Use the adjusted trial balance below. Adjusted Trial Balance Account Title Debit Credit Cash 26,000 Accounts Receivable 3,300 Prepaid Insurance 6,600 Supplies 1,200 Land 42,300 Equipment 5,700 Accumulated Depreciation-Equipment 5,500 Accounts Payable 5,300 Owner, Capital 73,900 Owner, Drawing 3,200 Service Fees 20,000 Wages Expense 8,500 Supplies Expense 2,100 Utilities Expense 200 Insurance Expense 100 Depreciation Expense-Equipment 5,500 104,700 104,700 a. For each account, open a T account, title the account, and place its balance in it. Cash Accounts Receivable
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Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance. Cash 38,750 debit. Prepaid insurance 4,500 debit. Equipment 35,000 debit. Notes Payable 32,000 credit. Common Stock 10,000 credit. Retained Earnings 17,325 credit. Dividends 22,000 debit. Sales revenue 200,000 credit. Automobile expense 24,575 debit. Insurance expense 18,000 debit. Salaries expense 110,000 debit. Supplies expense 6,500 debit. Total debits and total credits each are 259,325.
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After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger: Accounts payable $40,000 Insurance expense $8,600 Accounts receivable 54,500 Prepaid insurance 5,275 Accumulated Rent expense 21,400 depreciation 83,325 Retained earnings 50,950 Capital stock 50,000 Salaries expense 66,000 Cash 7,150 Salaries payable 150 Depreciation expense 23,500 Service revenue 151,000 Dividends 28,000 Supplies 2,500 Equipment 155,000 Supplies expense 3,500 Required: Journalize the entries to close the appropriate accounts.
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Prepare an unadjusted trial balance, in correct format, from the following alphabetized account information. Assume all accounts have normal balances. Accounts payable $3,600; Accounts receivable 45,333; Building 156,000; Cash 50,480; Common Stock 110,000; Dividends 18,000; Equipment 33,500; Fees earned revenue 225,430; Land 18,000; Miscellaneous expense 5,123; Notes payable 85,500; Retained earnings 60,606; Salaries expense 151,900; Supplies 6,800.
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Horngren’s Cost Accounting
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