Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts Receivable

Which of the following accounts will usually appear in the post-closing trial balance?

a. Accounts Receivable
b. Cash
c. Depreciation Expense
d. Fees Earned
e. Doug Woods, Capital
f. Doug Woods, Drawing


Answers:
a. Accounts Receivable
b. Cash
e. Doug Woods, Capital
g. Equipment
h. Land
i. Salaries Payable
j. Unearned Rent

From the list that follows, identify the accounts that should be closed to the owner’s capital account at the end of the fiscal year: a. Accounts Receivable

From the list that follows, identify the accounts that should be closed to the owner’s capital account at the end of the fiscal year:

a. Accounts Receivable

b. Accumulated Depreciation

c. Building

d. Depreciation Expense

e. Fees Earned

f. Jackie Lindsay, Capital

g. Jackie Lindsay, Drawing

h. Land

i. Supplies

j. Supplies Expense

k. Unearned Rent

l. Wages Expense

Answers:

d. Depreciation Expense

e. Fees Earned

g. Jackie Lindsay, Drawing

j. Supplies Expense

l. Wages Expense

Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from which the postings were made. Journal entry explanations may be omitted.

Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from which the postings were made. Journal entry explanations may be omitted.

Answer:

(1) Cash75,000         

Beth Worley, Capital75,000        

(2) Supplies900              

Cash900             

(3) Equipment8,000           

Accounts Payable6,400          

Cash1,600          

(4) Operating Expenses6,280           

Cash6,280          

(5) Accounts Receivable12,300         

Fees Earned12,300        

(6) Accounts Payable2,700           

Cash2,700          

(7) Cash8,150           

Accounts Receivable8,150          

(8) Operating Expenses660              

Supplies660             

(9) Beth Worley, Drawing2,500           

Cash2,500

Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable

Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.

Journalize the following selected transactions for October 2019 in a two-column journal. Journal entry explanations may be omitted.

Oct.
  1. Paid rent for the month, $3,600.
  3. Paid advertising expense, $1,200.
  5. Paid cash for supplies, $750.
  6. Purchased office equipment on account, $8,000.
 10. Received cash from customers on account, $14,800.
 15. Paid creditors on account, $7,110.
 27. Paid cash for miscellaneous expenses, $400.
 30. Paid telephone bill (utility expense) for the month, $250.
 31. Fees earned and billed to customers for the month, $33,100.
 31. Paid electricity bill (utility expense) for the month, $1,050.
 31. Withdrew cash for personal use, $2,500.


Answer:

2019
 Oct. 1 Rent Expense3,600           
Cash3,600          
3 Advertising Expense1,200           
Cash1,200          
5 Supplies750              
Cash750             
6 Office Equipment8,000           
Accounts Payable8,000          
10 Cash14,800         
Accounts Receivable14,800        
15 Accounts Payable7,110           
Cash7,110          
27 Miscellaneous Expense400              
Cash400             
30 Utilities Expense250              
Cash250             
31 Accounts Receivable33,100         
Fees Earned33,100        
31 Utilities Expense1,050           
Cash1,050          
31 Jason Payne, Drawing2,500           
Cash2,500