User Account

All Pages

The following financial information was taken from the books

Assignment Help Accounting Basics
Reference no: EM13914848

The following financial information was taken from the books of Get Fit Health Club, a small spa and health club:
Account Balances as of December 31, 2013

Accounts Receivable ........... $16,150
Accounts Payable ............. 5,500
Salaries Payable ............. 2,150
Cash ................... 20,725
Dividends ................ 1,750
Operating Expense ........... 31,550
Prepaid Rent .............. 600
Rent Expense ............. 9,200
Retained Earnings 1/1/2013 ........ 32,650
Salaries Expense ............. 16,200
Service Revenue ............ 58,400
Supplies ................ 450
Supplies Expense ............. 4,240
Common Stock ............. 6,515
Unearned Revenue ........... 8,050
Land .................. 12,400

Required: 

a. Prepare the journal entries necessary to close the temporary accounts at December 31, 2013, the Get Fit Health Club. 

b. What is the balance in the Retained Earnings account after the closing entries are posted?

Reference no: EM13914848

Questions Cloud

The advertising media and creative department work : Discuss the following:Why is it important that the advertising media and creative department work closely together?Why is public relations sometimes referred to as a marketing stepchild?
Regarding the domestic production activities deduction : In 2015, Loftis, Inc., a calendar year taxpayer, has QPAI of $1.75 million and taxable income of $1.3 million. Because Loftis outsources much of its work to independent contractors, its W–2 wage base, which for Loftis is related entirely to productio..
Deemed necessary to protect the environment : As human beings have become the dominant species on the planet, they have also become the main consumer of the earth's resources. This consumption has resulted in
Purpose of conducting an experiment : What is the purpose of conducting an experiment? How does an experimental design accomplish its purpose?
The following financial information was taken from the books : The following financial information was taken from the books of Get Fit Health Club, a small spa and health club:Account Balances as of December 31, 2013
Least two of your class mates analysis : Following is a class activity for Week Two of Class. Please complete the analysis and respond to at least two of your class mates analysis. Post your analysis as a thread to this posting.
Why is quality a critical function at frito-lay? : Why is quality a critical function at Frito-Lay?
Show that an efficient standard would lower tsc : Show that an efficient standard would lower TSC and increase total net benefits.
How important has government assistance been to md : How important has government assistance been to MD International?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Te interest rate is six percent per year with 30000

manter inc. needed som long-term financing so arranged for a 300000 20 year mortgage on december 31 2007. the interest

  Read a judgment of the high court of australia and answer

The project will follow a similar pattern to that used in trimester 1 of 2013. Students will be required to read a judgment of the High Court of Australia and then answer a number of specific questions on the judgment. Answering those questions may a..

  Mccoy corporation issued 100000 of 75 10-year bonds the

mccoy corporation issued 100000 of 7.5 10-year bonds. the bonds are dated and sold january 1 2013. interest payment

  What is the most recent litigation brought by the sec

What is the most recent litigation brought by the SEC against a public firm or against an accounting firm? Read the abstract of the complaint and download the document filed with the court. Comment on the nature of the litigation. What is the most re..

  Prepare journal entries for each of the above

castleman holdings inc. had the following available-for-sale investment portfolio at january 1 2010. 1000 shares of

  List a represents the types of opinions the auditor

complete problem below. list a represents the types of opinions the auditor ordinarily would issue and list b

  The book promoters association of canada members recently

the book promoters association of canada members recently questioned what could be done to rejuvenate the canadian book

  Prepare the formal financial statements

Why is it necessary to prepare the formal Financial Statements if all the data are on the Adjusted Trial Balance?

  Full disclosure in financial reporting

According to the textbook, the goal of financial reporting is to report financial information that is transparent and complete and truthfully report the financial performance of a company. Investors and other interested parties need to read and un..

  Wyatt co has budgeted the following unit

wyatt co. has budgeted the following unit sales2011nbspnbspnbspnbspnbspnbspnbspnbsp

  Stone inc is evaluating a project with an initial cost of

stone inc. is evaluating a project with an initial cost of 9500. cash inflows are expected to be 1500 1500 and 10000 in

  Mcguire income and dividends

Prepare the entries for Todd Company for the purchase of the stock, share of McGuire income and dividends received from McGuire.

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