Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. solve this question according to gaap. canadian st

solve this question according to GAAP. canadian standard Following is the adjusted trial balance,...

60.1K

Verified Solution

Question

Accounting

image

solve this question according to GAAP. canadian standard

Following is the adjusted trial balance, with accounts listed in alphabetical order for Pace Design at November 30, 2014. Use this information to prepare the closing entries. Use the numbers below as the description for the corresponding closing entry. 1. Close all temporary credit balance accounts to the income summary account. 2. Close all temporary debit balance accounts to the income summary account. 3. Close the income summary (net income) to capital. 4. Close the income summary (net loss) to capital. 5. Close withdrawals to capital. Enter the dates in the format dd/mmm (ie. 15/Jan). General Journal Account/Explanation Date Page GJS Credit F Debit Pace Design Adjusted Trial Balance November 30, 2014 Debit Credit Accounts receivable 11,690 Accumulated depreciation, furniture 2,920 Capital 13,200 Cash 8,360 Commissions earned 9,380 Consulting revenue earned 10,140 Delivery expense 2,900 W Depreciation expense, furniture 1,460 Furniture 22,830 Interest expense 1,480 Long-term notes payable 15,750 Withdrawals 2,670 Totals 51,390 51,390

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