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Evgesh-ka [11]
3 years ago
13

On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March 31 f

or Banes Domino's Company. Banes Domino's Company
Adjusted Trial Balance
March 31, 20--
1 Account Title Debit Credit 1
2 Cash 30,000.00
3 Accounts Receivable 45,200.00
4 Supplies 5,000.00
5 Equipment 169,900.00
6 Accumulated Depreciation 32,000.00
7 Accounts Payable 12,500.00
8 Jack Banes, Capital 71,600.00
9 Jack Banes, Drawing 47,000.00
10 Fees Earned 510,000.00
11 Salary Expense 244,500.00
12 Rent Expense 48,000.00
13 Depreciation Expense 25,000.00
14 Supplies Expense 9,500.00
15 Miscellaneous Expense 2,000.00
16 Totals 626,100.00 626,100.00
Required:
Journalize the four closing entries. Refer to the Chart of Accounts for exact wording of account titles. The journal should consist of 12 rows.
Chart of Accounts.
Banes Domino's CorporationGeneral Ledge
Assets
1 Cash
2 Accounts Receivable
3 Supplies
4 Equipment
5 Accumulated Depreciation
Liabilities
5 Accounts Payable
Equity
6 Common Stock
7 Retained Earnings
8 Dividends
9 Income Summary
Revenue
10 Fees Earned
Expenses
11 Salary Expense
12 Rent Expense
13 Depreciation Expense
14 Supplies Expense
15 Miscellaneous Expense
Business
1 answer:
max2010maxim [7]3 years ago
5 0

Answer:

Banes Domino's Company

Closing Entries

Date      Acct.No              Account                    Debit                 Credit

                 9           Income Summary             329,000.00

                 11                  Salary Expense                              244,500.00

                 12                 Rent Expense                                48,000.00

                 13       Depreciation Expense                           25,000.00

                 14         Supplies Expense                                  9,500.00

                15     Miscellaneous Expense                              2,000.00

Expenses are closed to Income Summary Account.

                10               Fees Earned                  510,000.00

                   9           Income Summary                                  510,000.00

Revenue Accounts are closed to Income Summary Account.

                              9           Income Summary   181,000.00

                                        Jack Banes, Capital                      181,000.00

To close Income Summary Account

                           Jack Banes, Capital    47,000.00

                             Jack Banes, Drawing                               47,000.00

To Close withdrawals account.

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laiz [17]

Answer:

N = 3,120 (Approx)

Explanation:

Given:

z- score for 99% confidence = 2.58

Proportion (P) = 75% = 75 / 100 = 0.75

E = 2% = 0.02

Q = 1 - P = 1 - 0.75 = 0.25

Computation:

N = (Z/E)^2 \times pq

N = (2.58/0.02)^2 \times (0.75 \ times 0.25)

N = (129)^2 \times (0.1875)

N = (16,641) \times (0.1875)

N = 3,120.1875

Therefore, N = 3,120 (Approx).

5 0
3 years ago
EA12.
BaLLatris [955]

Answer:

$38,400

Explanation:

<em>1. Cash Purchases:</em>

The total purchases in the month of March is of $35,000.

It is given that 70% of Purchases are for cash.

Hence, 70% of $35,000 would be;

$39,000 x 0.70

$27,300

<em>2. Credit Purchases: </em>

Remaining Balance of Purchases from the month of February:

For the month of February Cash Purchases can be calculated as follows;

$37,000 x 0.70

$25,900

Remaining Balance to be paid in March for the month of February can be calculated as follows;

$37,000 - $25,900

$11,100

<em>3. CASH PAYMENT for PURCHASES in MARCH:</em>

Cash Purchases = $27,300

Credit Purchases = $11,100

Hence;

<em>Cash Payment for purchases in March = Cash Purchases + Credit Purchases </em>

Cash Payment for purchases in March = $27,300 + $11,100

Cash Payment for purchases in March = $38,400

7 0
3 years ago
when calculating net price, why do you think loans are not deducted from sticker price even if they are typically offered to you
storchak [24]

The reason loans are not deducted from sticker price even if they are typically offered to you in a financial aid package is that "the net price is actual money that you or any individual will be paying."

This is evident because a net price is the sticker price minus the student's financial aid, scholarships, grants, and other support.

Unlike sticker price, the net price is the college student's amount would eventually pay in his college years.

A sticker price is the whole amount of the annual or session cost of a college education.

Hence, in this case, it is concluded that college students should concentrate more on the net price instead of a sticker price.

Learn more here: brainly.com/question/20635459

3 0
3 years ago
The difference between your sales and your cost of goods sold is known as your what
Anettt [7]

Answer:

profit.

Explanation: its just right

8 0
3 years ago
Jahwana works for a large corporation with a 401(k) retirement plan. The company matches dollar for dollar the first 5% of the e
Gre4nikov [31]

Answer:

$8,000

Explanation:

Jahwana earns $40,000:

her 401k contributions = 15% x $40,000 = $6,000

Jahwana's employer contributes $1 per $1 that she contributes but only up to 5%, so her employee's 401k contribution = 5% x $40,000 = $2,000

total annual contribution = $6,000 + $2,000 = $8,000

7 0
3 years ago
Read 2 more answers
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