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

Accounting as an information system, As discussing the scope of accounting ...

As discussing the scope of accounting you should have observed here the accounting involves a sequence of activities connected with each other, starting along with the collecting,

State about the cash payments journal, State about the Cash payments journa...

State about the Cash payments journal A special journal used to record any payment of cash. There would be a check number given to be recorded in journal as well. Source docume

Difference between consignor and consignee, Consignor is the person who is ...

Consignor is the person who is the holder of the goods and who distribute the goods to the consignee. Consignee is the person who takes the goods and he just possesses the goods

What is fob destination, Q. What is FOB destination? FOB destination si...

Q. What is FOB destination? FOB destination signifies free on board at destination. The seller ships the goods to their destination with no charge to the buyer. Therefore the s

Establishing the change fund, Establishing the Change Fund Change Fu...

Establishing the Change Fund Change Fund (asset) is debited and Cash is credited. Only time this fund would be used is if the fund is established or increased, just like Pet

Adjustments, what will be the journal entry for this: A debit memo from the...

what will be the journal entry for this: A debit memo from the bank was received for bank charges P200.00

Accounting conventions, Accounting conventions The phrase 'convention' ...

Accounting conventions The phrase 'convention' is used to signify customs or ethnicity as a guide to the research of accounting statements. A variety of accounting conventions

Calculate the cutoff price and gross benefit, Bill is an avid angler. His f...

Bill is an avid angler. His favorite fishing location is Willow Lake, which supports year-round sport fishing. His monthly demand function for fishing at Willow Lake is given by x

What are the break-even levels of ebit, John is considering the best capita...

John is considering the best capital structure for his firm. Suppose there are two capital structures for him to choose from. Structure A would have 7,000 shares of stock and $160,

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