If an amount box does not require an entry, leave it blank. The Post closing trial balance at APRIL 30. 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? Cash 4,500 Accounts Receivable 3,200 Supplies 2,000 Equipment 11,000 Accumulated Depreciation-Equipment 1,250 … (b) Post the closing entries to Income Summary and Retained Earnings. Post the closing entries to Income Summary and Retained Earnings. 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. Exercise 4-4 (Part Level Submission) The adjusted trial balance columns of the worksheet for Savaglia Company are as follows. Awesome Inc. theme. Homework Assistance Powered by homeworksolutionsnow.com. Post the closing entries to Income Summary and Owner’s Capital. Can I have the questions answered by tomorrow before 5 p.m? Closing Entries. If in case of any problem downloading the Tutorial, do not worry it will be sent to your mail any how. Trial Balance : 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. Use T-accounts. what is the solution of question P5.4 （part a to c）？ help_outline. Each journal entry is also accompanied by the transaction date, title, and … Accountants may perform the closing process monthly or annually. Prepare an income statement, a retained earnings statement, and a classified balance sheet. Prepare an income statement, a retained earnings statement, and a classified balance sheet. (c) Prepare a post-closing trial balance at April 30. LAMPERT ROOFING Worksheet For the Month Ended March 31, 2015 Trial Balance Account Titles Dr. Cr. 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 GB518. (b) Post the closing entries to Income Summary and Retained Earnings. The following transactions were completed during April. Journalize the entries as of April 30 to record the revaluations, using a temporary account entitled Asset Revaluations. Use T accounts. (b) Post the closing entries to Income Summary and Retained Earnings. After journalizing the revaluations, close the balance of the asset revaluations account to the capital accounts of Tosio Kato and Angela Gordon. The closing entries are the journal entry form of the Statement of Retained Earnings. c) Prepare a post-closing trial balance at April 30. Image Transcriptionclose. Use T accounts. 3. 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. 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. (b) Post the closing entries to Income Summary and Retained Earnings. 3. a. Journalize the closing entries at April 30. b. journalize the closing entries for Goode Company at April 30, Complete the worksheet. 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. The next step is to post the adjusting journal entries. 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. HINT: Where would you go to get the information required to journalize the closing entries? 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. Use this template to journalize the closing entries for Goode Company at April 30, ... Journalize the closing entries at April 30. (c) Prepare a post-closing trial balance at April… No common stock was issued during April. 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. 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 … E4-3 Worksheet data for Goode Company are presented in E4-2. 2-48 CVP and Financial Statements for a Mega-Bran... Fin 370 week 3 4-6A. Prepare a post-closing trial balance at April 30. 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. Journalize the closing entries at April 30. 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. Denote each closing amount as Clo and … Worksheet data for Albanese Company are presented in E. Instructions(a) Journalize the closing entries at April 30. If an amount box does not require an entry, leave it blank. B. Data From Exercise 2. 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. | … 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. (b) Post the closing entries to Income Summary and Retained Earnings. The books are closed by reseting the temporary accounts for the year. Traditional journal entry format dictates that debited accounts are listed before credited accounts. 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. c. Prepare a post-closing trial balance at April 30. Use T accounts. Use T-accounts. Instructions (a) Journalize the closing entries at April 30. Definition and explanation. On purchase download the Tutorial from the link provided to you. Question: 1) Journalize The Closing Entrirs At April 30. Post the closing entries Income Summary and Retained Earnings. 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. Define Management Audit. Use T accounts. No common stock was issued during April. Journal entries use debits and credits to record the changes of the accounting equation in the general journal. 3. 4. Remember, you do not change your journal entries for posting — if you debit in an entry you debit when you post. Course Hero is not sponsored or endorsed by any college or university. Instructions (a) Journalize the closing entries at April 30. Remember to close means to make the balance zero. Powered by. Expert Answer 100% (4 ratings) Previous question Next question Transcribed Image Text from this Question. The Income Statement. A4. 2. the Post closing entries. Remember, the matching principle indicates that expenses have to be matched with revenues as long as it is reasonable to do so. 2) Post The Closing Entries To Income Summary And Retained Earnings. Journalize and post the closing entries at April 30. Prepare an income statement, a retained earnings statement, and a classified balance sheet. 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. Instructions (a) Journalize the closing entries at April 30. 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 $4,921 Notes Payable 5,700 Accounts Payable 5,672 Common Stock 25,000 Retained Earnings 5,960 Dividends 3,650 Service … The G. Wolf Corporation is examining two capital-b... Coach Bjourn Toulouse led the Big Red Herrings to ... Southwest Airlines offers four flights per weekday... Xacc 280 appendix d - Masasi Company, Inc. H55 Company sells two products, beer and wine, 12-4 The Campbell Company is evaluating the proposed. Finalize all income and expense journal entries for the year based on your year-end checklist. The trial balance columns of the worksheet for Bri... CVP and Break-Even Goal: Scenario: Phonetronix is ... 2-61 CVP in a Modern Manufacturing Environment. Exercise E4-4 . No common stock was issued during April. P5-4B Alex Diaz, a former professional tennis star, operates Diaz Tennis Shop at the Cedar Lake Resort. Cash 13,752 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accumulated Depreciation 4,921 Notes Payable 5,700 Accounts Payable 5,672 (c) Prepare a post-closing trial balance at April 30. The adjusted trial balance columns of the worksheet for Tai Interiors are as follows (amounts in NT$). 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. a) Journalize the closing entries at April 30. b) Post the closing entries. 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 … Prepare an income statement, a retained earnings statement, and a classified balance sheet. 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 Prepare the adjusted trial balance at April 30, 2012. 3) Prepare A Post-closing Trial Balance At April 30 Worksheet data for Goode Company are presented in E4-2. 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. Journalize the entries that were required to close the accounts at June 30. Prepare a trial balance on April 30, 2020. (b) Post the closing entries to Income Summary and Retained Earnings. c. E4-3 - Using worksheet info for Cajun Company above: Journalize the closing entries at April 30. (c) Prepare a post-closing trial balance at April 30. 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. Show transcribed image text. E4-4 Worksheet data for Goode Company are presented in E4-2. 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. (c) Prepare a post-closing trial balance at April 30. Instructions. 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. Outline the scope of Management Audit. Journalize the entries that were required to close the accounts at June 30. We will prepare the closing entries for Hanlon. 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. 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. E4-3 Worksheet data for Goode Company are presented in E4-2. Use T accounts. (b) Post the closing entries to Income Summary and Retained Earnings. Ensure … Internal Management Report Prepare an executive level report related to the target acquisition company’s financial and operational strengths and wea. entries made at the end of an accounting period to zero out all temporary accounts and transfer their balances to permanent accounts Closing journal entries are made at the end of an accounting period to prepare temporary accounts for the next period.. Question. 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. (b) Post the closing entries to Income Summary and T. Goode, Capital. 1. 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.. The balance in the accumulated depreciation account is to be eliminated. 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. 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 … Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem. The Bharu Violin Company has the capacity to manuf... Benjamin O'Henry has owned and operated O'Henry's ... A. Use T accounts. (Cash budget) The Sharpe Corp... ACCOUNTING 561 Week 5 13-B3 13-45 13-48 13-49. Instructions (a) Journalize the closing entries at April 30. (c) Journalize the closing entries that are necessary. (a) Journalize the closing entries at April 30. 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