ACCT503 Devry Week 3 Homework

Question 1 of 5

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Identify the accounting concept that describes each situation below. Do not use any concept more than once.

a.		Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.)		choose the accounting concept                             Cost constraint Materiality Monetary unit assumption Going concern assumption Full disclosure principle Periodicity assumption Economic entity assumption Historical cost principle Revenue recognition principle Expense recognition principle
b.		Indicates that personal and business recordkeeping should be separately maintained.		choose the accounting concept                             Full disclosure principle Historical cost principle Periodicity assumption Going concern assumption Expense recognition principle Materiality Revenue recognition principle Economic entity assumption Cost constraint Monetary unit assumption
c.		Ensures that all relevant financial information is reported.		choose the accounting concept                             Historical cost principle Revenue recognition principle Cost constraint Expense recognition principle Going concern assumption Periodicity assumption Economic entity assumption Monetary unit assumption Full disclosure principle Materiality
d.		Assumes that the dollar is the “measuring stick” used to report on financial performance.		choose the accounting concept                             Historical cost principle Full disclosure principle Monetary unit assumption Going concern assumption Economic entity assumption Materiality Cost constraint Expense recognition principle Revenue recognition principle Periodicity assumption
e.		Requires that accounting standards be followed for all items of significant size.		choose the accounting concept                             Materiality Periodicity assumption Monetary unit assumption Historical cost principle Going concern assumption Cost constraint Expense recognition principle Full disclosure principle Economic entity assumption Revenue recognition principle
f.		Separates financial information into time periods for reporting purposes.		choose the accounting concept                             Cost constraint Expense recognition principle Monetary unit assumption Economic entity assumption Historical cost principle Full disclosure principle Going concern assumption Periodicity assumption Revenue recognition principle Materiality
g.		Requires recognition of expenses in the same period as related revenues.		choose the accounting concept                             Revenue recognition principle Expense recognition principle Full disclosure principle Economic entity assumption Monetary unit assumption Historical cost principle Cost constraint Going concern assumption Materiality Periodicity assumption
h.		Indicates that fair value changes subsequent to purchase are not recorded in the accounts.		choose the accounting concept                             Expense recognition principle Revenue recognition principle Going concern assumption Periodicity assumption Cost constraint Monetary unit assumption Historical cost principle Full disclosure principle Materiality Economic entity assumption

Question 2 of 5

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The ledger of Blue Spruce Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.

		Debit		Credit
Supplies		$7,500
Prepaid Insurance		9,000
Equipment		62,500
Accumulated Depreciation—Equipment				$21,000
Notes Payable				50,000
Unearned Rent Revenue				31,000
Rent Revenue				150,000
Interest Expense		0
Salaries and Wages Expense		35,000

An analysis of the accounts shows the following.

1.		The equipment depreciates $700 per month.
2.		Half of the unearned rent revenue was earned during the quarter.
3.		Interest of $1,000 is accrued on the notes payable.
4.		Supplies on hand total $2,125.
5.		Insurance expires at the rate of $1,000 per month.

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Mar. 31	enter an account title to record the first transaction	Enter a debit amount	Enter a credit amount
		enter an account title to record the first transaction	Enter a debit amount	Enter a credit amount
2.	Mar. 31	enter an account title to record the second transaction	Enter a debit amount	Enter a credit amount
		enter an account title to record the second transaction	Enter a debit amount	Enter a credit amount
3.	Mar. 31	enter an account title to record the third transaction	Enter a debit amount	Enter a credit amount
		enter an account title to record the third transaction	Enter a debit amount	Enter a credit amount
4.	Mar. 31	enter an account title to record the fourth transaction	Enter a debit amount	Enter a credit amount
		enter an account title to record the fourth transaction	Enter a debit amount	Enter a credit amount
5.	Mar. 31	enter an account title to record the fifth transaction	Enter a debit amount	Enter a credit amount
		enter an account title to record the fifth transaction	Enter a debit amount	Enter a credit amount

Question 3 of 5

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The income statement of Sheridan Company for the month of July shows net income of $2,850 based on Service Revenue $7,240, Salaries and Wages Expense $2,870, Supplies Expense $980, and Utilities Expense $540. In reviewing the statement, you discover the following:

1.		Insurance expired during July of $390 was omitted.
2.		Supplies expense includes $400 of supplies that are still on hand at July 31.
3.		Depreciation on equipment of $340 was omitted.
4.		Accrued but unpaid wages at July 31 of $330 were not included.
5.		Service performed but unrecorded totaled $770.

Prepare a correct income statement for July 2022.

SHERIDAN COMPANY Income Statement choose the accounting period                             July 31, 2022 For the Year Ended July 31, 2022 For the Month Ended July 31, 2022
select an opening name for section one                             Dividends Revenues Total Expenses Total Revenues Expenses Net Income / (Loss) Retained Earnings, July 1 Retained Earnings, July 31
enter an income statement item			$enter a dollar amount
select an opening name for section two                             Retained Earnings, July 1 Revenues Total Expenses Dividends Total Revenues Net Income / (Loss) Expenses Retained Earnings, July 31
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two                             Revenues Total Revenues Dividends Retained Earnings, July 1 Total Expenses Net Income / (Loss) Retained Earnings, July 31 Expenses			enter a total for section two
select a closing name for this statement                             Net Income / (Loss) Dividends Expenses Total Expenses Retained Earnings, July 1 Revenues Total Revenues Retained Earnings, July 31			$enter a total net income or loss amount

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Question 4 of 5

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This is a partial adjusted trial balance of Pharoah Company.

PHAROAH COMPANY Adjusted Trial Balance January 31, 2022
		Debit		Credit
Supplies		$760
Prepaid Insurance		1,440
Salaries and Wages Payable				$1,080
Unearned Service Revenue				890
Supplies Expense		1,000
Insurance Expense		480
Salaries and Wages Expense		1,690
Service Revenue				4,240

Prepare the closing entries at January 31, 2022. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 31	enter an account title to close revenue account	enter a debit amount	enter a credit amount
	enter an account title to close revenue account	enter a debit amount	enter a credit amount
	(To close revenue account)
Jan. 31	enter an account title to close expense accounts	enter a debit amount	enter a credit amount
	enter an account title to close expense accounts	enter a debit amount	enter a credit amount
	enter an account title to close expense accounts	enter a debit amount	enter a credit amount
	enter an account title to close expense accounts	enter a debit amount	enter a credit amount
	(To close expense accounts)
Jan. 31	enter an account title to close net income / (loss)	enter a debit amount	enter a credit amount
	enter an account title to close net income / (loss)	enter a debit amount	enter a credit amount
	(To close net income / (loss))

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Question 5 of 5

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The Wildhorse Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31.

WILDHORSE HOTEL Trial Balance May 31, 2022
		Debit			Credit
Cash		$ 2,593
Supplies		2,600
Prepaid Insurance		1,800
Land		15,093
Buildings		71,200
Equipment		16,800
Accounts Payable					$ 4,793
Unearned Rent Revenue					3,300
Mortgage Payable					37,200
Common Stock					60,093
Rent Revenue					9,000
Salaries and Wages Expense		3,000
Utilities Expense		800
Advertising Expense		500
		$114,386			$114,386

Other data:

1.		Insurance expires at the rate of $450 per month.
2.		A count of supplies shows $1,180 of unused supplies on May 31.
3.		(a) Annual depreciation is $3,960 on the building.
		(b) Annual depreciation is $3,360 on equipment.
4.		The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)
5.		Unearned rent of $2,660 has been earned.
6.		Salaries of $740 are accrued and unpaid at May 31.

(a)

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Journalize the adjusting entries on May 31. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
1.	enter an account title to record the adjusting entry 1	enter a debit amount	enter a credit amount
	enter an account title to record the adjusting entry 1	enter a debit amount	enter a credit amount
2.	enter an account title to record the adjusting entry 2	enter a debit amount	enter a credit amount
	enter an account title to record the adjusting entry 2	enter a debit amount	enter a credit amount
3 (a).	enter an account title to record the adjusting entry 3 a	enter a debit amount	enter a credit amount
	enter an account title to record the adjusting entry 3 a	enter a debit amount	enter a credit amount
3 (b).	enter an account title to record the adjusting entry 3 b	enter a debit amount	enter a credit amount
	enter an account title to record the adjusting entry 3 b	enter a debit amount	enter a credit amount
4.	enter an account title to record the adjusting entry 4	enter a debit amount	enter a credit amount
	enter an account title to record the adjusting entry 4	enter a debit amount	enter a credit amount
5.	enter an account title to record the adjusting entry 5	enter a debit amount	enter a credit amount
	enter an account title to record the adjusting entry 5	enter a debit amount	enter a credit amount
6.	enter an account title to record the adjusting entry 6	enter a debit amount	enter a credit amount
	enter an account title to record the adjusting entry 6	enter a debit amount	enter a credit amount

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(b)

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Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.)

Cash
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Supplies
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance

 

Prepaid Insurance
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance

 

Land
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Building
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Accumulated Depreciation-Building
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Equipment
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Accumulated Depreciation-Equipment
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Accounts Payable
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Unearned Rent Revenue
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Salaries and Wages Payable
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Interest Payable
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Mortgage Payable
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Common Stock
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Rent Revenue
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Salaries and Wages Expense
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Utilities Expense
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Advertising Expense
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Interest Expense
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Insurance Expense
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Supplies Expense
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance
Depreciation Expense
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a debit amount	choose a transaction date                                   5/1 5/31 5/31 Bal.	enter a credit amount
choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a debit balance	choose the end date of the accounting period                                   5/1 5/31 5/31 Bal.	enter a credit balance

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Attempts: 4 of 15 used

 

 

(c)

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Prepare an adjusted trial balance on May 31.

WILDHORSE HOTEL Adjusted Trial Balance choose the accounting period                                   For the Year Ended May 31, 2022 May 31, 2022 For the Month Ended May 31, 2022
	Debit	Credit
enter an account title	$enter a debit balance	$enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
	$enter a total for the debit column	$enter a total for the credit column

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Attempts: 4 of 15 used

 

 

(d1)

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Prepare an income statement for the month of May.

WILDHORSE HOTEL Income Statement choose the accounting period                                   For the Month Ended May 31, 2022 May 31, 2022 For the Year Ended May 31, 2022
select an opening name for section one                                   Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, May 1 Retained Earnings, May 31 Dividends
enter an income statement item		$enter a dollar amount
select an opening name for section two                                   Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, May 1 Retained Earnings, May 31 Dividends
enter an income statement item	$enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
enter an income statement item	enter a dollar amount
select a closing name for section two                                   Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, May 1 Retained Earnings, May 31 Dividends		enter a total amount for section two
select a closing name for this statement                                   Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, May 1 Retained Earnings, May 31 Dividends		$enter a total net income or loss amount

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Attempts: 1 of 15 used

 

 

(d2)

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Prepare a retained earnings statement for the month of May.

WILDHORSE HOTEL Retained Earnings Statement choose the accounting period                                   For the Month Ended May 31, 2022 May 31, 2022 For the Year Ended May 31, 2022
select an opening name                                   Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, May 1 Retained Earnings, May 31 Dividends	$enter a dollar amount
select between addition and deduction                                   Add Less : select an item                                   Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, May 1 Retained Earnings, May 31 Dividends	enter a dollar amount
select a closing name                                   Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, May 1 Retained Earnings, May 31 Dividends	$enter a total amount

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(d3)

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Prepare a classified balance sheet at May 31. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment .)

WILDHORSE HOTEL Balance Sheet choose the accounting period                                   For the Month Ended May 31, 2022 May 31, 2022 For the Year Ended May 31, 2022
Assets
select an opening name for subsection one                                   Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity
enter a balance sheet item			$enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
select a closing name for subsection one                                   Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity					$enter a total amount for subsection one
select an opening name for subsection two                                   Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity
enter a balance sheet item			enter a dollar amount
enter a balance sheet item	$enter a dollar amount
select between addition and deduction                                   Add Less : enter a balance sheet item	enter a dollar amount		enter a subtotal of the two previous amounts
enter a balance sheet item	enter a dollar amount
select between addition and deduction                                   Add Less : enter a balance sheet item	enter a dollar amount		enter a subtotal of the two previous amounts		enter a total amount for subsection two
select a closing name for this part of the balance sheet                                   Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity					$enter a total amount for this part of the the balance sheet
Liabilities and Stockholders’ Equity
select an opening name for subsection one                                   Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity
enter a balance sheet item			$enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
select a closing name for subsection one                                   Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity					$enter a total amount for subsection one of the second part of the balance sheet
select an opening name for subsection two                                   Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity
enter a balance sheet item					enter a dollar amount
select a closing name for section one                                   Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity					enter a total amount for this section of the balance sheet
select an opening name for section two                                   Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
select a closing name for section two                                   Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity					enter a total of the two previous amounts
select a closing name for this part of the balance sheet                                   Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders’ Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders’ Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders’ Equity					$enter a total amount for this part of the balance sheet

eTextbook and Media

List of Accounts

 

 

Attempts: 5 of 15 used

 

 

(e)

Correct answer iconYour answer is correct.

Identify which accounts should be closed on May 31.

Cash		select an option                                    Closed Not Closed
Supplies		select an option                                    Not Closed Closed
Prepaid Insurance		select an option                                    Not Closed Closed
Land		select an option                                    Closed Not Closed
Buildings		select an option                                    Closed Not Closed
Equipment		select an option                                    Not Closed Closed
Accounts Payable		select an option                                    Closed Not Closed
Unearned Rent Revenue		select an option                                    Closed Not Closed
Mortgage Payable		select an option                                    Not Closed Closed
Common Stock		select an option                                    Not Closed Closed
Rent Revenue		select an option                                    Closed Not Closed
Salaries and Wages Expense		select an option                                    Closed Not Closed
Utilities Expense		select an option                                    Not Closed Closed
Advertising Expense		select an option                                    Not Closed Closed
Interest Expense		select an option                                    Closed Not Closed
Insurance Expense		select an option                                    Closed Not Closed
Supplies Expense		select an option                                    Not Closed Closed
Depreciation Expense		select an option                                    Closed Not Closed

 

eTextbook and Media

List of Accounts

 

 

Attempts: 2 of 15 used