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sergeinik [125]
3 years ago
6

Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journ

al Entries [LO 4-4, LO 4-5]
[The following information applies to the questions displayed below.]
The Sky Blue Corporation has the following adjusted trial balance at December 31.
Debit Credit
Cash $1,230
Accounts Receivable 2,000
Prepaid Insurance 2,300
Notes Receivable (long-term) 3,000
Equipment 12,000
Accumulated Depreciation $ 2,600
Accounts Payable 5,420
Salaries and Wages Payable 1,000
Income Taxes Payable 2,900
Deferred Revenue 600
Common Stock 2,400
Retained Earnings 1,000
Dividends 300
Sales Revenue 42,030
Rent Revenue 300
Salaries and Wages Expense 21,600
Depreciation Expense 1,300
Utilities Expense 4,220
Insurance Expense 1,400
Rent Expense 6,000
Income Tax Expense 2,900
Total $58,250 $ 58,250
M4-17
Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
Ber [7]3 years ago
4 0

Answer and Explanation:

The Journal entry is shown below:-

1. Sales Revenue Dr, $42,030

   Rent Revenue $300

        To Salaries and Wages Expense $21,600

        To Depreciation Expense $1,300

       To Utilities Expense $4,220

       To Insurance Expense $1,400

        To Rent Expense $6,000

       To Income Tax Expense $2,900

       To Retained Earnings $4,910

(Being closing of revenues and expenses is recorded)

2. Retained Earnings Dr, $300

         To Dividends $300

(Being closing of dividend is recorded)

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Compared to a short-term investment, what is the general return of a long-term investment? A) A long-term investment has a simil
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Let understand that "short-term investment" are investments that can be easily converted to cash and has a maturity period of less than a year. Example of this investment are Money Market.

"Long term investment" are investment that runs over a long period of time and yield higher return than the short-term investment". Example of these investment are stocks, bonds, real estate

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In conclusion, long-term investment has a greater return because it has greater risk.

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<em>brainly.com/question/17681451</em>

8 0
3 years ago
In May, Pasta Disasta, Inc. paid its suppliers $500 that it owed for the pizza pans purchased and received in April. Which accou
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Based on the information given the account that are affected is:

  • $500 decrease in liabilities
  • $500 decrease in assets.

<h3>Accounts that are affected</h3>

Assuming the company paid its suppliers the amount of  $500 that it owed for the pizza pans they purchased and received in the month of April. Hence, liabilities account will decrease by $500 while the assets account will decrease by $500.

Thus:

  • $500 decrease in liabilities
  • $500 decrease in assets

Inconclusion the account that are affected is:$500 decrease in liabilities, $500 decrease in assets.

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