Account Titles Debit Credit
Business, 22.04.2020 02:56, samiiegarciia
Morris Company had the following adjusted trial balance:
Account Titles Debit Credit
Cash $21,460
Accounts Receivable 19,060
Supplies 7,690
Equipment 36,600
Accumulated Depreciation $8,700
Accounts Payable 4,690
Unearned Rent Revenue 2,240
Capital Stock 23,580
Retained Earnings 22,500
Dividends 15,000
Commission Revenue 49,700
Rent Revenue 7,300
Depreciation Expense 5,200
Utilities Expense 8,600
Supplies Expense 5,100
Total $118,710 $118,710
The president of Morris Company has asked you to close the books (prepare and process the closing entries).
Required:
After the closing process has been completed, answer the following questions:
During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (i. e., after revenue and expense accounts have been closed to Income Summary)?
$
What is the balance in the Retained Earnings account?
What is the balance in the depreciation expense account?
Answers: 3
Business, 22.06.2019 03:30, levicorey846
Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000. ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account. iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620. iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account. v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books. required: 1. prepare the journal entries to correct the errors. (narrations required) 14.5 marks 2. prepare the suspense account showing clearly the original trial balance error. 8 marks
Answers: 2
Business, 22.06.2019 10:00, mayamabjishovrvq9
Suppose an economy has only two sectors: goods and services. each year, goods sells 80% of its outputs to services and keeps the rest, while services sells 62% of its output to goods and retains the rest. find equilibrium prices for the annual outputs of the goods and services sectors that make each sector's income match its expenditures.
Answers: 2
Business, 22.06.2019 11:50, adrianmelchor146
The following are the current month's balances for abc financial services, inc. before preparing the trial balance. accounts payable $ 10,000 revenue 6,000 cash 3,000 expenses 17,500 furniture 10,000 accounts receivable 14,000 common stock ? notes payable 6,500 what amount should be shown for common stock on the trial balance? a. $48.000b. $12.500c. $27.000d. $28.000
Answers: 3
Business, 22.06.2019 12:40, gldven7636
When cell phones were first entering the market, they were relatively large and reception was undependable. all cell phones were essentially the same. but as the technology developed, many competitors entered, introducing features unique to their phones. today, cell phones are only a small fraction of the size and weight of their predecessors. consumers can buy cell phones with color screens, cameras, internet access, daily planners, or voice activation (and any combination of these features). the history of the cell phone demonstrates what marketing trend?
Answers: 3
Morris Company had the following adjusted trial balance:
Account Titles Debit Credit
Account Titles Debit Credit
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