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Utilities expense 27 27 salaries expense 7 7 supplies

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Utilities expense2727Salaries expense___77Supplies expense0___6Depreciation expense0___15Income taxes expense___Totals19119156566467171168Profit or loss____________Totals67671711715-97
Chapter 05 - The Accounting Cycle: Reporting Financial ResultsTrial Bal-anceAdjust-mentsIncomeStatementBalanceSheetDr.Cr.Dr.CrDr.Cr,Dr.Cr.5-98
Chapter 05 - The Accounting Cycle: Reporting Financial ResultsBalance sheet accounts:Cash (example)450045Fees receivable431356Supplies1064Office equipment5151Accumulated depreciation231538Unearned fees1165Accounts payable3131Salaries payable077Income taxes payable16925Share capital3636Retained earnings2626Dividends1515Income statement accounts:Fees earned481967Utilities expense2727Salaries expense77Supplies expense066Depreciation expense01515Income taxes expense99Totals19119156566467171168Profit or loss33Totals6767171171AACSB: AnalyticAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 85-99
Chapter 05 - The Accounting Cycle: Reporting Financial Results105. Closing entriesAn Adjusted Trial Balance for Tiger Limited, at December 31 appears below.Tiger LimitedAdjusted Trial BalanceDecember 31, 20___Cash$33,750Accounts receivable175,000Office equipment262,500Accumulated Deprecia-tion: office equipment$50,000Accounts payable100,000Income taxes payable50,000Share Capital125,000Retained earnings100,000Dividends42,500Sales commissions earned542,500Advertising expense80,000Rent expense110,000Salaries expense112,500Utilities expense76,250Depreciation expense: of-fice equipment25,000_______Income taxes expense50,000_______5-100
Chapter 05 - The Accounting Cycle: Reporting Financial Results967,500967,500Prepare journal entries to close the accounts. Use four entries to: (1) close the revenue ac-count, (2) close the expense accounts, (3) close the Income Summary account, and (4) closethe Dividends account.5-101
Chapter 05 - The Accounting Cycle: Reporting Financial ResultsAACSB: AnalyticAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 45-102
Chapter 05 - The Accounting Cycle: Reporting Financial Results106. Adjustments and closing process--basic entriesSelected ledger accounts used by Goldstone Advertising Limited, are listed along with identi-fying numbers. Following this list of account numbers and titles is a series of transactions. Foreach transaction, you are to indicate the proper accounts to be debited and credited.1Cash22Accounts Payable41Fees Earned2Accounts Receivable23Income Taxes Payable51Salaries Expense3Office Supplies24Unearned Fees52Office Supplies Expense4Unexpired Insurance30Share capital53Rent Expense5Office Equipment31Retained Earnings54Insurance Expense6Accumlated Depr.32Dividends55Depreciation Expense:Office Equip35Income SummaryOffice Equip.21Dividends Payable56Income Taxes Expense5-103
Chapter 05 - The Accounting Cycle: Reporting Financial Results5-104
Chapter 05 - The Accounting Cycle: Reporting Financial ResultsAACSB: AnalyticAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 45-105
Chapter 05 - The Accounting Cycle: Reporting Financial Results

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Term
Fall
Professor
NoProfessor
Tags
Balance Sheet, Income Statement, Generally Accepted Accounting Principles, AACSB

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