The Post closing trial balance at APRIL 30. Instructions (a) Journalize the closing entries at April 30. If an amount box does not require an entry, leave it blank. The Income Statement. 2. the Post closing entries. Instructions (a) 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. (c) Journalize the closing entries that are necessary. E4-3 Worksheet data for Goode Company are presented in E4-2. (b) Post the closing entries to Income Summary and Retained Earnings. Instructions (a) Journalize the closing entries at April 30. Awesome Inc. theme. Cash 4,500 Accounts Receivable 3,200 Supplies 2,000 Equipment 11,000 Accumulated Depreciation-Equipment 1,250 … 3. 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. Journalize the entries as of April 30 to record the revaluations, using a temporary account entitled Asset Revaluations. 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. a. Journalize the closing entries at April 30. b. No common stock was issued during April. Worksheet data for Goode Company are presented in E4-2. (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.: Felix Godwin, Capital $415,260 Felix Godwin, Drawing 25,000 Fees Earned 596,090 … (c) Prepare a post-closing trial balance at April… 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.. E4-3 Worksheet data for Goode Company are presented in E4-2. (Cash budget) The Sharpe Corp... ACCOUNTING 561 Week 5 13-B3 13-45 13-48 13-49. LAMPERT ROOFING Worksheet For the Month Ended March 31, 2015 Trial Balance Account Titles Dr. Cr. Use T accounts. Prepare the adjusted trial balance at April 30, 2012. 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 … 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. Prepare an income statement, a retained earnings statement, and a classified balance sheet. Each journal entry is also accompanied by the transaction date, title, and … On purchase download the Tutorial from the link provided to you. c. Prepare a post-closing trial balance at April 30. Remember, you do not change your journal entries for posting — if you debit in an entry you debit when you post. After journalizing the revaluations, close the balance of the asset revaluations account to the capital accounts of Tosio Kato and Angela Gordon. Powered by. Closing Entries. Use T accounts. Prepare an income statement, a retained earnings statement, and a classified balance sheet. Trial Balance : Journalize the entries that were required to close the accounts at June 30. Remember to close means to make the balance zero. 3. Closing Entries. Image Transcriptionclose. Prepare a post-closing trial balance at April 30. A4. 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. 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. 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? Ensure … Prepare an income statement, a retained earnings statement, and a classified balance sheet. If an amount box does not require an entry, leave it blank. GB518. 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 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. 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. The next step is to post the adjusting journal entries. 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 30. Journalize the closing entries 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. The following transactions were completed during April. Use T accounts. 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. (a) Journalize the closing entries at April 30. Post the closing entries to Income Summary and Retained Earnings. (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 (b) Post the closing entries to Income Summary and Retained Earnings. Data From Exercise 2. Homework Assistance Powered by homeworksolutionsnow.com. Prepare an income statement, a retained earnings statement, and a classified balance sheet. 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. (c) Prepare a post-closing trial balance at April 30. Journalize the entries that were required to close the accounts at June 30. (b) Post the closing entries to Income Summary and Retained Earnings. 1. 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. 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. 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. Traditional journal entry format dictates that debited accounts are listed before credited accounts. 4. Instructions. 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. Instructions (a) Journalize the closing entries at April 30. Course Hero is not sponsored or endorsed by any college or university. Denote each closing amount as Clo and … Use T-accounts. entries made at the end of an accounting period to zero out all temporary accounts and transfer their balances to permanent 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. 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 … Prepare a trial balance on April 30, 2020. The Bharu Violin Company has the capacity to manuf... Benjamin O'Henry has owned and operated O'Henry's ... A. 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 $4,921 Notes Payable 5,700 Accounts Payable 5,672 Common Stock 25,000 Retained Earnings 5,960 Dividends 3,650 Service … Expert Answer 100% (4 ratings) Previous question Next question Transcribed Image Text from this Question. 2) Post The Closing Entries To Income Summary And Retained Earnings. c. Journalize the closing entries that are P5.4 (LO 2, 3, 4) J. Zheng, a former professional tennis star, operates Zheng's Tennis Shop at the Yalong River Resort. After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Twin Trees Landscaping Co.: ... Journalize the June 30, 20Y4, adjusting entry for estimated sales discounts. (b) Post the closing entries to Income Summary and Retained Earnings. (b) Post the closing entries to Income Summary and Retained Earnings. Remember, the matching principle indicates that expenses have to be matched with revenues as long as it is reasonable to do so. If in case of any problem downloading the Tutorial, do not worry it will be sent to your mail any how. The closing entries are the journal entry form of the Statement of Retained Earnings. To follow this principle, adjusting entries are journal entries made at the end of an accounting period or at any time financial statements are to be prepared to bring about a proper matching of revenues and expenses. Accountants may perform the closing process monthly or annually. Journalize and post the closing entries at April 30. The adjusted trial balance columns of the worksheet for Tai Interiors are as follows (amounts in NT$). 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. 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 2-48 CVP and Financial Statements for a Mega-Bran... Fin 370 week 3 4-6A. Definition and explanation. 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. Internal Management Report Prepare an executive level report related to the target acquisition company’s financial and operational strengths and wea. Post the closing entries to Income Summary and Retained Earnings. Use T accounts. Close the revenue accounts with credit balances. Use T-accounts. Post the closing entries 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. E4-4 Worksheet data for Goode Company are presented in E4-2. No common stock was issued during April. Define Management Audit. B. The balance in the accumulated depreciation account is to be eliminated. 3) Prepare A Post-closing Trial Balance At April 30 Question: 1) Journalize The Closing Entrirs At April 30. Outline the scope of Management Audit. 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. journalize the closing entries for Goode Company at April 30, Complete the worksheet. Exercise E4-4 . (b) Post the closing entries to Income Summary and T. Goode, Capital. 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. Show transcribed image text. Post the closing entries to Income Summary and Owner’s Capital. Use T accounts. | … Can I have the questions answered by tomorrow before 5 p.m? 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? No common stock was issued during April. Worksheet data for Albanese Company are presented in E. Instructions(a) Journalize the closing entries at April 30. The books are closed by reseting the temporary accounts for the year. HINT: Where would you go to get the information required to journalize the closing entries? c. E4-3 - Using worksheet info for Cajun Company above: Journalize the closing entries at April 30. Use T accounts. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem. P5-4B Alex Diaz, a former professional tennis star, operates Diaz Tennis Shop at the Cedar Lake Resort. Closing journal entries are made at the end of an accounting period to prepare temporary accounts for the next period.. 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. 3. Question. what is the solution of question P5.4 (part a to c)? help_outline. 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