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104.An adjustment resulting from a creditor charging too much for merchandise would be recorded in the: A.general journal B.purchases journal C.cash payments journal D.cash receipts journal 105.The total on the "Cash Receipts" report at January 31 should equal A.the total revenue earned for the month of January. B.the total of the purchases journal on January 31. C.the total.

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  • 104.An adjustment resulting from a creditor charging too much for
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74.Which of the following transactions is recorded in the revenue journal? A.sale of excess office equipment for cash B.rendering services for cash C.rendering services on account D.sale of excess office equipment on account 75.Each individual entry in the Revenue Journal is posted to A.the Accounts Receivable controlling account B.the accounts receivable subsidiary ledger C.the Revenue controlling account D.the accounts.

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  • 74.Which of the following transactions recorded in the revenue journal? A.sale
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187.Prepare an income statement and a statement of owner’s equity for the month ended September 30, 2010 from the T-accounts below of Carson Company. Prepaid Insurance Accounts Receivable Unearned Revenues Wages Payable 1,400 1,600 1,200 435 120 400 200 Carson, Capital Carson, Drawing Income Summary Fees Earned 6,800 2,400 4,150 3,300 2,500 2400 4,760 500 610 610 350 2,400 4,150 Wages Expense Rent Expense Insurance Expense Utilities Expense 3,200 1,130 80 125 225 1,130 80 125 3,425 .

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  • 187.Prepare an income statement and a statement of owner’s equity
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179.Indicate whether each of the following would be reported in the financial statements as a(n) (a) current asset, (b) current liability, (c) revenue, or (d) expense: (1) Supplies (5) Supplies Expense (2) Unearned Fees (6) Prepaid Insurance (3) Prepaid Advertising (7) Accounts Payable (4) Advertising Expense (8) Fees Earned 180.The following accounts were taken from the Adjusted Trial Balance columns of the work sheet for April.

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  • 179.Indicate whether each of the following would be reported in
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156.The posting references in the following purchases journal are indicated by letters. Identify each posting reference [(a) through (i)] as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required. PURCHASES JOURNAL ) Date Account Credited Post. Ref. Accounts Payable Cr. Office Supplies Dr. Store Supplies Dr. ) ) ) July ) 3 Morton Company (a) 1,150 ..... 1,150 ) 7 Jackson Co. (b) 4,800 4,800 ..... ) 14 Fallon Inc. (c) 7,000 7,000 ..... ) 26 Simpson Bros. (d) 2,350 ..... ..... ) 31 15,300 11,800 1,150 ) (e) (f) (g) ) ( ( ( Other.

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  • 156.The posting references in the following purchases journal indicated by
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144.The debits and credits from two transactions are presented in the following supplier’s (creditor’s) account: NAME: Xample, Inc. Address: 567 Harrison Blvd. Date Item Post. Ref. Debit Credit Balance Nov 1 Balance Ö 125 Nov 9 Invoice 456 CP 55 43 82 Nov 18 Invoice 475 P89 93 175 Describe each transaction and the source of each posting. 145.The debits and credits from two transactions are presented in the following supplier’s (creditor’s) account: NAME: Banner.

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  • 144.The debits and credits from two transactions presented in the
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174.Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010. Debit Credit 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 $3,000 Accounts payable 2,400 Accrued expenses payable 3,920 Income taxes payable 2,700 Unearned rent fees 500 Bob Evans, Capital 7,700 Bob Evans, Drawing 2,000 Rent fees earned 37,000 Furniture rental revenue 1,200 Interest revenue 100 Wages expense 19,000 Depreciation expense 1,800 Utilities expense 320 Insurance expense 700 Maintenance.

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  • 174.Bob Evans owns a business, Beachside Realty, that rents condominiums
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54.A(n) ___________ system is the methods and procedures for collecting, classifying, summarizing and reporting a business’s financial and operating information. A.accounting B.fiduciary C.operations D.auditing 55.The phase of accounting system installation in which the information needs of people in the organization are taken into account is A.analysis B.design C.implementation D.installation 56.Which of the following is not one.

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  • 54.A(n) ___________ system the methods and procedures for collecting, classifying,
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84.When posting the column totals of a cash payments journal, a debit should be posted to A.Cash B.Accounts Payable C.Sales Discounts D.Unearned Revenue 85.In which journal is the receipt of a promissory note from a customer on account recorded? A.Revenue journal B.Cash Receipts journal C.General journal D.Purchases journal 86.Subsidiary ledgers A.are used only for Accounts Payable and Accounts Receivable B.may.

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  • 84.When posting the column totals of a cash payments journal,
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136.Morgan Company has the following segment revenues for fiscal 2011 and 2010. 2011 (in millions) 2010 (in millions) U.S. $775.0 $650.00 Canada 325.5 245.5 Other countries 215.5 168.5 Total Revenues 1,316.0 1,064.0 Prepare a vertical analysis of the segment data. 137.Johnson Corporation provided revenue disclosures for 2009 by its major product segments in the notes to its financial statements as follows: Major Product Segments Fiscal Year 2009.

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  • 136.Morgan Company has the following segment revenues for fiscal 2011
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184.The following balance sheet contains errors. Brock Morton Services Co. Balance Sheet For the Year Ended December 31, 2010 Assets Liabilities Current assets: Current liabilities: Cash $7,170 Accounts receivable $ 10,000 Accounts payable 7,500 Accum. depr-building 12,525 Supplies 2,590 Accum. depr-equipment 7,340 Prepaid insurance 800 Net income 11,500 Land 24,000 Total current assets $42,060 Total liabilities $41,365 Owner's Equity Property, plant, and equipment: Wages payable $ 1,500 Building $43,700 Brock Morton, Capital  88,645 Equipment 29,250 Total owner's equity $90,145 Total property, plant, .

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  • 184.The following balance sheet contains errors. Brock Morton Services Co. Balance Sheet For
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149.The following purchases journal headings have been suggested for Tower Tree-Trimming Service Company. What problems do you see with these headings? Date Account Credited Post. Ref. Accounts Payable Dr. Accounts Receivable Cr. Cash Cr. Other Accounts Dr. 150.List the 4 most common special journals used in accounting and describe the transaction recorded in each journal. 151.Westsouth Publishing reports the following segment.

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  • 149.The following purchases journal headings have been suggested for Tower
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185.The following is the adjusted trial balance for Nadia Company. Nadia Company Adjusted Trial Balance December 31, 2010 Cash 5,130 Accounts Receivable 3,300 Prepaid Expenses 550 Equipment 12,400 Accumulated Depreciation 2,200 Accounts Payable 700 Notes Payable - Due on June 30, 2011 4,000 Nadia Porter, Capital 13,000 Nadia Porter, Drawing 700 Fees Earned 9,930 Wages Expense 2,450 Rent Expense 1,900 Utilities Expense 1,475 Depreciation Expense 1,150 Miscellaneous Expense 775 Totals 29,830 29,830 Prepare an Income Statement, Balance Sheet, and Statement of Owner’s Equity. Assume that the.

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  • 185.The following the adjusted trial balance for Nadia Company. Nadia Company Adjusted
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198.Reconstruct adjusting and closing entries for the month ended September 30, 2010 from the T-accounts below. Prepaid Insurance Accounts Receivable. Unearned Revenues Wages Payable 1,350 1,250 1,050 385 130 275 235 385 1,220 1,525 815 Mai Lui, Capital Mai Lui, Drawing Income Summary Fees Earned 7,000 2,400 5,510 5,000 580 2,400 6,090 275 2,400 0 580 235 4,020 5,510 Wages Expense Rent Expense Insurance Expense Utilities Expense 3,600 1,880 130 95 385 1,880 130 95 3,985 0 0 0 0 .

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  • 198.Reconstruct adjusting and closing entries for the month ended September
  • Accounting
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182.The following data were taken from the Balance Sheet columns of the work sheet for April 30, 2010 for Mackenzie Company: Accumulated Depreciation-Trucks $42,400 Prepaid Rent 6,800 Supplies 850 Unearned Fees 7,310 Trucks 49,300 Cash 3,400 Mackenzie, Capital ? Prepare a classified balance sheet. 183.Indicate whether each of the following would be reported in the section of financial statements identified as (a) current asset, (b) property,.

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  • 182.The following data were taken from the Balance Sheet columns
  • Accounting
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175.Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010. Debit Credit 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 $3,000 Accounts payable 2,400 Accrued expenses payable 3,920 Income taxes payable 2,700 Unearned rent fees 500 Bob Evans, Capital 7,700 Bob Evans, Drawing 2,000 Rent 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.

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  • 175.Bob Evans owns a business, Beachside Realty, that rents condominiums
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192.The following adjusted trial balance is the result of the adjustments made at the end of the month of March for Erik Martin Company. Utilize these adjusted values to perform the closing entries for Erik Martin Company. Cash $24,750.00 Accounts Receivable 5,750.00 Office Supplies 3,525.00 Store Supplies 4,785.00 Machinery 9,750.00 Accumulated Depreciation 2,150.00 Accounts Payable 3,550.00 Notes Payable 7,500.00 Erik Martin, Capital 19,725.00 Erik Martin, Drawing 6,250.00 Service Revenue 36,500.00 Wages Expense 6,425.00 Office Supplies.

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  • 192.The following adjusted trial balance the result of the adjustments
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124.Briefly describe the three-step process of accounting system development. 125.Define and describe an accounting system. 126.Utilizing the Revenue Journal, below, journalize the following five transactions of Porshe Creations: (a) On March 20th Porshe sells 25 cell phone covers to Xtreme at $4.50 per cover on invoice 887. (b) On March 21st Porshe sells 5 cell phone.

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  • 124.Briefly describe the three-step process of accounting system development. 125.Define and
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188.Selected ledger accounts appear below for Fulton Surveying Services for 2010. Fulton, Capital Fulton, Drawing 12/31 15,000 1/1 20,000 3/31 12,000 12/31 15,000 12/31 45,000 12/22 3,000 Income Summary 12/31 19,000 12/31 64,000 12/31 45,000 Prepare a statement of owner's equity. 189.On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended March.

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  • 188.Selected ledger accounts appear below for Fulton Surveying Services for
  • Accounting
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201.Complete the following worksheet for Danilo Enterprises. Danilo Enterprises Worksheet For the Year Ended December 31, 2010 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 14,500 Accounts Receivable 7,500 Supplies 500 Equipment 20,500 Accumulated Depr-Equip 15,000 Accounts Payable 9,500 Wages Payable 3,060 Tony Danilo, Capital 18,240 Tony Danilo, Drawing 1,000 Fees Earned 34,000 Wages Expense 18,000 Rent Expense 9,300 Depreciation Expense 8,500 Totals 79,800 79,800 Net Income (Loss) .

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  • 201.Complete the following worksheet for Danilo Enterprises. Danilo Enterprises Worksheet For the Year
  • Accounting
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94.A cash investment made by the owner should be recorded on the A.cash receipts journal B.purchases journal C.cash payments journal D.general journal 95.A withdrawal of cash made by the owner will be found in the A.cash receipts journal B.cash payments journal C.general journal D.purchases journal 96.An owner transfers a personal automobile to the company with a fair market.

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  • 94.A cash investment made by the owner should be recorded
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11.Specialized journals are books of original entry. 12.Transactions must first be recorded into the general journal before they can be entered into specialized journals. 13.The format and number of specialized journals that a business uses depends upon the legal organization of the business. 14.The basic procedure of posting from a revenue journal is.

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  • 11.Specialized journals books of original entry. 12.Transactions must first be recorded
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64.The subsidiary ledger that includes customer account activity is called the A.asset ledger B.accounts payable ledger C.expense ledger D.accounts receivable ledger 65.Every controlling account must have its own A.revenue ledger B.general ledger C.subsidiary ledger D.journal 66.At the end of the month, the total of the amount column of the revenue journal is posted as a A.debit to Accounts Receivable and.

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  • 64.The subsidiary ledger that includes customer account activity called the
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172.Bob Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31, 2010. Debit Credit 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 $3,000 Accounts payable 2,400 Accrued expenses payable 3,920 Income taxes payable 2,700 Unearned rent fees 500 Bob Evans, Capital 7,700 Bob Evans, Drawing 2,000 Rent fees earned 37,000 Furniture rental revenue 1,200 Interest revenue 100 Wages expense 19,000 Depreciation expense 1,800 Utilities expense 320 Insurance expense 700 Maintenance.

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  • 172.Bob Evans owns a business, Beachside Realty, that rents condominiums
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51.Match the transaction below with the journal or ledger in which it would be entered. 1.record purchase on account from vendor General journal 2.record payment received from customer Accounts receivable subsidiary ledger 3.cash receipt posting to an individual customer account Revenue journal 4.record sale on account to customer Purchase journal 5.monthly adjustment for supplies used Cash receipts journal 6.record payment made.

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  • 51.Match the transaction below with the journal or ledger in
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128.The debits and credits from two transactions are presented in the following customer account: NAME: Boogie Board Water Wear ADDRESS: 2340 Xtreme Surf Date Item Post Ref Debit Credit Balance July 1 Balance 805 July 6 Invoice 406 R42 645 1,450 July 24 Invoice 456 CR56 710 740 Describe each transaction and the source of each posting. 129.The following purchase transactions occurred during August for Backcountry Kayak Company. Aug 1 Purchased kevlar kayaks for $5,060.

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  • 128.The debits and credits from two transactions presented in the
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186.Prepare an income statement and a statement of owner’s equity, for the month ended August 31, 2010, from the following T-Accounts of Marley Company. Prepaid Insurance Accounts Receivable Unearned Revenues Wages Payable 1,100 5,400 1,400 480 200 800 400 Marley, Capital Marley, Drawing Income Summary Fees Earned 6,500 3,200 9,975 7,500 2,800 3,200 3,845 2,000 5,930 5,930 275 3,200 9,775 Wages Expense Rent Expense Insurance Expense Utilities Expense 2,200 990 135 95 425 990 135 95 2,625 .

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  • 186.Prepare an income statement and a statement of owner’s equity,
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193.The following adjusted trial balance is the result of the adjustments made at the end of the month of July for Ladonna Douglas Company. Utilize these adjusted values to perform the closing entries for Ladonna Douglas Company. Cash $34,750.00 Accounts Receivable 9,750.00 Office Supplies 2,525.00 Store Supplies 4,785.00 Machinery 10,750.00 Accumulated Depreciation 2,150.00 Accounts Payable 14,300.00 Notes Payable 11,500.00 Ladonna Douglas, Capital 53,725.00 Ladonna Douglas, Drawing 13,250.00 Service Revenue 41,500.00 Wages Expense 37,425.00 Rent Expense 3,000.00 Advertising.

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  • 193.The following adjusted trial balance the result of the adjustments
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200.The balances in the ledger of Good Landscape Services as of January 31, 2010 before adjustments, are as follows: Cash $4,250 Dalton Good, Capital $20,375 Supplies 3,900 Dalton Good, Drawing 3,425 Prepaid Insurance 8,400 Service Revenue 63,200 Equipment 41,750 Salary Expense 24,300 Accumulated Rent Expense 6,000 Depreciation 9,950 Miscellaneous Expense 1,500 Adjustment data are as follows: supplies on hand, January 31, $1,800; insurance expired for January, $1,100; depreciation on equipment for January, $2,500;.

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  • 200.The balances in the ledger of Good Landscape Services as
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114.In additional to B2B and B2C transactions, e-commerce is commonly used in all of the following business activities except: A.supply chain management B.regulatory compliance management C.customer relationship management D.product life cycle management 115.Month-end posting to controlling accounts in a computerized accounting system is not required because A.controlling accounts are not used in computerized systems. B.transactions are posted.

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  • 114.In additional to B2B and B2C transactions, e-commerce commonly used
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191.On the basis of the following information taken from the Adjusted Trial Balance columns of the work sheet for the month ended September 30th, journalize the closing entries for Perez Roofing Company. Cash $22,500.00 Accounts Receivable 3,575.00 Office Supplies 2,850.00 Repair Parts 3,785.00 Machinery 17,750.00 Accumulated Depreciation 3,250.00 Accounts Payable 1,150.00 Notes Payable 6,500.00 Sam Perez, Capital 2,500.00 Sam Perez,.

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  • 191.On the basis of the following information taken from the
  • Accounting
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197.Reconstruct the adjusting and closing entries from the following T-Accounts. Prepaid Insurance Accounts Receivable. Unearned Revenues Wages Payable 1,200 6,000 1,350 530 200 1,500 435 530 1,000 7,500 915 Madison Cox, Capital Madison Cox, Drawing Income Summary Fees Earned 7,000 2,100 9,935 8,000 5,280 2,100 4,655 1,500 2,100 0 5,280 435 10,180 0 9,935 0 Wages Expense Rent Expense Insurance Expense Utilities Expense 2,600 1,145 200 180 530 1,145 200 180 3,130 0 0 0 0 .

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  • 197.Reconstruct the adjusting and closing entries from the following T-Accounts. Prepaid
  • Accounting
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195.Prepare closing entries from the following work sheet. Lakendra Enterprises Worksheet For the Year Ended December 31, 2010 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 26,500 26,500 Accounts Receivable 7,000 7,000 Supplies 1,000 1,000 Equipment 18,500 18,500 Accumulated Depr-Equip 5,000 5,000 Accounts Payable 11,000 11,000 Wages Payable 1,000 1,000 Lakendra Thomas, Capital 8,000 8,000 Lakendra Thomas, Drawing 2,000 2,000 Fees Earned 59,500 59,500 Wages Expense 19,000 19,000 Rent Expense 7,000 7,000 Depreciation Expense 3,500 3,500 Totals 84,500 84,500 29,500 59,500 55,000 25,000 Net Income (Loss) 30,000 30,000 59,500 59,500 55,000 55,000 .

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  • 195.Prepare closing entries from the following work sheet. Lakendra Enterprises Worksheet For the
  • Accounting
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196.The following is the adjusted trial balance for Sandeep Company. Sandeep Company Adjusted Trial Balance December 31, 2010 Cash 8,130 Accounts Receivable 3,300 Prepaid Expenses 2,750 Equipment 10,400 Accumulated Depreciation 2,200 Accounts Payable 2,700 Notes Payable 1,000 Rena Sandeep, Capital 11,200 Rena Sandeep, Drawing 4,870 Fees Earned 36,600 Wages Expense 12,450 Rent Expense 4,900 Utilities Expense 3,475 Depreciation Expense 2,150 Miscellaneous Expense 1,275 Totals 53,700 53,700 Prepare closing entries and the post closing trial balance. .

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  • 196.The following the adjusted trial balance for Sandeep Company. Sandeep Company Adjusted
  • Accounting
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