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Review the Knowledge Check in preparation for this assignment.
Complete the Week 5 Exercise in Connect®.
Note: You have only one attempt available to complete this assignment.
Grades must be transferred manually to eCampus by your instructor. Don't worry, this might happen after your due date.
On December 31, after adjustments, Gonzalez Company's ledger contains the following account balances:
101 |
Cash |
$ |
30,200 |
Dr. |
|
111 |
Accounts Receivable |
16,100 |
Dr. |
||
121 |
Supplies |
2,300 |
Dr. |
||
131 |
Prepaid Rent |
38,900 |
Dr. |
||
141 |
Equipment |
47,000 |
Dr. |
||
142 |
Accumulated Depreciation—Equip. |
1,150 |
Cr. |
||
202 |
Accounts Payable |
6,800 |
Cr. |
||
301 |
Emilio Gonzalez, Capital (12/1/2019) |
48,620 |
Cr. |
||
302 |
Emilio Gonzalez, Drawing |
6,500 |
Dr. |
||
401 |
Fees Income |
120,080 |
Cr. |
||
511 |
Advertising Expense |
4,100 |
Dr. |
||
514 |
Depreciation Expense—Equip. |
830 |
Dr. |
||
517 |
Rent Expense |
2,900 |
Dr. |
||
519 |
Salaries Expense |
21,800 |
Dr. |
||
523 |
Utilities Expense |
6,020 |
Dr. |
||
|
Required:
Analyze:
What is the balance of the Salaries Expense account after closing entries are posted?
A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.
Required:
1.Complete the worksheet.
2.Record the adjusting entries in the general journal (transactions 1-3).
3.Record the closing entries in the general journal (transactions 4-7).
4.Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
5.Prepare a post-closing trial balance.
Analyze:
What total debits were posted to the general ledger to complete all closing entries for the month of December?
A completed worksheet for The King Group is given below.
The King Group |
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Worksheet |
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Month Ended December 31, 2019 |
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Trial Balance |
Adjustments |
Adjusted Trial Balance |
Income Statement |
Balance Sheet |
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Account Name |
Debit |
Credit |
Debit |
Credit |
Debit |
Credit |
Debit |
Credit |
Debit |
Credit |
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Cash |
91,900 |
91,900 |
91,900 |
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Accounts Receivable |
11,500 |
11,500 |
11,500 |
||||||||||||||||||||||||||||||||
Supplies |
5,000 |
( |
a) |
1,900 |
3,100 |
3,100 |
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Prepaid Advertising |
20,000 |
( |
b) |
2,500 |
17,500 |
17,500 |
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Equipment |
47,500 |
47,500 |
47,500 |
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Accumulated Depreciation |
( |
c) |
1,900 |
1,900 |
1,900 |
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Accounts Payable |
11,500 |
11,500 |
11,500 |
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Delva King, Capital |
127,000 |
127,000 |
127,000 |
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Delva King, Drawing |
7,900 |
7,900 |
7,900 |
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Fees Income |
60,750 |
60,750 |
60,750 |
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Supplies Expense |
( |
a) |
1,900 |
1,900 |
1,900 |
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Advertising Expense |
( |
b) |
2,500 |
2,500 |
2,500 |
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Depreciation Expense—Equipment |
( |
c) |
1,900 |
1,900 |
1,900 |
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Salaries Expense |
13,900 |
13,900 |
13,900 |
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Utilities Expense |
1,550 |
1,550 |
1,550 |
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Totals |
199,250 |
199,250 |
6,300 |
6,300 |
201,150 |
201,150 |
21,750 |
60,750 |
179,400 |
140,400 |
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Net Income |
39,000 |
39,000 |
|||||||||||||||||||||||||||||||||
60,750 |
60,750 |
179,400 |
179,400 |
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|
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Required:
1.Record the adjusting entries in the general journal (transactions 1-3).
2.Record the closing entries in the general journal (transactions 4-7).
3.Post the adjusting entries and the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
4.Prepare a post-closing trial balance.
Analyze:
How many accounts are listed in the adjusted and post-closing trial balance section?