Financial Accounting
Not what you're looking for?
Closing Entries
The end of the period account balances after adjustments of the Falcon Cleaners and Laundry are as follows:
Account Balances
(After Adjustments)
Cash $ 10,000
Cleaning Supplies 3,500
Prepaid Rent 3,600
Equipment 128,000
Accumulated Depreciation-Equipment 20,000
Accounts Payable 8,500
Common Stock 80,000
Retained Earnings 26,400
Dividends 9,000
Dry Cleaning Revenues 30,000
Laundry Revenues 4,000
Cleaning Supplies Expense 5,000
Depreciation Expense 3,000
Rent Expense 900
Salaries Expense 5,400
Utilities Expense 500
Instructions
Prepare the end of the period closing entries for the Falcon Cleaners and Laundry. You may omit journal entry explanations.
Purchase this Solution
Solution Summary
This problem involves the fundamentals of accounting
Solution Preview
Hi there,
<br>
<br>To close income statement accounts to retained earnings, you would do the following journal entry:
<br>
<br>DR: Dry cleaning revenues 30,000
<br>DR: Laundry revenues 4,000
<br>CR: Cleaning Supplies ...
Purchase this Solution
Free BrainMass Quizzes
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Basics of corporate finance
These questions will test you on your knowledge of finance.
Paradigms and Frameworks of Management Research
This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.