American chip corporations fiscal year-end is december 31

Assignment Help Accounting Basics

Reference no: EM13586775

American Chip Corporation's fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2013.

Account Title Debits Credits
Retained earnings 95,000
Sales revenue 900,000
Interest revenue 5,000
Cost of goods sold 495,000
Salaries expense 140,000
Rent expense 30,000
Depreciation expense 45,000
Interest expense 6,500
Insurance expense 7,500

Required:

Prepare the necessary closing entries at December 31, 2013. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
1.Record the closure of revenue accounts.
2.Record the closure of expense accounts.
3.Record the transfer of the net profit.

Reference no: EM13586775

Questions Cloud

A proposal is received from an outside contractor who will : davis kitchen supply produces stoves for commercial kitchens. the costs to manufacture and market the stoves at the

Pinewood company purchased two buildings on four acres of : pinewood company purchased two buildings on four acres of land. the lump-sum purchase price was 900000. according to

Poster pamphlet production hifollow the marketing criteria : hi ltbrgtfollow the marketing criteria for the poster and pamphlet presentation. ltbrgtapa style. ltbrgtattractive and

Assuming the above sales mix at what sales revenue will the : nbspassume that painless dental clinics inc. offers three basic dental services. here are its prices and costsprice per

American chip corporations fiscal year-end is december 31 : american chip corporations fiscal year-end is december 31. the following is a partial adjusted trial balance as of

How many joules of energy does a 100-watt light bulb use : how many joules of energy does a 100-watt light bulb use per hour? how fast would a 70-kg person have to run to have

On october 1 2013 microchip lent 86000 to another company a : prepare the necessary adjusting entries at december 31 2013 for the microchip company for each of the following

For the current year paxman company incurred 150000 in : for the current year paxman company incurred 150000 in actual manufacturing overhead. the manufacturing overhead

The driver needs to complete the trip in 300 hours but : a car leaves vancouver for hope a total distance of 175 km. the driver needs to complete the trip in 3.00 hours but

User Account

All Pages