- Mastery Problem The Accounting Oydie Chandler Inc Chandler Inc Is Owned By Roscoe Chandler And Provides Appraisal Se 1 (33.2 KiB) Viewed 62 times
- Mastery Problem The Accounting Oydie Chandler Inc Chandler Inc Is Owned By Roscoe Chandler And Provides Appraisal Se 2 (41.53 KiB) Viewed 62 times
- Mastery Problem The Accounting Oydie Chandler Inc Chandler Inc Is Owned By Roscoe Chandler And Provides Appraisal Se 3 (43.67 KiB) Viewed 62 times
- Mastery Problem The Accounting Oydie Chandler Inc Chandler Inc Is Owned By Roscoe Chandler And Provides Appraisal Se 4 (42.44 KiB) Viewed 62 times
- Mastery Problem The Accounting Oydie Chandler Inc Chandler Inc Is Owned By Roscoe Chandler And Provides Appraisal Se 5 (38.91 KiB) Viewed 62 times
- Mastery Problem The Accounting Oydie Chandler Inc Chandler Inc Is Owned By Roscoe Chandler And Provides Appraisal Se 6 (38.68 KiB) Viewed 62 times
- Mastery Problem The Accounting Oydie Chandler Inc Chandler Inc Is Owned By Roscoe Chandler And Provides Appraisal Se 7 (39.39 KiB) Viewed 62 times
Income Taxes Payable 4,000 Common Stock 2,000 Retained Earnings 11,000 Dividends 5,000 Fees Eamed 175,600 Rent Revenue 92,000 Interest Revenue 17,200 Salaries Expense 71,000 Selling Expense 25,600 Income Taxes Expense 15,000 Insurance Expense 17,000 Depreciation Expense 47,200 Miscellaneous Expense 1,000 355,800 355,800 The Closing Process The fal 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 me and that net income is transferred to the retained earnings account. The first step in successfully undertaking the clowing process is to understand the difference between a temporary account and a manente Roscoe has some questions about the process Answer the fatowing questions (1) - 3), 1 an amount is zero, enter a 1. a temporary accounts an ending balance of $7,000, what is its begwire balance for the following accounting prod? 3. ut a permanent account has an inding Datance of 357,000, what is as bearning belonen for the tallowing accounting period Chuck My Work marchewy Woman Sunt Argent for at
3. Roscoe will be preparing this yearly financial statements after completing Chandler, Inc.'s closing process, and is somewhat confused about the characteristics of the accounts. He has started by creating the following chart, and asks for your help in completing it (Select "Yes" or "No" from the below dropdowns.) Temporary Permanent Closed to Account Account Retained Earnings Revenues Asset Yes accounts No Expenses Liability ccounts Dividends account Roscoe's Journal Roscoe has attempted to jumalla the desing entries for Sandler, Inc. on this panel. Hes not sure if he's joumated entries correctly, and ask you to review them. You find that one entry is correct, but the other is incorrect Determine which entry s incorrect, and journalee both duting entries for Chandler, ne more .. Journal Page 25 Description Pest. Ret Credit Dec 31 Betained ternings 461,600 Fees Eamed Rent Revenge Interest Revenu 17,200 Date Debit 175.00 3,000 SI Checy more che mel SA forraine
CONCEN Determine which entry is incorrect, and journalize both closing entries for Chandler, Inc. as of Dec. 31. Journal Page 25 Date Description Post. Ref. Debit Credit Dec 31 Retained Eamings 461,600 Fees Earned 175,600 Rent Revenue 92,000 Interest Revenue 17,200 Salaries Expense 71,000 Selling Expense 25,600 Income Taxes Expense 15,000 Depreciation Expense 47,200 Insurance Expense 17.000 Miscellaneous Expense 1,000 Dec. 31 Retained Earnings Dividends 5,000 5,000 Journal Roscoe has attempted to journalize the closing entries for Chandier, Inc on the Roscoe Jouma panel. He's not sure if he's journed the entries correctly, and asks you to review them. You find that one entry is correct, but the other is incorrect Determine which try is incorrect, and Journature both closing entries for Chandler, Inc. an orderan amount box does not recure an entry, devet blank Check My Work 3 more Check My Works ming
Journal Roscoe has attempted to journalize the closing entries for Chandler, Inc, on the Roscoe's Journal panel. He's not sure if he's journalized the entries correctly, and asks you to review 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, Inc, as of Dec. 31. 18 an amount box does not require an entry, Heave it blank. Dec. 31 Depreciation Expense Fees Earned Income Taxes Expense Salaries Expense Selling Expense II IL.. Hilllll. l. Dec. 31 Post-Closing Trial Balance The post closing trial balance shows all the permanent accounts with the updated values after the temporary accounts have been reduced to a balance for the next accounting cycle. Also, the post-closing trial balance is meant to ensure that debitul credits best close
Roscoe has attempted to journalize the closing entries for Chandler, Inc. on the Roscoe's Journa, panel. He's not sure if he's journalised the entries correctly, and asks you to review 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, Inc. as of Dec. 31. If an amount box does not require an entry, leave * blank Dec. 31 Dec. 31 Post-Closing Trial Balance The post closing trial balance shows all the permanent accounts with their updated values after the temporary accounts Mave been reduced to zero balance for the next accounting cycle. Also, the post-closing trial balance is meant to ensure that dette egual credits post close Cred My Work mor Check My Workwear Emaior A forrading
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 Chandler, Inc., and asks if you would prepare a post-closing trial balance for the company. 19 amount box does not require an entry, leavet blank Chandler, Inc. Post-Closing Trial Balance December 31, 2017 Account Title Debit Balances Credit Balances Cash Accounts Receivable Prepaid Insurance Omice Equipment Accumulated Depreciation Office Equipment Accounts Payable Salaries Payable Income Taxes Payable Common Stock Retained Earnings Check My Work mor Check My Womang