The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year:

$$\begin{array}{lrlr}\text { Depreciation Expense } & \$ 7,500 & \text { Service Revenue } & \$ 448,400 \\ \text { Insurance Expense } & 3,000 & \text { Supplies Expense } & 2,750 \\ \text { Miscellaneous Expense } & 8,150 & \text { Utilities Expense } & 33,900 \\ \text { Rent Expense } & 54,000 & \text { Wages Expense } & 360,000\end{array}$$

Prepare an income statement.

From the Adjustments columns in the given exercise, journalize the four adjusting entries as of June 30, in proper general journal format.

On the basis of the following data, (a) journalize the adjusting entries at June 30 , the end of the current fiscal year, and (b) journalize the reversing entries on July 1, the first day of the following year:

1. Wages are $\$ 13,200$ per day for a five-day workweek, ending on Friday. The last payday of the year was Thursday, June 27.
2. Accrued fees earned but not recorded at June $30, \$ 25,000$.

On the basis of the following data, (A) journalize the adjusting entries at June 30, the end of the current fiscal year, and (B) journalize the reversing entries on July 1, the first day of the following year:

1. Wages are uniformly $66,000 for a five-day workweek, ending on Friday. The last payday of the year was Thursday, June 27.
2. Accrued fees earned but not recorded at June 30,$25,000.

Jackson Discount Service Company had a balance of $7,000 in its supplies account and a zero balance in supplies expense at December 31. Prior to adjustment, a physical count of the supplies at that date determined that supplies with a cost of$1,300 were on hand. What would be the adjusting entry?

On December 31, the following data were accumulated for preparing the adjusting entries for Flagship Realty:

a. The supplies account balance on December 31 is $1,585. The supplies on hand on December 31 are$320.

b. The unearned rent account balance on December 31 is $10,350 representing the receipt of an advance payment on December 1 of five months’ rent from tenants.

c. Wages accrued but not paid on December 31 are$3,710.

d. Fees earned but unbilled on December 31 are $21,610.

e. Depreciation of office equipment is$3,340.

Required:

Journalize the adjusting entries required on December 31.

Assume that the entry closing total revenues of $3,190,000 and total expenses of$2,350,000 has been made for the year. At the end of the fiscal year, Teresa Schafer, Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of$770,000. (a) Journalize the entry required to close the Teresa Schafer, Drawing account. (b) Determine the amount of Teresa Schafer, Capital at the end of the period.

An example of a business document that indicates a transaction has occurred is a. a journal. b. a ledger. c. a memo. d. a balance sheet.

The following revenue and expense account balances were taken from the ledger of Veggie Health Services Co. after the accounts had been adjusted on February 28, 2014, the end of the current fiscal year:

Prepare an income statement.

A post-closing trial balance should be prepared.

Prior to closing, total revenues were $12,840,000 and total expenses were$9,975,000. During the year, the owner made no additional investments and withdrew $630,000. After the closing entries, how much did the owner's capital account change?

At the balance sheet date, a business owes a mortgage note payable of $375,000, the terms of which provide for monthly payments of$1,250.

Explain how the liability should be classified on the balance sheet.

At the balance sheet date, a business owes a mortgage note payable of $375,000, the terms of which provide for monthly payments of$1,250.

Explain how the liability should be classified on the balance sheet.

Balances for each of the following accounts appear in an adjusted trial balance. Identify each as asset.

1. Accounts Receivable $\qquad$ 7. Rent Revenue

2. Equipment $\qquad$ 8. Salary Expense

3. Fees Earned $\qquad$ 9. Salary Payable

4. Insurance Expense $\qquad$ 10. Supplies

5. Land $\qquad$ 11. Unearned Rent

6. Prepaid Rent $\qquad$ 12. Wages Payable