- Chandler Company Chandler Company Is Owned By Roscoe Chandier And Provides Appraisal Services To Individuals And Compani 1 (20.55 KiB) Viewed 79 times
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- Chandler Company Chandler Company Is Owned By Roscoe Chandier And Provides Appraisal Services To Individuals And Compani 9 (33.27 KiB) Viewed 79 times
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- Chandler Company Chandler Company Is Owned By Roscoe Chandier And Provides Appraisal Services To Individuals And Compani 18 (35.55 KiB) Viewed 79 times
- Chandler Company Chandler Company Is Owned By Roscoe Chandier And Provides Appraisal Services To Individuals And Compani 19 (34.52 KiB) Viewed 79 times
- Chandler Company Chandler Company Is Owned By Roscoe Chandier And Provides Appraisal Services To Individuals And Compani 20 (27 KiB) Viewed 79 times
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Chart of Accounts CHART OF ACCOUNTS Chandler Company General Ledger ASSETS 11 Cash 12 Accounts Receivable 16 Prepaid Insurance 18 Equipment 19 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Salaries Payable 24 Income Taxes Payable REVENUE 41 Fees Earned 42 Rent Revenue 43 Interest Revenue EXPENSES 51 Salaries Expense 52 Selling Expense 53 Income Taxes Expense 54 Depreciation Expense-Equipment 55 Insurance Expense
18 Equipment 19 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Salaries Payable 24 Income Taxes Payable EQUITY 31 Roscoe Chandler Capital 32 Roscoe Chandler Drawing et revenue EXPENSES 51 Salaries Expense 52 Selling Expense 53 Income Taxes Expense 54 Depreciation Expense-Equipment 55 Insurance Expense 59 Miscellaneous Expense
Adjusted Trial Balance Before the closing entries are made you begin with an adjusted trial balance. The closing entries are essentially the link from the adjusted trial balance to the post-closing trial balance Chandler Company ADJUSTED TRIAL BALANCE December 31, 2018 O CREDIT Accounts Receivabile ACCOUNT TITLE DEBIT 67.000.00 29.000.00 xonand
Chandler Company ADJUSTED TRIAL BALANCE December 31, 2018 ACCOUNT TITLE Cash Accounts Receivable Prepaid insurance Accumulated Depreciation Equipment Staries Payable DEBIT 67.000.00 29,000.00 16.000.00 60.000.00 CREDIT $.000.00
Adjusted Trial Balance Accumutated Depreciation equipment Accounts Payable Salaries Payable Income Taxes Payable Roscoe Chandler, Capital 19 Roscoe Chandler, Drawing Fees Earned 12 Rent Revenue 15: Salaries Expense Selling Expense 5.000.00 71.000.00 37600.00 40,000.00 6.000.00 8.000.00 4.000.00 13,000.00 185.600.00 92,000.00 1770.00
Adjusted Trial Balance 11 Fees Earned 12 Rent Revenue 13 Interest Revenue 14 Salaries Expense Selling Expense Income Taxes Expense Depreciation Expense-Equipment Miscellaneous Expense 11 Insurance Expense 71.000.00 37,600.00 15,000.00 47,200,00 17,000.00 1.000,00 365.000.00 185.600.00 92.000.00 17,200.00 $65.800.00
The Closing Process The final step of the accounting cycle is the closing process. The main goal of this stage of the cycle is to ensure that the balance of each temporary account is returned to zero and that net income is transferred to the owner's capital account. The first step in successfully undertaking the closing process is to understand the difference between a temporary account and a permanent account. Roscoe has some questions about the process. Answer the following questions (1)-(3) 1. If a temporary account has an ending balance of 567.000, what is its beginning balance for the following accounting period? if there is no amount or an amount is zero, enter 0 5 2:11 a permanent account has an ending balance of $67.000. what is its beginning balance for the following accounting penod? 4
The Closing Process 1. If a temporary account has an ending balance of $67,000, what is its beginning balance for the following accounting period? If there is no amount or an amount is zero, enter "0" 2. If a permanent account has an ending balance of 567.000, what is its beginning balance for the following accounting period? 3. Roscoe will be preparing his yearly financial statements after completing Chandler Company's closing process, and is a somewhat confused about the characteristics of the accounts on his Chart of Accounts. He has started by creating the following chart and asks for your neio in completing it For each account of type of account listed choose all descriptions that apply
The Closing Process 3 Roscoe will be preparing his yearly financial statements after completing Chandler Company's closing process, and is a somewhat confused about the characteristics of the accounts on his Chart of Accounts. He has started by creating the following chart, and asks for your help in completing it. For each account or type of account listed, choose all descriptions that apply Closed to Owner's Capital Account Temporary Account Permanent Account Yes No Revenues O Asset accounts O Expenses O Liability accounts LOGO
The Closing Process Revenues Asset accounts Expenses Liability accounts Owner's drawing account Temporary Account Permanent Account Closed to Owner's Capital Account Yes No 0 0 0 0 0 OOO 0000 00 23 mm
Roscoe's Journal Roscoe has attempted to prepare the closing entries for Chandler Company on this panel. He's not sure if he's entered the journal entries correctly, and asks you t them You find that one entry is correct, but the other is incorrect. Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec 31 on the Journal panel JOURNAL ACCOUNTING EQUATI DESCRIPTION POST PAR DERIT CREDIT LIMBILITIES $85.000.00 185cddd #209000 ASSETS D
Roscoe's Journal s attempted to prepare the closing entries for Chandler Company on this panel. He's not sure if he's entered the journal entries correctly, and asks you to review find that one entry is correct, but the other is incorrect which entry is incorrect and journalize both closing entries for Chandler Company as of Dec 31 on the Journal panel PAGE 25 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST RE DEBIT CREDIT ASSETS LIABILITIES EQUITY 48580200 FR5,400.00 12.000.00 Car Rent Reven
Roscoe's Journal DATE Dec 31 Roscoe Chandler, Capital Fees Earned Rent Revenue Interest Revenue DESCRIPTION Closing Entries JOURNAL POST. REF DEBIT 483,600.00 CREDIT 185,600.00 $2.000.00 1720000 Priesto F sonras KOPANE ACCOUNTING EQUATI ASSETS LIABILITIES
Roscoe's Journal DATE Dec 31 Roscoe Chandler, Capital Fees Earned Rent Revenue Salanes Expense Setting Experie Insurance Expe DESCRIPTION Closing Entries JOURNAL POST. REF. DEBIT 483.600.00 timer CREDIT 185.600.00 92,000.00 1820000 71.000.00 57,400.00 13.000.00 42200 od 17700M 1.000.00 ACCOUNTING EQUATION LIABILITIES ASSETS EQUITY X
Roscoe's Journal Fees Earned Rent Revenue leterest Revenue Salaries Expense Selling Expense Income Taxes Expense Depreciation Expeme-fquament Intra Exper 31 Au JONA 185.600.00 92.000.00 12.200.00 71,000,00 37,600.00 15.000.00 4200000 100000 DOLAY 5000.06
Roscoe's Journal ( Fees Earned Rent Revenue Interest Revenue Salaries Expense Selling Expense Income Taxes Expense Depreciation Expense-Equipment Insurance Expense Miscellaneous Expense 31 Fase Chandet.Capital Rate Chile Drawing 5.00100 185,600.00 92.000.00 17.200.00 71,000.00 37,6000 15.000.00 47,200.00 1200100 LONG 25000000 F 1
Journal Roscoe has attempted to prepare the closing entries for Chandler Company on the Roscoe's Journal panel. He's not sure if he's entered the journal entries correct asks you to review them. You find that one entry is correct, but the other is incorrect. Refer to the Chart of Accounts for exact wording of account titles. Determine which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec. 31 in the following journal. JOURNAL ACCOUNTING EQUATI DATE POST REF DEBIT CREDIT DESCRIPTION Closing Entries ASSETS LIABILITIES 4
Journali X is attempted to prepare the closing entries for Chandler Company on the Roscoe's Journal panel. He's not sure if he's entered the journal entries correctly, and o review them You find that one entry is correct, but the other is incorrect. Refer to the Chart of Accounts for exact wording of account titles which entry is incorrect, and journalize both closing entries for Chandler Company as of Dec 31 in the following journal JOURNAL ACCOUNTING EQUATION ASIAT DESCRIPTION DATE POST A CENT CREDIT < LIABILITIES EQUITY
Journal 20 DATE DESCRIPTION Closing Entries JOURNAL POST REF DEBIT CREDIT ACCOUNTING EQUATI LIABILITIES ASSETS
Journal DATE DESCRIPTION Closing Entries JOURNAL POST. REF DEBIT CREDIT ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY
Journal -= Llowing Entries
Post-Closing Trial Balance The post-closing trial balance shows all the permanent accounts with their updated values after the temporary accounts have been reduced to zero balance for the next accounting cycle. Also, the post-closing trial balance is meant to ensure that debits equal credits post-close Roscoe is very happy with your work on the closing entries for Chandier Company, and asks if you would prepare a post-closing tral balance for the company Chandler Company POST-CLOSING TRIAL BALANCE December 31, 2018 L ACCOUNT TITLE CREDIT Accounts Recenable Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payabi CRAIT
Post-Closing Trial Balance ACCOUNT TITLE Cash Accounts Receivable 3 Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable 1 Income Taxes Payable Roscoe Chandler, Capital Totals Chandler Company POST-CLOSING TRIAL BALANCE December 31, 2018 DEBIT CREDIT