Account Titles | Debit | Credit | |
12 | Service Revenue | $ 1,19,500 | |
Interest Revenue | $ 125 | ||
Retained Earnings | $ 1,19,625 | ||
(To close revenue accounts) | |||
13 | Retained Earnings | $ 85,580 | |
Supplies expense | $ 2,750 | ||
Salaries Expense | $ 66,900 | ||
Utilities expense | $ 14,700 | ||
Bad Debt Expense | $ 1,230 | ||
(To close expense accounts) |
Income Statement | ||
Revenues | ||
Service Revenue | $ 1,19,500 | |
Interest Revenue | $ 125 | |
Total Revenues | $ 1,19,625 | |
Expenses | ||
Supplies expense | $ 2,750 | |
Salaries Expense | $ 66,900 | |
Utilities expense | $ 14,700 | |
Bad Debt Expense | $ 1,230 | |
Total Expenses | $ 85,580 | |
Net Income | $ 34,045 | |
Statement of Retained Earnings | ||
Beginning Balance | $ 33,400 | |
Add : Net income | $ 34,045 | |
Less Dividend | $ - | |
Ending Balance | $ 67,445 | |
Balance Sheet | ||
Assets | ||
Current Assets | ||
Cash | $ 89,400 | |
Accounts Receivable | $ 14,600 | |
Less Allowance for Uncollectible accounts | $ -1,630 | |
Notes Receivable | $ 30,000 | |
Interest Receivable | $ 125 | |
Supplies | $ 750 | |
Total Current Assets | $ 1,33,245 | |
Non Current Assets | ||
Land | $ 78,000 | |
Total Assets | $ 2,11,245 | |
Liabilities & Stockholder's Equity | ||
Current Liabilities | ||
Accounts Payable | $ 3,300 | |
Salaries Payable | $ 34,500 | |
Total Current Liabilities | $ 37,800 | |
Stockholder's Equity | ||
Common Stock | $ 1,06,000 | |
Retained Earnings | $ 67,445 | |
Total Stockholder's Equity | $ 1,73,445 | |
Total Liabilities & Stockholder's Equity | $ 2,11,245 |
Accounts Receivable Turnover = Net Credit Sales / Accounts
Receivable
= 82400/14600 = 5.64
True, the company is collecting more efficiently
Ratio of Allowance for Uncollectible accounts to accounts receivable = $1630/14600 = 11.16%
Beginning of year ratio = $2800/14600 = 19.18%
Improving conditions, since ratio declines
Adjusted 3D Family Fireworks Trial Balance January 31, 2021 Account Title Credit $ Debit 89,400 14,600...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit $ 25, 900 14, 600 $ 2, 800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (5%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,500 30,000 78,000 9,800 106,000 33, 400 $152,000 $152,000 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $45, 100. January 6 Provide services to...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 26,100 14,700 $ 3,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 3,600 15,000 80,000 7,900 95,000 33,500 $139,400 $139,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $46,100. January 6 Provide services to customers on account, $83,400....
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit $ 25,900 Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (5%, due in 2 years) 14,600 2,800 3,500 30,000 78,000 Land Accounts Payable 9,800 106,000 33,400 Common Stock Retained Earnings $152,000 $152,000 Totals During January 2021, the following transactions occur: 2 Provide services to customers for cash, $45,100. 6 Provide services to customers on account, $82,400. January January January...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Debit Credit Accounts Cash $27,500 15,400 Accounts Receivable Allowance for Uncollectible Accounts S 4,400 Supplies Notes Receivable (6%, due in 2 years) 4,300 22,000 Land 80,700 Accounts Payable Common Stock 9,300 102,000 Retained Earnings 34,200 $149,900 $149,900 Totals During January 2021, the following transactions occur 2 Provide services to customers for cash, $53,100 January 6 Provide services to customers on account, $90,400. 15 Write...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Debit Credit Accounts $ 24,300 Cash 13,800 Accounts Receivable Allowance for Uncollectible Accounts 1,200 Supplies Notes Receivable (6%, due in 2 years) 2,700 22,000 Land 77,200 Accounts Payable Common Stock 8,200 98,000 Retained Earnings 32,600 $140,000 $140,000 Totals During January 2021, the following transactions occur: 2 Provide services to customers for cash, $37,100 6 Provide services to customers on account, $74,400 January 15 Write...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Question: Record the closing entry for expenses. On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 25,500 14,400 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts 2,400 Supplies Notes Receivable (6%, due in 2 years) 3,300 28,000 77,800 Land Accounts Payable Common Stock 9,400 104,000 33,200 Retained Earnings $149,000 $149,000 Totals During January 2021,...
On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,900 Accounts Receivable 15,600 Allowance for Uncollectible Accounts $ 4,800 Supplies 4,500 Notes Receivable (6%, due in 2 years) 24,000 Land 80,900 Accounts Payable 9,700 Common Stock 104,000 Retained Earnings 34,400 Totals 152900 152900 During January 2018, the following transactions occur: January 2 Provide services to customers for cash, $55,100. January 6 Provide services to customers on account, $92,400....
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Credit Debit $ 26,900 15,109 $ 3,800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 4,000 19,000 80,400 8,700 99,000 33,900 $145,400 $145,400 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $50, 100. January 6 Provide services to customers on account,...
closing expense account, Thank you On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances Credit Debit $ 27,900 15,600 $ 4. see Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Totals 4,500 24.ee 89,90 14.000 4,400 $152.9ee During January 2021, the following transactions occur January 2 Provide services to customers for cash, $55,100. January 6 Provide services to...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,300 Accounts Receivable 15,300 Allowance for Uncollectible Accounts $ 4,200 Supplies 4,200 Notes Receivable (6%, due in 2 years) 21,000 Land 80,600 Accounts Payable 9,100 Common Stock 101,000 Retained Earnings 34,100 Totals $ 148,400 $ 148,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $52,100. January 6 Provide services to customers on...