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-Dominant- [34]
3 years ago
10

The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances

as of December 31, Year 2 Accounts receivable $ 12,450 Accounts payable 6,200 Salaries payable 3,150 Cash 36,750 Dividends 2,000 Operating expense 35,300 Prepaid rent 1,200 Rent expense 8,400 Retained Earnings 1/1/Year 2 41,250 Salaries expense 14,500 Service revenue 65,400 Supplies 650 Supplies expense 3,150 Common stock 7,000 Unearned revenue 6,400 Land 15,000 Required a. Prepare the journal entries necessary to close the temporary accounts at December 31, Year 2, for Zone Health Club. b. What is the balance in the Retained Earnings account after the closing entries are posted?
Business
1 answer:
marshall27 [118]3 years ago
3 0

Answer:

A. 1. Dr Service revenue65,400

Cr Retained Earnings 65,400

2. D Retained earnings61,350

Cr Operating expense35,300

Cr Rent expense8,400

Cr Salaries expense14,500

Cr Supplies expense3,150

3. Dr Retained earnings2,000

Cr Dividends2,000

B. $43,300

Explanation:

A. Preparation of the journal entries to close the temporary accounts

1. Dr Service revenue65,400

Cr Retained Earnings 65,400

2. D Retained earnings61,350

(35,300+8,400+14,500+3,150)

Cr Operating expense35,300

Cr Rent expense8,400

Cr Salaries expense14,500

Cr Supplies expense3,150

3. Dr Retained earnings2,000

Cr Dividends2,000

B. Calculation for the balance in the Retained Earnings account

Retained Earnings Balance

Beginning retained earnings$41,250

Add: Revenue65,400

Less: Expenses(61,350)

Less: Dividends(2,000)

Ending retained earnings$43,300

Therefore the balance in the Retained Earnings account will be $43,300

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1 year ago
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THe section of the comprehensive annual finanial report that presents tables and charts showing social and econimoc data in addi
posledela

Answer:

Statistical Section

Explanation:

The statistical section of comprehensive annual financial report contains details of  most of PESTLE factors in numeric terms that shows to what extent these things will either affect or help the organization in near future.

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2 years ago
pencer Co. has a $300 petty cash fund. At the end of the first month the accumulated receipts represent 553 for delivery expense
otez555 [7]

Answer:

c) Credit to Cash for $242

Explanation:

Petty cash, beginning = $300

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Miscellaneous expense = $22

Petty cash, Ending = $58

The journal to record the reimbursement of the accounts will be:

Event    Account Title and Explanation   Debit    Credit

1           Delivery expense                            $53  

           Merchandise inventory                   $167  

           Miscellaneous expense                  $22

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4 0
3 years ago
If no fixed duration of the partnership is specified, the partnership is a partnership in perpetuity, which means that the partn
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The answer is b. false.

In the absence of a partnership agreement on fixed duration, the Partnership Act 1890 may apply.

<span>Under the Act, a partnership will be automatically dissolved  if: a partner dies</span>

<span>·         </span>a partner becomes bankrupt;

<span>·         </span>the court orders it to be dissolved;

<span>·         </span>it's illegal to carry on the business of the partnership;

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7 0
3 years ago
The Blackburn Group has recently issued 20minus​year, unsecured bonds rated BB by​ Moody's. These bonds yield 443 basis points a
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Answer:

Explanation:

First, convert the basis points to a percentage or decimal;

1 basis point = 0.01% or 0.0001 as a decimal

Then 443 basis points as a decimal will be;

443 *0.0001 = 0.0443 or 4.43% as a percentage

Next, since the BB bond is 4.43% above the U.S. Treasury yield of 2.76%, find the Yield to maturity(YTM) by adding the 4.43% to the 2.76%;

YTM = 2.76% + 4.43%

YTM = 7.19%

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