Kelly pitney closing entries
WebJul 1, 2024 · These four closing entries are as follows: Debit each revenue account for its balance and credit Income Summary for the total revenue. Credit each expense account … WebOct 25, 2016 · Kelly pitney began her consulting business, Kelly Consulting, on April 1, 2010. The accounting cylcle for Kelly Consulting for April , including financial statements was …
Kelly pitney closing entries
Did you know?
WebMay 31, 2024 · Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2024. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: Record the following transactions on Page 6 of the journal: WebMar 28, 2012 · Balance Date Item Ref. Dr. Cr. Dr. Cr. 2010 May 42,30031 Closing 69,96531 Closing 61,965Kelly Pitney, Drawing 32 2010 May 31 31Closing IncomeSummary 33 2010 May 31 Closing 33,37531 Closing 27,66531 Closing FeesEarned 41 2010 May 15 6,10017 14,30021 18,20025 23,30031 27,17531 30,37531 Adjusting 33,37531 Closing …
WebPrepare the closing entries on Page 8 of the journal. Refer to the Chart of Accounts for exact wording of account titles. B.Use the spreadsheet to post the closing entries to the ledger of four-column accounts. Add the appropriate posting reference to the journal in CengageNOW. 10.Prepare a post-closing trial balance.Instructions Chart of Accounts WebKelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. ... Record the closing entries on Page 8 of d1e journal. (Income Summary is account #34 in d1e chart of accounts.) Indicate closed accounts by ...
WebKelly Pitney began her consulting business, Kelly Consulting, on April 1, 2014. The chart of accounts for Kelly Consulting is shown below: Required: Journalize each of the May transactions using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the Post. Ref. column of the journal at this time.) WebMay 12, 2024 · May 31: Kelly withdrew $10,500 for personal use. Solution: Kelly Pitney General Journal: May 3: Debit Cash $4,500 Credit Unearned Fees $4,500 To record advance payment for services. May 5: Debit Cash $2,450 Credit Accounts Receivable $2,450 To record cash receipt on account. May 9: Debit Miscellaneous Expense $225 Credit Cash …
WebMay 31, 2024 · In May, Kelly Consulting entered into transactions. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial …
WebFor the closing entries, first close the expense accounts to the income summary. Next, is to close the revenue account. Then, close the income summary to the capital. Lastly, close the drawing account to capital. This is done so the temporary accounts … texas ms business analyticsWebApr 1, 2016 · A. Prepare the closing entries on Page 8 of the journal. Refer to the Chart of Accounts for exact wording of account titles. B. Post the closing entries to the ledger. Indicate closed accounts by inserting a 0 (zero) in either of the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance. texas ms 150 teamsWebUtilities Expense 330 Total Expenses 23450 23450 b) Statement of Owner’s Equity Statement of Owner’s Equity For the month ended April 30, 2016 $ $ Owner’s Capital 0 Investment 30000 Net income 18300 Withdrawals -6000 Owner’s Capital 42300 c) Classified Balance Sheet Balance SheetApril 30, 2016 ASSETS $ $ Current Assets: Cash 22100 … texas msa wageshttp://ww2.justanswer.de/uploads/BusinessTutor/2009-04-17_160040_kelly.doc texas ms-150WebKelly Pitney, Capital* get from s/oe Total Liabilities and Owner's Equity= Closing Entries Fees Earned: Dr. Salary Expense Cr. Rent Expense Supplies Expense Depreciation Expense … texas msb licenseWebPrepare and post the closing entries. (Income summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance ... 31 Closing 8 8,000 61,965. Kelly Pitney, Drawing 32. texas msa\u0027s and countiesWebYou can refer to the objectives for each chapter covered as a review of the concepts. Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The chart of accounts for Kelly Consulting is shown below: 11 Cash 32 Retained Earnings. 12 Accounts Receivable 33 Dividends. 14 Supplies 41 Fees Earned. 15 Prepaid Rent 51 Salary ... texas msb annual report