24 Jan As of December 31, Anne Teak’s Knick Knack Store s
As of December 31, Anne Teak’s Knick Knack Store shows the following account balances (after adjustments):Cash: $8,600Inventory: $4,700Prepaid Consulting: $600Accounts Receivable: $2,500Furniture (net of Accumulated Depreciation): $85,200Accounts Payable: $5,100Unearned Revenue: $1,900Loans Payable: $9,000Common Stock: $10,000Retained Earnings: $18,300Dividends: $1,500Subscriptions Revenue: $24,100Sales Income: $59,400Office Expense: $16,100Depreciation Expense: $2,600Office Supplies Expense: $4,700Telephone Expense: $1,300Questions:Prepare the closing entries for Anne Teak’s Knick Knack Store as of December 31. The only thing you may omit are journal entry explanations. You may assume all accounts have a normal debit or credit balance. (HINT: there are four entries you must make.) (Each correct closing entry is worth 1.25 points.)What is the balance in Retained Earnings as of December 31? (1 point)SPECIFIC INSTRUCTIONS: For each journal entry, type your response in the following format: DR (account name) $(amount) CR (account name) $(amount)For example, if you are making an entry to debit Cash for $100 and credit Accounts Payable for $100, you would enter the following: DR Cash $100 CR Accounts Payable $100(Note: we will be closing examining your work to check for similarities with other students’ work, so don’t even think about trying to commit academic dishonesty.)
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.