The following information is available for the Bogart Detective Agency. After closing entries are posted, what will be the balance in the Retained earnings account?         Net Loss $ 17,600 Retained earnings   289,000 Dividends   32,000

Adjustments are necessary to bring an asset or liability account to its proper amount and also update a related expense or revenue account.

On November 1, Broome, Inc. signed a 120-day, 8% note payable, with a face value of $9,000. Broome made the appropriate year-end accrual. What is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was made? (Use 360 days a year.)

Adjustments are necessary to bring an asset or liability account to its proper amount and also update a related expense or revenue account.

It is obvious that an error occurred in the preparation and/or posting of closing entries if:

On April 1, Taos, Inc. paid Penthouse Publishing Company $1,548 for 36-month subscriptions to several different magazines. Taos debited the prepayment to a Prepaid Subscriptions account, and the subscriptions started immediately. What amount should appear in the Prepaid Subscription account for Taos, Inc. after adjustments on December 31 of the second year assuming the company is using a calendar-year reporting period and the previous year adjustment had been made?

At the beginning of the year, Omega Company’s balance sheet reported Total Assets of $195,000; Total Liabilities of $15,000; and Total Paid-in capital of $60,000. During the year, the company reported total revenues of $226,000 and expenses of $175,000. Also, dividends during the year totaled $48,000. Assuming no other changes to Retained earnings, the balance in the Retained earnings account at the end of the year would be:

It is obvious that an error occurred in the preparation and/or posting of closing entries if:

If Rollings Services’ office supplies account balance on March 1 was $1,400, the company purchased $675 of supplies during the month, and a physical count of supplies on hand at the end of March indicated $1,250 unused, what is the amount of the adjusting entry for office supplies on March 31?

A roofing company collects fees when jobs are complete.  The work for one customer, whose job was bid at $3,000, has been completed as of December 31, but the customer has not yet been billed.  Assuming adjustments are only made at year-end, what is the adjusting entry the company would need to make on December 31, the calendar year-end?