Prepare the necessary closing entries at December 31, 2017. 1. d. On August 31, 2018, Shocker borrows $50,000 from a local bank. Dr Sales returns & allowances 4500. At its December 31 year-end, Yummy Foods would record which of the following adjusting entries? Required: Using above trial balance, prepare closing entries required at December 31, 2015. Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the following situations. Req 1A Req 1B Req 2 No Date General Journal Debit Credit 1 December 31, 2018 3. Accounting Financial & Managerial Accounting Financial statements and closing entries Lamp Light Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. Prepare the necessary adjusting entries at December 31, 2018, for the Falwell Company for each of the following situations. On October 1, 2016, Microchip lent $90,000 to another company. Assuming all quarterly adjusting entries were properly recorded, prepare the necessary year-end adjusting entries at the end of June 30, 2018, for the following situations. Prepare Journal Entries: 6. Prepare a post-closing trial balance. ... 1. Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the following situations. Prepare the income statement and the statement of owner's equity for the calendar year 2017 and the classified balance sheet at December 31, 2017. Hints Solution * 82,500 – 64,500: In our example, income summary account has a credit balance because the balance of service revenue earned account ($82,500) is greater than the total of the balances of eight expense accounts ($64,500). 1. Date -Dec.31 Dec.31 Dec.31 Dec.31 General Journal 1 Services revenue Income summary Income summary Depreciation expense-Equipment Salari" expense Insurance expense Rent expense Supplies expense Income summary T. Cruz, Capital (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. 3. Prepare the necessary closing entries at December 31, 2013. Closing entries: Closing entries prepare a company for the next period and zero out balance in temporary accounts. The estimated cost of customer returns inventory for December 31, 20Y5, is estimated to increase to $40,000. Prepare the December 31 , 2013, closing enlries for Cruz Company. I came up with: Cash 24,000 Notes Payable 24,000 ($200,000x12%=24,000) 2. On November 1, 2013, the company borrowed $200,000 from a bank. The December 31, 2015, ... Record the necessary closing entries at December 31, 2015. 2. ... After we post the adjusting entries, it is necessary to check our work and prepare an adjusted trial balance. Dr Advertising expense -8150. Prepare Closing Entries: 2. Assume the account number for Income Summary is 901. Accounting Q&A Library Prepare the necessary adjusting entries at December 31, 2016, for the Microchip Company for each of the following situations. Required: Prepare the closing entries for China Tea Company for the year ended December 31, 2018. error_outlineGet 24/7 homework help and experts with bartleby learn. Prepare the necessary closing entries at December 31, 2018. A note is signed with principal and 6% interest to be paid on August 31, 2019 Record the necessary adjusting entries for Shocker at December 31, 2018. Alternate problems. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Prepare the income statement, the statement of retained earnings, and the classified balance sheet in Assume that no financial statements were prepared during the year and no adjusting entries were recorded.. 1. Prepare the closing entries. The closing process reduces revenue, expense, and dividends account balances (temporary accounts) to zero so they are ready to receive data for the next accounting period. 2. Req 1A Req 1B Req 2 View transaction list Clear entry Record entry View general journal Journal entry worksheet Note: Enter debits before credits. Cr Income summary 500000. to close credit balance accounts. Question: 1. 1 3 Record the entry to close the expense accounts using the income summary. Dr Sales salaries expense-44000. Dr Sales discounts 4250. 2. Assume that no financial… Prepare the necessary adjusting journal entries at December 31, 2016. Posted by Unknown at 4:31 AM. Prepare the necessary closing entries at December 31, 2018. Prepare an income statement for the year ended December 31, 2009, and a classified balance sheet as of December 31, 2009. Vito's fiscal year-end is December 31. Accountants may perform the closing process monthly or annually. On October 1, 2018… Prepare the post-closing trial balance. Prepare the necessary closing entries from the available information at December 31. May 31 G2 22,000 Prepare closing journal entries from the above ledger accounts. 1 On December 1, 2017, the company paid its annual fire insurance premium of $6,000 for the year beginning December 1 and debited prepaid insurance. Prepare a worksheet for Farish Investment Advisers at December 31, 2018. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 20Y5. Insurance expense, prepaid insurance 1750; 4200/12 = $500 per month x 5 months = 1750 On September 1, 2015, Gold Magazine sold 400 one-year subscriptions for $90 each. The closing entries are the journal entry form of the Statement of Retained Earnings. Lamp Light prepared the following end-of-period spreadsheet at December 31, 2018, the end of the fiscal year: Instructions 1. On July 1, 2016, purchased $12,500 of IBM Corporation bonds at face value. Be sure to complete the statement heading. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. A three-year fire insurance policy was purchased on July 1, 2018… 1 Answer to On December 31, 2018, Ditka Inc. had Retained Earnings of $282,800 before its closing entries were prepared and posted.