing Entrirs At April 30. Close the revenue accounts with credit balances. Instructions. Journalize and post the closing entries at April 30. a. Journalize the closing entries at April 30. b. Exercise E4-4 . P4-1A Prepare a worksheet, financial statements, and adjusting and closing entries The trial balance columns of the worksheet for Lampert Roofing at March 31, 2015 are as follows. No common stock was issued during April. Closing Entries After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.: Felix Godwin, Capital $415,260 Felix Godwin, Drawing 25,000 Fees Earned 596,090 … NOTE: The closing entries will be automatically posted to the general ledger when you click 'submit' and the correct general ledger balances will be available in the solution to Part 7. E4-3 Worksheet data for Goode Company are presented in E4-2. Post the closing entries to Income Summary and Retained Earnings. Exercise 4-4 (Part Level Submission) The adjusted trial balance columns of the worksheet for Savaglia Company are as follows. Remember, you do not change your journal entries for posting — if you debit in an entry you debit when you post. Use this template to journalize the closing entries for Goode Company at April 30, 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. Show transcribed image text. If Stacy Tanner, Capital has instead decreased $30,000 after the closing entries were posted, and the withdrawals remained the same, what would have been the amount of net income or net loss? Journalize the adjusting entries Be sure to save your work in Excel as it will be used to complete the following steps in Part 1 of this problem as well as steps in Part 2 of this problem. Closing Entries. Instructions (a) Journalize the closing entries at April 30. Closing Entries After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.: Retained Earnings $643,600 Dividends 10,500 Fees Earned 356,500 Wages Expense 283,100 Rent Expense 56,000 Supplies Expense 11,500 Miscellaneous Expense 13,000 Closing entries may be defined as journal entries made at the end of an accounting period to transfer the balances of various temporary ledger accounts to some permanent ledger account.. Use T accounts. GB518. The Bharu Violin Company has the capacity to manuf... Benjamin O'Henry has owned and operated O'Henry's ... A. Worksheet data for Goode Company are presented in E4-2. Closing journal entries are made at the end of an accounting period to prepare temporary accounts for the next period.. Use T accounts. Use T accounts. The following transactions were completed during April. (c) Journalize the closing entries that are necessary. GOODE COMPANY Work Sheet (Partial) For the Month Ended April 30, 2008 Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Cre… Cash $13,752 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accum Dep - Equip $4,921 Notes Payable 5,700 Accounts Payable 5,672 Common Stock 25,000 Retained Earnings 5,960 Dividends 3,650 Service … (b) Post the closing entries to Income Summary and Retained Earnings. 1. At the beginning of the current season, the ledger of Diaz Tennis Shop showed Cash $2,500, Inventory $1,700, and Owner’s Capital $4,200. A4. The books are closed by reseting the temporary accounts for the year. c. Journalize the closing entries that are P5.4 (LO 2, 3, 4) J. Zheng, a former professional tennis star, operates Zheng's Tennis Shop at the Yalong River Resort. This is becaues temporary or nominal accounts, (also called income statement accounts), are measured periodically; and so, the amounts in one accounting period should be closed or brought to zero so that they won't get mixed with those of the next period. Instructions (a) Journalize the closing entries at April 30. Expert Answer 100% (4 ratings) Previous question Next question Transcribed Image Text from this Question. Cash 4,500 Accounts Receivable 3,200 Supplies 2,000 Equipment 11,000 Accumulated Depreciation-Equipment 1,250 … After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Twin Trees Landscaping Co.: ... Journalize the June 30, 20Y4, adjusting entry for estimated sales discounts. entries made at the end of an accounting period to zero out all temporary accounts and transfer their balances to permanent accounts c) Prepare a post-closing trial balance at April 30. Prepare an income statement, a retained earnings statement, and a classified balance sheet. After posting all financial transactions to the accounting journals and summarizing them in the general ledger, a trial balance is prepared to verify that the debits equal the credits on the chart of accounts.The trial balance is the next step in the accounting cycle.It is the first step in the "end of the accounting period" process. If an amount box does not require an entry, leave it blank. Data From Exercise 2. The next step is to post the adjusting journal entries. The adjusted trial balance columns of the worksheet for Tai Interiors are as follows (amounts in NT$). LAMPERT ROOFING Worksheet For the Month Ended March 31, 2015 Trial Balance Account Titles Dr. Cr. Use T-accounts. If you have other questions to be solved, please send them to this mail id, If the Data is different in your question, please send your questions to, Bridge Benefit Cost Benefit-Cost Benefit/Cost. Traditional journal entry format dictates that debited accounts are listed before credited accounts. Prepare an income statement, a retained earnings statement, and a classified balance sheet. 3. Homework Assistance Powered by homeworksolutionsnow.com. The G. Wolf Corporation is examining two capital-b... Coach Bjourn Toulouse led the Big Red Herrings to ... Southwest Airlines offers four flights per weekday... Xacc 280 appendix d - Masasi Company, Inc. H55 Company sells two products, beer and wine, 12-4 The Campbell Company is evaluating the proposed. | … Use this template to journalize the closing entries for Goode Company at April 30, ... Journalize the closing entries at April 30. Worksheet data for Savaglia Company are present as follows Savaglia Company Worksheet (partial)For the Month Ended April 30, 2020 Instruction journalize the closing entries at Atril 30. We will prepare the closing entries for Hanlon. (c) Prepare a post-closing trial balance at April 30. 126,571 students got unstuck by CourseHero in the last week, Our Expert Tutors provide step by step solutions to help you excel in your courses. If Stacy Tanner, Capital has instead decreased $30,000 after the closing entries were posted, and the withdrawals remained the same, what would have been the amount of net income or net loss? Closing entries After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.: Felix Godwin, Capital $643,600 Felix Godwin, Drawing 10,500 Fees Earned 356,500 Wages Expense 283,100 Rent Expense 56,000 Supplies Expense 11,500 Miscellaneous Expense 13,000 Journalize the four entries required to close the … Use T 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 (c) Prepare a post-closing trial balance at April… The balance in the accumulated depreciation account is to be eliminated. E4-3 Worksheet data for Goode Company are presented in E4-2. 2. the Post closing entries. a) Journalize the closing entries at April 30. b) Post the closing entries. Closing entries, also called closing journal entries, are entries made at the end of an accounting period to zero out all temporary accounts and transfer their balances to permanent accounts. journalize the closing entries for Goode Company at April 30, Complete the worksheet. (b) Post the closing entries to Income Summary and Retained Earnings. P5-4B Alex Diaz, a former professional tennis star, operates Diaz Tennis Shop at the Cedar Lake Resort. Course Hero is not sponsored or endorsed by any college or university. Prepare a trial balance on April 30, 2020. c. E4-3 - Using worksheet info for Cajun Company above: Journalize the closing entries at April 30. B. We will use the same method of posting (ledger card or T-accounts) we used for step 3 as we are just updating the balances. Awesome Inc. theme. ACCT, ACC, Accounting assignment, Accounting homework, Financial accounting homework , College accounting homework, Cost accounting homework, Accounting homework online, Managerial accounting homework, Accounting homework, Accounting , Financial accounting, Accounting assignment, Online accounting, Accounting tutor, Online assignments, Homework, Accounting tutor online, Accounting hw, Accounting online, Online accounting tutor, Accounting online, Accounting tutors online. Trial Balance : Prepare an income statement, a retained earnings statement, and a classified balance sheet. The Post closing trial balance at APRIL 30. Question. Denote each closing amount as Clo and … Use T-accounts. Image Transcriptionclose. (b) Post the closing entries to Income Summary and Retained Earnings. Post the closing entries Income Summary and Retained Earnings. HINT: Where would you go to get the information required to journalize the closing entries? E4-4 Worksheet data for Goode Company are presented in E4-2. (b) Post the closing entries to Income Summary and Retained Earnings. Closing Entries After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.: Retained Earnings $643,600 Dividends 10,500 Fees Earned 356,500 Wages Expense 283,100 Rent Expense 56,000 Supplies Expense 11,500 Miscellaneous Expense 13,000 To follow this principle, adjusting entries are journal entries made at the end of an accounting period or at any time financial statements are to be prepared to bring about a proper matching of revenues and expenses. (b) Post the closing entries to Income Summary and T. Goode, Capital. (c) Prepare a post-closing trial balance at April 30. 3. The Income Statement. Remember, the matching principle indicates that expenses have to be matched with revenues as long as it is reasonable to do so. (a) Journalize the closing entries at April 30. No common stock was issued during April. Each journal entry is also accompanied by the transaction date, title, and … Can I have the questions answered by tomorrow before 5 p.m? The trial balance columns of the worksheet for Bri... CVP and Break-Even Goal: Scenario: Phonetronix is ... 2-61 CVP in a Modern Manufacturing Environment. Use T accounts. Accounting Financial Accounting After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.: Journalize the four entries required to close the accounts. Accountants may perform the closing process monthly or annually. (Cash budget) The Sharpe Corp... ACCOUNTING 561 Week 5 13-B3 13-45 13-48 13-49. c. Prepare a post-closing trial balance at April 30. Instructions (a) Journalize the closing entries at April 30. Journalize the entries that were required to close the accounts at June 30. 3. 4. No common stock was issued during April. Journalize the entries as of April 30 to record the revaluations, using a temporary account entitled Asset Revaluations. (b) Post the closing entries to Income Summary and Retained Earnings. The closing process reduces revenue, expense, and dividends account balances (temporary accounts) to zero so they are ready to receive data for the next accounting period. Outline the scope of Management Audit. Journalize the closing entries at April 30. (a) Journalize the closing entries at April 30. 3) Prepare A Post-closing Trial Balance At April 30 Post the closing entries to Income Summary and Retained Earnings. No common stock was issued during April. Remember to close means to make the balance zero. Use T accounts. On purchase download the Tutorial from the link provided to you. Finalize all income and expense journal entries for the year based on your year-end checklist. Prepare an income statement, a retained earnings statement, and a classified balance sheet. Ensure … If in case of any problem downloading the Tutorial, do not worry it will be sent to your mail any how. GOODE COMPANY Work Sheet (Partial) For the Month Ended April 30, 2008 Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Cre… Cash $13,752 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accum Dep - Equip $4,921 Notes Payable 5,700 Accounts Payable 5,672 Common Stock 25,000 Retained Earnings 5,960 Dividends 3,650 Service … After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Twin Trees Landscaping Co.: ... Journalize the June 30, 20Y4, adjusting entry for estimated sales discounts. Define Management Audit. Journalize the entries that were required to close the accounts at June 30. (b) Post the closing entries to Income Summary and Retained Earnings. To do this, we will do the opposite of the balance in the adjusted trial balance in a journal entry and use Income Summary to balance the entry. 2) Post The Closing Entries To Income Summary And Retained Earnings. Worksheet data for Savaglia Company are present as follows Savaglia Company Worksheet (partial)For the Month Ended April 30, 2020 Instruction journalize the closing entries at Atril 30. Closing entries After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.: Retained Earnings $643,60 Dividends 10,500 Fees Earned 356,500 Wages Expense 283,100 Rent Expense 56,000 Supplies Expense 11,500 Miscellaneous Expense 13,000 Journalize the four entries required to close the accounts. After journalizing the revaluations, close the balance of the asset revaluations account to the capital accounts of Tosio Kato and Angela Gordon. Internal Management Report Prepare an executive level report related to the target acquisition company’s financial and operational strengths and wea. Closing Entries. Definition and explanation. Journal entries use debits and credits to record the changes of the accounting equation in the general journal. Powered by. (b) Post the closing entries to Income Summary and Retained Earnings. Worksheet data for Albanese Company are presented in E. Instructions(a) Journalize the closing entries at April 30. Instructions (a) Journalize the closing entries at April 30. Post the closing entries to Income Summary and Owner’s Capital. If an amount box does not require an entry, leave it blank. (c) Prepare a post-closing trial balance at April 30. The closing entries are the journal entry form of the Statement of Retained Earnings. 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