Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 12-15 closing entries for a corporation l

Exercise 12-15 Closing entries for a corporation LO6 Spicer Inc. showed the following alphabetized list...

80.2K

Verified Solution

Question

Accounting

image
image
image
Exercise 12-15 Closing entries for a corporation LO6 Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2020: Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2023 Operating Expenses Preferred Shares Retained Earnings ho Revenue Warehouse $ 25,360 38,800 10,440 20,880 8,000 19,200 108,000 78,000 40,200 113,600 33,20 108,800 38,800 27, 320 267,480 124,800 The company uses an income summary account in the closing process Required: 1. Assuming normal balances, prepare the closing entries at December 31, 2020, the company's year-end. View transaction list Journal entry worksheet 2 3 Record to close the revenue account to the income summary. Note: Enter debits before credits Date General Journal Debit Credit December 31, 2020 Record entry Clear entry View generat youmal View general Joumal 2. Calculate the post-closing balance in Retained Earnings at December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) Post Closing Balance in Retained Eamings: Retained earnings, December 31, 2019 Retained earnings, December 31, 2020

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students