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amid [387]
3 years ago
15

On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances: 101 Cash $ 27,200 Dr. 111

Accounts Receivable 15,800 Dr. 121 Supplies 2,000 Dr. 131 Prepaid Rent 38,600 Dr. 141 Equipment 44,000 Dr. 142 Accumulated Depreciation—Equip. 1,000 Cr. 202 Accounts Payable 6,500 Cr. 301 Emilio Gonzalez, Capital (12/1/2019) 45,620 Cr. 302 Emilio Gonzalez, Drawing 6,200 Dr. 401 Fees Income 112,400 Cr. 511 Advertising Expense 3,800 Dr. 514 Depreciation Expense—Equip. 800 Dr. 517 Rent Expense 2,600 Dr. 519 Salaries Expense 18,800 Dr. 523 Utilities Expense 5,720 Dr. Required: Journalize the closing entries in the general journal. Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances. Analyze: What is the balance of the Salaries Expense account after closing entries are posted?
Business
1 answer:
natita [175]3 years ago
4 0

Answer:

Fees Income 112,400 debit

   Income Summary 112,400 credit

Income Summary 31,720 debit

    Advertising Expense 3,800 credit

    Depreciation Expense—Equip 800 credit

    Rent Expense 2,600 credit

    Salaries Expense 18,800 credit

   Utilities Expense 5,720 credit

income summary   80,680‬  debit

    Emilio Gonzalez, Drawing   6,200 credit

    Emilio Gonzalez, Capital    74,480 credit

Explanation:

We close the temporary account which are, reveneus and expenses against income summary then we close this account balance against Emilio Capital Account along with Emilio's drawings.

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The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet: Accumulated Deprecia
ludmilkaskok [199]

Answer:

all the given figures are wrong but i explained the correct procedure.

Explanation:

INCOME STATEMENT

Fees earned                            17400

Expenses:  

Depreciation expense      1300  

Insurance expense      400  

Supplies expense              3800     5500

Net Income                               11900

Therefore, The Net income for the period is $11900.

3 0
3 years ago
What's meant by the term Gross Domestic Product? Question 14 options: The total value of all goods and services produced in a co
Sladkaya [172]
The answer is the total value of all goods and services produced in a country in a given year. I hope that helps!
6 0
2 years ago
The Comil Corporation recently purchased a new machine for its factory operations at a cost of $328,325. The investment is expec
Solnce55 [7]

Answer: 15%

Explanation:

IRR is the discount rate that makes the NPV equal zero. Required rates of return that are less than the IRR will therefore result in a positive NPV and those that are higher will result in a negative NPV.

Use Excel to find the IRR.

= IRR(-328325,115000,115000,115000,115000)

= 15%

As the required rate of 13% is less than the IRR of 15%, the new machine will have a positive NPV.

6 0
2 years ago
The following transactions occurred during December 31, 2021, for the Falwell Company.
rewona [7]

Answer and Explanation:

The journal entries are shown below:

1. Prepaid insurance ($9,000*30/36) $7,500

   To Insurance expense  $7,500

(Being prepaid insurance is recorded)

2. Depreciation expense $10,000

    To Accumulated depreciation-Equipment $10,000

(Being the depreciation expense is recorded)

3. Salaries expense $12,000

    To Salaries payable $12,000

(Being the salaries expense is recorded)

4. Interest expense ($100,000 × 12% × 2 ÷ 12) $2,000  

      To Interest payable $2,000

(Being the interest expense is recorded)

5. Deferred rent revenue ($3,300 ÷ 3) $1,100

         To Rent revenue $1,100

(Being the deferred rent revenue is recorded)

6. Rent revenue $2,200

      To Deferred rent revenue $2,200

(Being the rent revenue is recorded)

4 0
3 years ago
On January 1, a machine with a useful life of five years and a residual value of $80,000 was purchased for $240,000. What is the
Alex17521 [72]

Answer:

$57,600

Explanation:

The computation of the depreciation expense under the Double-declining balance method is shown below:

First we have to find the depreciation rate which is shown below:

= 1 ÷ useful life

= 1 ÷ 5 years

= 20%

Now the rate is double So, 40%

In year 1, the original cost is $240,000, so the depreciation is $96,000 after applying the 40% depreciation rate

And, in year 2, the $144,000 × 40% = $57,600

The $144,000 is come from

= $240,000 - $96,000

= $144,000

3 0
3 years ago
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