User Account

All Pages

Journalize the two entries required to close the accounts

Assignment Help Accounting Basics
Reference no: EM132608510

Question - Closing Entries

After the accounts have been adjust at December 31, the end of the fiscal year, the following balances were taken from the ledger of Magenta Delivery services CO.

Ellie Liu, Capital $8,366,300

Ellie Liu, Drawing $70,000

Fees Earned $1,644,500

Wages Expense $1,239,200

Rent Expense $109,400

Supplies Expense $26,800

Miscellaneous Expense $19,300

Required - Journalize the two entries required to close the accounts.

Reference no: EM132608510

Questions Cloud

Generational diversity and unique characteristics : Describe the different generations that make up what some people refer to as "generational diversity" and identify their unique characteristics.
What is the unit product cost for the year : Hayes Inc. provided the following information for the current year: Variable manufacturing overhead$35/unit. What is the unit product cost for the year
Project goals and project objectives : Describe at least three project goals and three project objectives. Describe a high-level timeline that includes key tasks and deadlines.
Relationship among ethics-morality-law-regulation and policy : Based upon the assigned readings, research and your life experience, discuss the relationship among ethics, morality, law, regulation and policy.
Journalize the two entries required to close the accounts : the end of the fiscal year, the following balances were taken from the ledger of Magenta Delivery services CO. Journalize two entries required to close accounts
Three dimensions of security may often conflict : Confidentiality, integrity, and availability or the CIA triad of security is introduced in this session. These three dimensions of security may often conflict.
Software development models or methodologies : Choose one of the software development models or methodologies.Using the library or a credible source on the Internet, find an article which describes the model
Why is the future of computing in the cloud : Analyzing a subject you find in this article. Why is the future of computing in the cloud? Consider the concept of fractional ownership.
At what amount would the company record the building : A company acquired an office building on three acres of land for a lump-sum price of $2,700,000. At what amount would the company record the building

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd