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Problem 1 Kats Cat Klinic had the following balance sheet as of December 31, 2018: Assets: Liabilities and Stockholders Equ
The following information pertains to 2019 year-end adjusting entries: a. Estimated $ 12,100 for bad debts expense. b. $ 9,40
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Answer #1

Prepare journal entries as follows:

Trn. Account Titles Debit Credit
1 Accounts receivable $211,000
Service revenue $211,000
2 Salaries payable $19,300
Cash $19,300
3 Cash $126,000
Accounts receivable $126,000
4 Cash $41,000
Unearned Service Revenue $41,000
5 Utilities payable $8,900
Cash $8,900
6 Cash $91,000
Accounts receivable $145,000
Service revenue $236,000
7 Supplies $44,000
Cash $44,000
8 Interest payable $7,300
Cash $7,300
9 Bad debt $5,300
Allowance for doubtful $6,300
Accounts receivable $11,600
10 Salaries expense $167,000
Cash $167,000
11 Cash $234,000
Accounts receivable $234,000
12 Accounts payable $22,000
Cash $22,000
13 Cash $310,000
Common stock $75,000
APIC $235,000
14 Cash $79,000
Accounts receivable $205,200
Service revenue $284,200
15 Dividend $85,000
Cash $85,000
16 Cash $191,000
Accounts receivable $191,000
Adjusting Entries as follows:
a Bad debt $12,100
Allowance for doubtful $12,100
b Insurance expense ($27000-$9400) $17,600
Prepaid insurance $17,600
c Supplies expense ($31000+$44000-$38200) $36,800
Supplies $36,800
d Depreciation expense $62,000
Accumulated depreciation-Build. $29,000
Accumulated depreciation-Equip. $33,000
e Salaries expense $10,700
Utilities expense $2,200
Interest expense $5,800
Salaries payable $10,700
Utilities payable $2,200
Interest payable $5,800
f Unearned service revenue $32,300
Service revenue $32,300
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