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Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Accounting,Business & Finance See all
Accounting,Business & Finance,Economics,Engineering,HR Management,Math Hide all
Teaching Since: Apr 2017
Last Sign in: 327 Weeks Ago, 5 Days Ago
Questions Answered: 12843
Tutorials Posted: 12834

Education

  • MBA, Ph.D in Management
    Harvard university
    Feb-1997 - Aug-2003

Experience

  • Professor
    Strayer University
    Jan-2007 - Present

Category > Accounting Posted 21 Apr 2017 My Price 7.00

Knick Knack Store

As of December 31, Anne Teak's Knick Knack Store shows the following account balances (after adjustments):

  • Cash: $8,600
  • Inventory: $4,700
  • Prepaid Consulting: $600
  • Accounts Receivable: $2,500
  • Furniture (net of Accumulated Depreciation): $85,200
  • Accounts Payable: $5,100
  • Unearned Revenue: $1,900
  • Loans Payable: $9,000
  • Common Stock: $10,000
  • Retained Earnings: $18,300
  • Dividends: $1,500
  • Subscriptions Revenue: $24,100
  • Sales Income: $59,400
  • Office Expense: $16,100
  • Depreciation Expense: $2,600
  • Office Supplies Expense: $4,700
  • Telephone Expense: $1,300

Questions:

  1. Prepare the closing entries for Anne Teak's Knick Knack Store as of December 31. The only thing you may omit are journal entry explanations. You may assume all accounts have a normal debit or credit balance. (HINT: there are four entries you must make.) (Each correct closing entry is worth 1.25 points.)
  2. What is the balance in Retained Earnings as of December 31? (1 point)

SPECIFIC INSTRUCTIONS: For each journal entry, type your response in the following format:

   DR (account name) $(amount)

   CR (account name) $(amount)

For example, if you are making an entry to debit Cash for $100 and credit Accounts Payable for $100, you would enter the following:

    DR Cash $100

   CR Accounts Payable $100

(Note: we will be closing examining your work to check for similarities with other students' work, so don't even think about trying to commit academic dishonesty.)

Answers

SuperTutor
(15)
Status NEW Posted 21 Apr 2017 02:04 AM My Price 7.00

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