CHAPTER 5 The Accounting Cycle Completed MyAccountingLab Exercises Set A L01 (15

Question

CHAPTER 5 The Accounting Cycle Completed MyAccountingLab Exercises Set A L01 (15 min) From the adjustments section of a worksheet (see Figure 5.21 . prepare adjusting journal entries for the end of December .1. FIGURE 5.21 Adjustments on Worksheet Adjustments Dr Cr Prepaid Rent Office Supplies Accumulated Depreciation, Equipment Salaries Payable A) 130000 7 500 Rent Expense Office Supplies Expense Depreciation Expense, Equipment Salaries Expense 5000 (C) 3 75 00ITI Totals 2725 00 SA-2. Complete the following table by placing an X in the correct column. L01,2 (10 min) Temporary Permanent Will Be Closed Ex. Accounts Receivable 1. Income Summary 2. Jan Ralls, Capital 3. Rent Expense 4. Jan Ralls, Withdrawals 5. Fees Earned 6. Accounts Payable 7. Cash 5A-3. From the following T accounts, journalize the four closing entries on (15 min) L02 October 31, 201X. Rent Expense 7,500 Wage Expense 8,100 J. Kirsch, Capital 14,000 3. Kirsch, Withdrawals 5,000 Insurance Expense

Explanation / Answer

Q1. Journal entries: a. Rent expense Account Dr. 1300     Prepaid expense Account 1300 b. Office spplies expense account Dr. 450     Office supplies 450 c. Depreciation expense-Equipment Dr. 375       Accumulated Depreciation-Equipment 375 d. Salaries expense Account Dr. 600      Salaries payable Account 600 Q2. TEMPORARY PERMANENT WILL BE CLOSED 1. Income Summary X 2. Jan Rallis Capital X 3. Rent expense X 4. Jan rallis, withdrawals X 5. Fees earned X 6. Accounts payable X 7. Cash X

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