Identifying Accounts for Closing Entries A partial list of the accounts used by Cycle Tech Bicycles appears on page 606. All of the accounts have nonzero balances.General Ledger 101 Cash in Bank 650 Miscellaneous Expense 125 Merchandise Inventory 665 Supplies Expense 215 Sales Tax Payable 505 Transportation In 305 Retained Earnings 401 Sales 405 Sales Discounts 310 Income Summary 501 Purchases 515 Purchases Returns and Allowances 601 Advertising Expense 625 Federal Corporate Income Tax Expense 657 Rent Expense 135 Prepaid InsuranceInstructions In your working papers, list all account numbers and names for accounts that will be debited when closed. Next, list all account numbers and names for accounts that will be credited when closed.
Huber Ch 3 continued Mon Oct 24 Everybody has places where they go to collect information (even mom and pop businesses) Even the smallest of firms will need a point of contact with the outside for intelligence gathering. • A place where data moves from outside to inside • Where data begins to become information o i.e. Rotary, Kiwanis, Leads Club, Chamber of Commerce, industry trade shows, etc. Have to be able to collect all data and decipher what is useful to you The nature and scope of the interface(s) depends on the nature of the current environment • And the stature of the sensor • And will ebb and flow to meet demand o As leaders perceive success/survival at risk • Incomplete and/or late intelligence result in inaccurate