Example on closing process, Accounting Basics

Assignment Help:

Q. Example on closing process?

This problem engross using a work sheet for Green Hills Riding Stable Incorporated for the month ended 2010 July 31 and performing the closing process. The trial balance for Green Hills Riding Stable Incorporated from 2010 July 31 was as follows

1431_Example on closing process.png

Depreciation expenditure for the month is USD 200. Accrued salaries on July 31 are USD 300.

a. organize a 12-column work sheet for the month ended 2010 July 31.

b. Journalize the adjusting entries.

c. Journalize the closing entries.


Related Discussions:- Example on closing process

General principles of accounting, Q. General principles of accounting? ...

Q. General principles of accounting? Organizations that have contributed towards the development of the principles are the 1)American Institute of Certified Public Accountants

Forms of business organizations, Forms of business organizations Accoun...

Forms of business organizations Accountants habitually refer to a business organization as an accounting entity or a business entity. A business entity is some business organiz

Determine the income statement columns of worksheet, Determine the Income S...

Determine the Income Statement columns of Worksheet Income Statement columns of the worksheet would comprise the amounts from Adjusted Trial Balance columns which are expenses

What is the change fund, What is the change fund Business that have man...

What is the change fund Business that have many cash transactions generally establish this fund, which is an amount of money which is placed in the cash register drawer and is

Explain about the management accounting, Explain about the Management accou...

Explain about the Management accounting Management accounting has also changed by becoming more outward looking in its focus. In past, information provided to managers has bee

Next step till finalization, Normal 0 false false false ...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Hawkeye electric company engaged in the following, Hawkeye Electric Company...

Hawkeye Electric Company engaged in the following transactions during July. Journalize the preceding transactions on the books of Hawkeye Electric Company using the perpetual sys

The weighted average number of common shares, On December 31, 2003, Jamfest...

On December 31, 2003, Jamfest Travel Inc. had 450,000 shares of no-par common stock issued and outstanding. All shares were sold for $7.50. On June 30, 2004, the firm issued an add

Management accountant, Management accountants may or mayn't be CPAs. If a m...

Management accountants may or mayn't be CPAs. If a management accountant passes an examination prepared and graded by the Institute of Certified Management Accountants (ICMA) and m

What is sales discounts account, Q. What is Sales Discounts account? Th...

Q. What is Sales Discounts account? The Sales Discounts account is the contra revenue account to the Sales account. In the income statement the seller deducts this contra reven

Write Your Message!

Captcha
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!

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