Business, 16.03.2020 19:09 lulu8167

Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 71,000 111 Accounts Receivable 57,920 121 Supplies 9,700 131 Prepaid Insurance 24,100 141 Equipment 109,000 142 Accumulated Depreciation—Equipment 40,420 202 Accounts Payable 12,100 301 Aretha Hinkle, Capital 121,000 302 Aretha Hinkle, Drawing 12,100 401 Fees Income 349,260 510 Depreciation Expense—Equipment 20,260 511 Insurance Expense 10,500 514 Rent Expense 32,100 517 Salaries Expense 157,000 518 Supplies Expense 4,700 519 Telephone Expense 5,900 523 Utilities Expense 8,500 All accounts have normal balances. Required: Prepare the closing entries. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 12:30

Suppose you win a small lottery and have the choice of two ways to be paid: you can accept the money in a lump sum or in a series of payments over time. if you pick the lump sum, you get $2,950 today. if you pick payments over time, you get three payments: $1,000 today, $1,000 1 year from today, and $1,000 2 years from today. 1) at an interest rate of 6% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 2) at an interest rate of 9% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 3) years after you win the lottery, a friend in another country calls to ask your advice. by wild coincidence, she has just won another lottery with the same payout schemes. she must make a quick decision about whether to collect her money under the lump sum or the payments over time. what is the best advice to give your friend? a) the lump sum is always better. b) the payments over time are always better. c) it will depend on the interest rate; advise her to get a calculator. d) none of these answers is good advice.

Answers: 2

Answer

Business, 22.06.2019 16:50

The cost of labor is significantly lower in many countries than in the united states. if you move manufacturing to a facility to a country labeled as part of the axis of evil and a threat to world peace you will increase the net income of your client by $10 million per the facility is located in a country which limits personal freedom and engages in state sponsored terrorism. imagine you are a marketing consultant. (a) what would you tell the executives to do? (b) what are the alternatives? what are your recommendations? why do you recommend this course of action?

Answers: 1

Answer

Business, 22.06.2019 20:00

Double corporation acquired all of the common stock of simple company for

Answers: 1

Answer

Business, 23.06.2019 02:10

Which of the following best explains the purpose of a supply schedule? a. to calculate how much time it takes for distribution. b. to indicate how supply and demand relate to price. c. to show the relationship between quantity supplied and prices. d. to demonstrate how the supply decreases as price increases.

Answers: 1

Answer

You know the right answer?

Exercise 6.6 Closing entries. LO 6-1 The ledger accounts of AXX Internet Company appear as follows o...

Questions