Hi I need help in financial accounting please..
Listed below are selected accounts.In the dropdowns provided for each account, indicate what type ofaccount it is, its normal balance, and the debit/credit rules forincreasing and decreasing it. Use the following abbreviations foryour answer:
Type ofAccount Normal AccountBalance Rules to Increase orDecrease the Account A = Asset Dr = Debit Dr = Debit L = Liability Cr = Credit Cr = Credit SE = Stockholders' Equity R = Revenue E = Expense D = Dividend
Type ofAccount NormalBalance Rule toIncrease Rule toDecrease Example: Cash A Dr Dr Cr Accounts Payable SelectALSEREDItem 1 SelectDrCrItem 2 SelectDrCrItem 3 SelectDrCrItem 4 Retained Earnings SelectALSEREDItem 5 SelectDrCrItem 6 SelectDrCrItem 7 SelectDrCrItem 8 Prepaid Insurance SelectALSEREDItem 9 SelectDrCrItem 10 SelectDrCrItem 11 SelectDrCrItem 12 Service Revenues SelectALSEREDItem 13 SelectDrCrItem 14 SelectDrCrItem 15 SelectDrCrItem 16 Notes Payable SelectALSEREDItem 17 SelectDrCrItem 18 SelectDrCrItem 19 SelectDrCrItem 20 Intangibles SelectALSEREDItem 21 SelectDrCrItem 22 SelectDrCrItem 23 SelectDrCrItem 24 Common Stock SelectALSEREDItem 25 SelectDrCrItem 26 SelectDrCrItem 27 SelectDrCrItem 28 Salary Expense SelectALSEREDItem 29 SelectDrCrItem 30 SelectDrCrItem 31 SelectDrCrItem 32 Accounts Receivable SelectALSEREDItem 33 SelectDrCrItem 34 SelectDrCrItem 35 SelectDrCrItem 36 Unearned Revenues SelectALSEREDItem 37 SelectDrCrItem 38 SelectDrCrItem 39 SelectDrCrItem 40
Hi I need help in financial accounting please..
Listed below are selected accounts.In the dropdowns provided for each account, indicate what type ofaccount it is, its normal balance, and the debit/credit rules forincreasing and decreasing it. Use the following abbreviations foryour answer:
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Related questions
Chandler, Inc. is owned by Roscoe Chandler and providesappraisal services to individuals and companies wishing to purchaseand sell fine art. Chandler, Inc. began business on January 1,2016, and is just completing its first year of business. Roscoeasks for your help in completing the accounting cycle for thecompany by assisting with the closing process.
Before the closing entries are made, you begin with an adjustedtrial balance. The closing entries are essentially the link fromthe adjusted trial balance to the post-closing trial balance.
Chandler, Inc.
ADJUSTED TRIAL BALANCE
December 31, 2016
| ACCOUNTTITLE | DEBIT | CREDIT | |
|---|---|---|---|
1 | Cash | 76,000.00 | |
2 | Accounts Receivable | 29,000.00 | |
3 | Prepaid Insurance | 16,000.00 | |
4 | Equipment | 60,000.00 | |
5 | Accumulated Depreciation-Equipment | 40,000.00 | |
6 | Accounts Payable | 6,000.00 | |
7 | Salaries Payable | 8,000.00 | |
8 | Income Taxes Payable | 4,000.00 | |
9 | Common Stock | 2,000.00 | |
10 | Retained Earnings | 18,000.00 | |
11 | Dividends | 5,000.00 | |
12 | Income Summary | ||
13 | Fees Earned | 175,600.00 | |
14 | Rent Revenue | 92,000.00 | |
15 | Interest Revenue | 17,200.00 | |
16 | Salaries Expense | 71,000.00 | |
17 | Selling Expense | 25,600.00 | |
18 | Income Taxes Expense | 15,000.00 | |
19 | Depreciation Expense-Equipment | 47,200.00 | |
20 | Insurance Expense | 17,000.00 | |
21 | Miscellaneous Expense | 1,000.00 | |
22 | Totals | 362,800.00 | 362,800.00 |
The final step of the accounting cycle is the closing process.The main goal of this stage of the cycle is to ensure that thebalance of each temporary account is returned to zero and that netincome is transferred to the retained earnings account. The firststep in successfully undertaking the closing process is tounderstand the difference between a temporary account and apermanent account. Roscoe has some questions about the process.
Answer questions (1) - (3) below.
1. If a temporary account has an ending balance of $57,000, whatis its beginning balance for the following accounting period?
2. If a permanent account has an ending balance of $57,000, whatis its beginning balance for the following accounting period?
3. Roscoe will be preparing his yearly financial statementsafter completing Chandler, Inc.âs closing process, and is asomewhat confused about the characteristics of the accounts on hisChart of Accounts. He has started by creating the chart below, andasks for your help in completing it. For each account or type ofaccount listed, choose all descriptions that apply.
| Temporary Account | Permanent Account | Closed to Income SummaryAccount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset accounts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings account | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liability accounts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends account | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Roscoe has attempted to prepare the closing entries forChandler, Inc. on this panel. Heâs not sure if heâs entered thejournal entries correctly, and asks you to review them. You findthat two of the entries are correct, but two are incorrect. Determine which entries are incorrect, and enter all four of theclosing entries for Chandler, Inc. as of Dec. 31 on the Journalpanel. PAGE 25 JOURNAL
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