Question : 167. Beachside Realty rents condominiums and furnishings. It’s adjusted trial balance : 1227153

 

167. Beachside Realty rents condominiums and furnishings.  It’s adjusted trial balance at December 31, 2011, is as follows:   

 

Debit Balances

Credit Balances

Cash

  1,500

 

Accounts Receivable

2,000

 

Interest Receivable

100

 

Prepaid Insurance

1,600

 

Notes Receivable (long-term)

2,800

 

Equipment

15,000

 

Accumulated Depreciation

 

1,500

Accounts Payable

 

1,400

Accrued Expenses Payable

 

2,920

Income Taxes Payable

 

1,700

Unearned Rental Fees

 

500

Capital Stock

 

3,000

Retained Earnings

 

5,200

Dividends

2,000

 

Rental Fees Earned

 

41,000

Furniture Rental Revenue

 

1,200

Interest Revenue

 

100

Wages Expense

19,000

 

Depreciation Expense

1,800

 

Utilities Expense

320

 

Insurance Expense

700

 

Maintenance Expense

9,000

 

Income Tax Expense

2,700

 

 

58,520

58,520

 

 

 

Prepare the entry required to close the expense accounts at the end of the period. 

168. Beachside Realty rents condominiums and furnishings.  It’s adjusted trial balance at December 31, 2011, is as follows:   

 

Debit Balances

Credit Balances

Cash

  1,500

 

Accounts Receivable

2,000

 

Interest Receivable

100

 

Prepaid Insurance

1,600

 

Notes Receivable (long-term)

2,800

 

Equipment

15,000

 

Accumulated Depreciation

 

1,500

Accounts Payable

 

1,400

Accrued Expenses Payable

 

2,920

Income Taxes Payable

 

1,700

Unearned Rental Fees

 

500

Capital Stock

 

3,000

Retained Earnings

 

5,200

Dividends

2,000

 

Rental Fees Earned

 

41,000

Furniture Rental Revenue

 

1,200

Interest Revenue

 

100

Wages Expense

19,000

 

Depreciation Expense

1,800

 

Utilities Expense

320

 

Insurance Expense

700

 

Maintenance Expense

9,000

 

Income Tax Expense

2,700

 

 

58,520

58,520

 

 

 

Prepare the closing entry required to transfer the income or loss at the end of the period. 

169. Beachside Realty rents condominiums and furnishings.  It’s adjusted trial balance at December 31, 2011, is as follows:   

 

Debit Balances

Credit Balances

Cash

  1,500

 

Accounts Receivable

2,000

 

Interest Receivable

100

 

Prepaid Insurance

1,600

 

Notes Receivable (long-term)

2,800

 

Equipment

15,000

 

Accumulated Depreciation

 

1,500

Accounts Payable

 

1,400

Accrued Expenses Payable

 

2,920

Income Taxes Payable

 

1,700

Unearned Rental Fees

 

500

Capital Stock

 

3,000

Retained Earnings

 

5,200

Dividends

2,000

 

Rental Fees Earned

 

41,000

Furniture Rental Revenue

 

1,200

Interest Revenue

 

100

Wages Expense

19,000

 

Depreciation Expense

1,800

 

Utilities Expense

320

 

Insurance Expense

700

 

Maintenance Expense

9,000

 

Income Tax Expense

2,700

 

 

58,520

58,520

 

 

 

Prepare the entry required to close the dividends account at the end of the period. 

170. The following are all the steps in the accounting cycle.  List them in the order in which they should be done.- Closing entries are journalized and posted to the ledger.- An unadjusted trial balance is prepared.- An optional end-of-period spreadsheet (work sheet) is prepared.- A post-closing trial balance is prepared.- Adjusting entries are journalized and posted to the ledger.- Transactions are analyzed and recorded in the journal.- Adjustment data are assembled and analyzed.- Financial statements are prepared.- An adjusted trial balance is prepared.- Transactions are posted to the ledger.