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Melges Company to prepare entries to close the revenue Use the following income statement for the year 2011 for Melges Company to prepare entries to close the revenue and expense accounts for the company. Service revenue €90,300 Expenses: Salaries Expense €40,000 Rent Expense 25,000, Insurance Expense 6,500 Total expenses 71,500 Net income (loss) €18,800 Business Management Assignment Help, ...

Other / Other 31 Mar 2016

The ledger of Hunter Company The ledger of Hunter Company contains the following balances: Retained Earnings $60,000; Dividends $4,000; Service Revenue $95,000; Salaries Expense $54,000; and Rent Expense $18,000. Prepare the closing entries at December 31. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help ...

Other / Other 31 Mar 2016

The following items were taken from the post-closing trial balance of Aloma Macarty Company (All pounds are in thousands): Accumulated depreciation £5,455 Mortagage payable £ 743 Accounts payable 1,244 Patent 680 Notes payable after 2012 168 Equipment 11,300 Shaer capital-ordinary 9,800 Land held for investment 464 Retained earnings 3,263 Short-term investments 3,490 Accounts receivable 1,496 Notes payable in 2012 681 C ...

Other / Other 31 Mar 2016

Calculate the retained earnings balance The financial statement columns of the worksheet for The Coffee Pot at December 31, 2011, are as follows: THE COFFEE POT Worksheet For the Year Ended December 31, 2011 Statement of Income Statement Financial Position Accounts Debit Credit Debit Credit Cash 15,000 Accounts Receivable 7,000 Supplies 4,000 Prepaid Insurance 6,000 Equipme ...

Other / Other 31 Mar 2016

Latitudes Company had the following adjusted Latitudes Company had the following adjusted trial balance. LATITUDES COMPANY Adjusted Trial Balance For the month ended June 30, 2011 Account titles Debits Credits Cash $ 3,700 Accounts Receivable 3,900 Supplies 500 Accounts Payable $ 1,800 Unearned Revenue 200 Share Capital-Ordinary 5,000 Retained Earnings 800 Dividends 300 Service Revenue 4,100 Salaries Expense 1,3 ...

Other / Other 31 Mar 2016

The adjustments columns of the worksheet for Leonardo Company The adjustments columns of the worksheet for Leonardo Company are shown below. Adjustments Account Titles Debit Credit Accounts Receivable 800 Prepaid Advertising 600 Accumulated Depreciation 700 Salaries Payable 500 Service Revenue 800 Salaries Expense 500 Advertising Expense 600 Depreciation Expense 700 2, ...

Other / Other 31 Mar 2016

Harken Company discovered the following errors Harken Company discovered the following errors made in January 2011. 1. A payment of Salaries Expense of $800 was debited to Equipment and credited to Cash, both for $800. 2. A collection of $2,000 from a client on account was debited to Cash $200 and credited to Service Revenue $200. 3. The purchase of equipment on account for $680 was debited to Equipment $860 and credited to Accounts Paya ...

Other / Other 31 Mar 2016

F. Scot Company prepared the following adjusting entries F. Scot Company prepared the following adjusting entries at year end on December 31, 2011: (a) Interest Expense 100 Interest Payable 100 (b) Interest Receivable 250 Interest Revenue 250 (c) Salary Expense 4,000 Salary Payable 4,000 In an effort to minimize errors in recording transactions, F. Scot Company utilizes reversing entries. Prepare reversing entr ...

Other / Other 31 Mar 2016

Ridge Properties discovered the following errors Ridge Properties discovered the following errors made in January 2011. Prepare the necessary correcting entry for each of the following. a. A collection on account of €370 from a customer was credited to Accounts Receivable €730 and debited to Cash €730. b. The purchase of supplies on account for €250 was recorded as a debit to Equipment €250 and a credit to A ...

Other / Other 31 Mar 2016

Journalize the entries required to close the accounts Vanguard Company had the following adjusted trial balance at December 31, 2011. VANGUARD COMPANY Adjusted Trial Balance For the year ended December 31, 2011 Account titles Debits Credits Cash ₤ 14,800 Accounts Receivable 8,800 Equipment 15,900 Accounts Payable ₤ 4,400 Accumulated Depreciation 7,400 Share Capital - Ordinary 20,000 Retained Earnings 25,20 ...

Other / Other 31 Mar 2016