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amid [387]
2 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]2 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 AD Curve ________. A) indicates the level of aggregate output corresponding to different goods-market-clearinglevels of the
Mkey [24]

Answer:

D) all of the above

Explanation:

The AD curve shows the aggregate output level that should be for different kinds of goods have the inflation rate

It is downward sloping due to more inflation that raised the inflation rate due to this less spending should be there

Also it described how the inflation impacts the output for the short period of time

Therefore the option d is correct

8 0
2 years ago
This information relates to Hanshew Real Estate Agency.
Molodets [167]

Answer and Explanation:

a. The Journal entry is shown below:-

1. Cash Dr, $35,000

      To common stock $35,000

(Being received cash in exchange of common stock is recorded)

2. No Journal entry is required

3. Equipment Dr, $3,500

      To Accounts payable $3,500

(Being equipment is recorded)

4. Accounts receivable Dr, $10,000

    To service revenue $10,000

(Being service revenue is recorded)

5. Cash Dr, $140

     To Service revenue $140

(Being Cash is recorded)

6. Accounts payable Dr, $700

       To Cash $700

(Being accounts payable is recorded)

7. Salaries and wages expenses Dr, $3,000

      To Cash $3,000

(Being Salaries and wages expenses is recorded)

b. The transaction of T accounts is shown below:-

                          Cash

Oct 1       $35,000        Oct 27     $700

Oct 10     $140               Oct 30     $3,000

Oct 31      $31,440

                        Accounts receivable

Oct 6        $10,000

Oct 31       $10,000

                           Equipment

Oct 3         $3,500

Oct 31        $3,500

                        Accounts payable

Oct 27       $700                Oct 3     $3,500

                                          Oct 31     $2,800

                       Common stock

                                          Oct 1      $35,000

                                          Oct 31     $35,000

                           Service revenue

                                         Oct 6       $10,000

                                         Oct 10      $140

                                         Oct 31       $10,140

                           Salaries and wages revenue

Oct 30     $3,000

Oct 31      $3,000

3 0
3 years ago
Amir, who files single, has AGI of $58,000 and incurred the following itemized deductions this year: Union dues and work uniform
kari74 [83]

Answer:

$890

Explanation:

With respective to tax perspective, the following items are not available for deductions which are shown below:

1. Union dues and work uniforms

2. Home office expenses

3.  Unreimbursed employee expenses

The gambling losses are extent to the gambling winnings i.e $890 is available for the itemized deductions. The 2% rate is not applicable.

7 0
2 years ago
Pipes & Culverts Company orders six irrigation pumps from Quality Plumbing, Inc. The pumps are stored in Restorers Warehouse
padilas [110]

Answer: Title to the goods passes to Pipes when <em><u>Quality gives Pipes & Culverts a warehouse receipt for the drives.</u></em>

Here, in this case the condition states that Quality must give Pipes a warehouse receipt for the goods

<u><em>Therefore, the correct option to this question is (d)</em></u>

7 0
3 years ago
The 4,000 accounts receivable of Miller Company have a total book value of $150,000. A CPA has selected and audited a sample of
Dmitriy789 [7]

Answer:

c. $154,000.

Explanation:

According to the difference value technique, the average difference between audited value and book value for the sample should be replicated for the whole population of 4,000 accounts. The average difference per account is:

D=\frac{\$3,800-\$3,700}{100}\\D=\$1

This means that the audited value is $1 greater than the book value for each account, assuming 4,000 accounts with a book value of $150,000, the audited value is:

A = \$150,000+\$1*4,000\\A=\$154,000

Estimated total audited value of the population is: c. $154,000.

3 0
3 years ago
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