Explain the closing entry process and prepare the closing entries in journal form based on the infor

Explain the closing entry process and prepare the closing entries in journal form based on the information
POST COMPANY
ADJUSTED TRIAL BALANCE
Cash Debit 80,000 Credit Accounts Receivable 12,000 Prepaid Insurance 2,000 Equipment 4,000 Accumulated
Depreciation Supplies 100
400 Accounts Payable 800 Wages Payable 200 Unearned Revenue 1,200 Contributed Capital 82,400 Retained Earnings 0 Sales 16,000 Gas Expense 200 Supply Expense 400 Insurance Expense 400 Depreciation
Expense 100 Wage Expense 200 Dividends 1,000 100,700 100,700 al form based on the information below

Ex. 219 Indicate whether the following items would appear on the balance sheet (BS), income statemen

Ex. 219
Indicate whether the following items would appear
on the balance sheet (BS), income statement (IS), or retained earnings
statement (RE).

1. Advertising
expense
2. Accounts
receivable
3. Dividends
4. Rent
revenue
5. Salaries
and wages payable
6. Supplies

Ex. 220
Listed below in alphabetical order are the
balance sheet items of Rock Plaza Central Company at December 31, 2013. Prepare
a balance sheet and include a complete heading.
Accounts
Payable $ 24,000
Accounts
Receivable 15,000
Buildings 56,000
Cash 7,000
Common stock 107,000
Land 42,000
Equipment 11,000

LO8 BT: AP Difficulty: Medium TOT: 5 min.
AACSB: Reflective Thinking AICPA
BB: Critical Thinking AICPA FN: Reporting

Ex. 221
One item is
omitted in each of the following summaries of balance sheet and income
statement data for three different sole corporations, X, Y, and Z. Determine
the amounts of the missing items, identifying each corporation by letter.
Corporation
X
Y
Z
Beginning of the Year:
Assets $380,000 $150,000 $199,000
Liabilities 250,000 105,000 168,000
End of the Year:
Assets 450,000 185,000 195,000
Liabilities 280,000 95,000 169,000
During the Year:
Issued
additional shares of stock ? 79,000 80,000
Dividends 90,000 83,000 ?
Revenue 195,000 ? 187,000
Expenses 170,000 113,000 175,000

PsycINFO Assignment(Due by Wednesday, September 21st, 2016)The goal of this assignment is to walk yo

PsycINFO Assignment(Due by Wednesday, September 21st, 2016)The goal of this assignment is to walk you through finding appropriateempirical articles using PsycINFO database. Specifically, theobjectives of this assignment are for you to: (1) start early a researchidea that of interest you, (2) examine current literature relevant toyour research project, (3) practice writing a cover page and referencepage using APA format.The assignment includes four parts:1. Complete the Report of Literature Search Form (see attachment)2. A Cover page (double space – always double space).(see example below)3. Reference page (choose seven references; at least one is frompeer reviewed journal and one from book or book chapter.Remember: double space) (see example on next page)Alland, A. Jr. (1977). The artistic animal: An inquiry into the biological roots of art. GardenCity, NY: Anchor Press.Gakhar, S., & Luthra, S. (1973). The test-retest reliability of Torrance Tests of Verbal CreativeThinking in a sample of ninth and tenth grade Indian children. Journal of the IndianAcademy of Applied Psychology, 10 (2-3), 48-52.Lubart, T. I. (1999). Creativity across cultures. In R. J. Sternberg (Ed.), Handbook of creativity(pp. 339-350). New York: Cambridge University Press.4. Print of your list of selected references (5 of them) including title,author, source, and abstractReport of Literature SearchYour name____________________ Date________________With this exercise, you will identify a research topic of interest youand conduct a brief literature search on the topic using PsycINFO.Please follow the steps below:1. Describe an area in psychology that interests you (“schoolachievementâ€; “interpersonal relationshipâ€; “ academicprocrastinationâ€). Try to be as specific as possible.2. Write as many terms/constructs as you can think of that describethis topic. These are terms you will use in your literature search3. Using the several possible terms listed above. Conduct yoursearch to find out your seven abstracts. Do not use articleswritten in a foreign language.

Why would the sales module of Burger King differ from the sales module of the mail order clothing…

Why would the sales module of Burger King differ from the sales module of the mail order clothing company, Lands’ End? What transactions would Lands’ End record as part of its sales process that would differ from those of Burger King?View Solution:
Why would the sales module of Burger King differ from

On September 1, Rosa Escobedo opened Self Confidence Tutoring Service.INSTRUCTIONSAnalyze the…

On September 1, Rosa Escobedo opened Self Confidence Tutoring Service.INSTRUCTIONSAnalyze the following transactions. Use the fundamental accounting equation form to record the changes in property, claims of creditors, and owner’s equity. (Use plus, minus, and equals signs.)TRANSACTIONS1. The owner invested $72,000 in cash to begin the business.2. Purchased equipment for $32,000 in cash.3. Purchased $12,000 of additional equipment on credit.4. Paid $6,000 in cash to creditors.5. The owner made an additional investment of $12,000 in cash.6. Performed services for $8,400 in cash.7. Performed services for $7,300 on account.8. Paid $5,200 for rent expense.9. Received $5,000 in cash from credit clients.10. Paid $6,300 in cash for office supplies.11. The owner withdrew $10,000 in cash for personal expenses.Analyze: Which transactions increased the company’s debt? By what amount?View Solution:
On September 1 Rosa Escobedo opened Self Confidence Tutoring Service

On January 6 Dee Light Corporation issued for cash 19 300 shares On January 6, Dee-Light Corporation

On January 6 Dee Light Corporation issued for cash 19 300 shares
On January 6, Dee-Light Corporation issued for cash 19,300 shares of $1 par value common stock at $28 per share. On May 10, Dee-Light issued at par 5,750 shares of preferred 4% stock, $20 par for cash. On June 22, Dee-Light issued for cash 22,750 shares of 4%, $25 par value preferred stock at $29 per share. Determine the amount of cash that Dee-Light will receive from each of these stock issuances.

a. Journalize the entry to record the January 6 issuance of common stock.

b. Journalize the entry to record the May 10 issuance of preferred stock.

c. Journalize the entry to record the June 22 issuance of preferred stock.

On January 6 Dee Light Corporation issued for cash 19 300 shares

jameson company manufactures shirts. During June?, jameson made 2,000 shirts and gathered the follow

jameson company manufactures shirts. During June?, jameson made 2,000 shirts and gathered the following additional? dataCalculate the direct labor cost varianceCalculate the direct labor efficiency varianceCalculate the direct materials cost varianceCalculate the direct materials efficiency variance.Direct materials cost standardDirect materials efficiency standardActual amount of fabric purchased and usedActual cost of fabric purchased and usedDirect labor cost standardDirect labor efficiency standardActual amount of direct labor hoursActual cost of direct labor $11.00 per yard of fabric1.70 yards per shirt3,300 yards$37,620$16.00 per DLHr7.50 DLHr per shirt15,130 DLHr$239,054 Page 1

Why is the matching principle important?View Solution: Why is the matching principle important

Why is the matching principle important?View Solution:
Why is the matching principle important

If market value is such a good basis for reporting certain marketable securities on the balance…

If market value is such a good basis for reporting certain marketable securities on the balance sheet, why not use market value as the basis for reporting intangible assets?View Solution:
If market value is such a good basis for reporting

The following schedule summarizes the inventory purchases and sales of Brooks Street Enterprises…

The following schedule summarizes the inventory purchases and sales of Brooks Street Enterprises during January 2009: Required: (a) Determine Brooks Street’s ending inventory, cost of goods sold, and gross profit for January 2009, assuming the company uses a perpetual inventory system and the following inventory costing methods: (1) FIFO, (2) LIFO, and (3) moving-average. (b) Which of the three inventory costing methods yields the most impressive financial results for Brooks Street? Explain. (c) What factors should a company consider when choosing an inventory costing method? Should one of these factors be the inventory costing method preferred by the decision makers who will be using the company’s financial statements?