On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:
| Accounts | Debit | Credit | ||||||||
| Cash | $ | 102,100 | ||||||||
| Accounts Receivable | 35,800 | |||||||||
| Inventory | 152,900 | |||||||||
| Land | 76,300 | |||||||||
| Buildings | 129,000 | |||||||||
| Allowance for Uncollectible Accounts | $ | 2,700 | ||||||||
| Accumulated Depreciation | 10,500 | |||||||||
| Accounts Payable | 27,600 | |||||||||
| Bonds Payable | 129,000 | |||||||||
| Discount on Bonds Payable | 30,900 | |||||||||
| Common Stock | 209,000 | |||||||||
| Retained Earnings | 148,200 | |||||||||
| Totals | $ | 527,000 | $ | 527,000 | ||||||
During January 2021, the following transactions occurred:
| January | 1 | Borrowed $109,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,107.28 are required at the end of each month for 60 months. | ||
| January | 1 | Called the bonds at the contractual call price of $109,000. The 5% bonds pay interest semiannually each June 30 and December 31. | ||
| January | 4 | Received $31,900 from customers on accounts receivable. | ||
| January | 10 | Paid cash on accounts payable, $20,000. | ||
| January | 15 | Paid cash for salaries, $29,800. | ||
| January | 30 | Firework sales for the month totaled $200,400. Sales included $65,900 for cash and $134,500 on account. The cost of the units sold was $117,000. | ||
| January | 31 | Paid the first monthly installment of $2,107 related to the $109,000 borrowed on January 1. Round your interest calculation to the nearest dollar. |
The following information is available on January 31, 2021.
Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $26,400.
At the end of January, $3,900 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 3% will not be collected. No accounts were written off as uncollectible in January.
Unpaid salaries at the end of January are $27,000.
Accrued income taxes at the end of January are $5,900.
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On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit...
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $101,700 35,000 152,500 72,300 125,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Bonds Payable Discount on Bonds Payable Common Stock Retained Earnings Totals $ 2,300 10,100 23,200 125,000 30,500 205,000 151,400 $517,000 $517,000 During January 2021, the following transactions occurred: January 1 Borrowed $105,000 from Captive Credit Corporation. The installment note bears interest at 6%...
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts...
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts Debit Credit Cash $ 11,700 Accounts Receivable 35,000 Inventory 152,500 Land 72,300 Buildings 125,000 Allowance for Uncollectible Accounts $ 2,300 Accumulated Depreciation 10,100 Accounts Payable 23,200 Common Stock 205,000 Retained Earnings 155,900 Totals $ 396,500 $ 396,500 During January 2021, the following transactions occur: January 1 Borrow $105,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5...
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit...
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 11, 200 34,899 $ 1,800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals 152,990 67,300 120,00 9,600 17,790 299, 155, 480 $384,500 $384,500 During January 2021, the following transactions occur January Borrow $100,eee from Captive Credit Corporation. The installment note bears interest at 7% annually and matures in 5 years....
On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances: Accounts Debit Cred...
On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances: Accounts Debit Credit Cash $ 101,400 Accounts Receivable 34,400 Inventory 152,200 Land 69,300 Buildings 122,000 Allowance for Uncollectible Accounts $ 2,000 Accumulated Depreciation 9,800 Accounts Payable 19,900 Bonds Payable 122,000 Discount on Bonds Payable 30,200 Common Stock 202,000 Retained Earnings 153,800 Totals $ 509,500 $ 509,500 During January 2018, the following transactions occur: January 1 Borrow $102,000 from Captive Credit Corporation. The installment note bears...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash De...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit 27,900 15,600 Accounts Receivable Allowance for Uncollectible Accounts 4,800 Supplies Notes Receivable (6%, due in 2 years) 4,500 24,000 80,900 Land Accounts Payable 9,700 Common Stock 104,000 Retained Earnings 34,400 $152,900 $152,900 Totals During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $55,100 January January 15 Write off accounts receivable as uncollectible, $4,500. January...
On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances: Credit...
On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 103,200 38,000 154,000 87,300 140,000 $ Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Bonds Payable Discount on Bonds Payable Common Stock Retained Earnings Totals 3,800 11,600 39,700 140,000 32,000 220,000 139,400 $ 554,500 $ 554,500 During January 2018, the following transactions occur: January 1 Borrow $120,000 from Captive Credit Corporation. The installment note bears...
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On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Debit Credit Cash $ 59,800 Accounts Receivable 27,200 Allowance for Uncollectible Accounts $ 3,300 Inventory 37,400 Notes Receivable (5%, due in 2 years) 25,200 Land 166,000 Accounts Payable 15,900 Common Stock 231,000 Retained Earnings 65,400 Totals $ 315,600 $ 315,600 During January 2021, the following transactions occur: January 1 Purchase equipment for $20,600. The company estimates a residual value of $2,600 and a...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:...
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, 2021, the general ledger of 3D Family Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 26,900 Accounts Receivable 15,100 Allowance for Uncollectible Accounts $ 3,800 Supplies 4,000 Notes Receivable (6%, due in 2 years) 19,000 Land 80,400 Accounts Payable 8,700 Common Stock 99,000 Retained Earnings 33,900 Totals $ 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...
Un January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:...
Un January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,500 38,000 $ 3,700 33,000 66,100 30,900 33,000 59,000 33,000 $159,600 $159, 600 The $33,000 beginning balance of inventory consists of 330 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions:...
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $101,700 35,000 152,500 72,300 125,000 Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Bonds Payable Discount on Bonds Payable Common Stock Retained Earnings Totals $ 2,300 10,100 23,200 125,000 30,500 205,000 151,400 $517,000 $517,000 During January 2021, the following transactions occurred: January 1 Borrowed $105,000 from Captive Credit Corporation. The installment note bears interest at 6%...
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 11, 200 34,899 $ 1,800 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals 152,990 67,300 120,00 9,600 17,790 299, 155, 480 $384,500 $384,500 During January 2021, the following transactions occur January Borrow $100,eee from Captive Credit Corporation. The installment note bears interest at 7% annually and matures in 5 years....
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Cash Debit Credit 27,900 15,600 Accounts Receivable Allowance for Uncollectible Accounts 4,800 Supplies Notes Receivable (6%, due in 2 years) 4,500 24,000 80,900 Land Accounts Payable 9,700 Common Stock 104,000 Retained Earnings 34,400 $152,900 $152,900 Totals During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $55,100 January January 15 Write off accounts receivable as uncollectible, $4,500. January...
On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances: Credit Debit $ 103,200 38,000 154,000 87,300 140,000 $ Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Bonds Payable Discount on Bonds Payable Common Stock Retained Earnings Totals 3,800 11,600 39,700 140,000 32,000 220,000 139,400 $ 554,500 $ 554,500 During January 2018, the following transactions occur: January 1 Borrow $120,000 from Captive Credit Corporation. The installment note bears...
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,...
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