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6. December 31 balances for selected accounts of the Chaney Company are pre below. Accounts Receivable...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Marigold...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Marigold Corp. is provided below. Credit Debit $55,180 19,990 10,030 161,730 69,240 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $40,280 87,250 17,400 139,690 4,710 2,740 46,970 1,060 Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the...
Presented below are selected account balances for XYZ Corporation as of December 31, 2021. Inventory 12/31/21...
Presented below are selected account balances for XYZ Corporation as of December 31, 2021. Inventory 12/31/21 - $65,000 Cost of Goods Sold - $230,000 Sales Revenue - 450,000 Selling Expenses - 26,000 Interest Revenue - 10,000 Administrative Expenses - 28,000 Dividends - 20,000 Income Tax Expense - 20,000 Common Stock - 70,000 Retained Earnings - 48,000 Rent Revenue - 13,000 Allowance for Doubtful Accounts - 11,000 Accounts Receivables - 88,000 Rent Expense - 16,000 Instructions: Prepare the necessary closing entries for...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota Corp. is provided below. Credit Debit $69,700 25,250 12,670 204,290 87,460 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $50,880 110,210 21,980 176,450 5,950 3,460 59,330 1,340 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Presented below are selected account balances for Rolling Yarn Co. as of December 31, 20X1. Prepaid...
Presented below are selected account balances for Rolling Yarn Co. as of December 31, 20X1. Prepaid rent Insurance expense Cash Accumulated depreciation Bad debt expense $22,600 Interest receivable 3.500 Salaries and wages expense 5,600 Sales revenue 34,100 Dividends 8,800 Accounts payable $ 6,400 38,300 47,900 2,000 14,900 Prepare closing entries below for Rolling Yarn Co. on December 31, 20X1 (not all lines may be needed). Show all 4 steps.
The balances of selected accounts of the Dexter Company on December 31, 2019, are given below:...
The balances of selected accounts of the Dexter Company on December 31, 2019, are given below: Accounts Receivable $ 840,000 Allowance for Doubtful Accounts (credit) 2,900 Total Sales 9,940,000 Sales Returns and Allowances (total) 239,000 (Credit sales were $8,490,000. Returns and allowances on these sales were $199,000.) Required: Compute the amount to be charged to Uncollectible Accounts Expense under each of the following different assumptions: Uncollectible accounts are estimated to be 0.2 percent of net credit sales. Experience has...
ercise 3-Part 2: Closing Journal Entries Listed below in random order are selected accounts from the...
ercise 3-Part 2: Closing Journal Entries Listed below in random order are selected accounts from the adjusted trial balance of the Cherokee Company at June 30 (the end of the fiscal year) 30 500 Dividends Payable Common Stock Retained Eanings (6/1) Sales Rent Expense Rent Receivable Rent Payable Rent Revenue Prepaid Rent Unearned (deferred) Rent Revenue Cost of Goods Sold Advertising Expense Wages Expense Dividends Cash Accounts Receivable Accounts Payable 20 50 12 550 30 40 300 200 100 the...
Presented below are the year-end balances at December 31 of Clyde Barrell Repair. (All accounts have...
Presented below are the year-end balances at December 31 of Clyde Barrell Repair. (All accounts have normal balances). Also, notice the accounts are not in order. You need to be able to pick out the accounts that get closed.) Supplies Expense.. Depreciation Expense... Unearned Revenues.... Accumulated depreciation equipment Advertising expense. Cash... Part Supplies. Insurance expense. Equipment.... Repair Service Revenue. Rent Expense.. Common Stock.. Retained Earnings.... Dividends.... Prepaid Insurance Salaries Payable.. Salary Expense. Accounts Receivable. Repair Parts Expense. Accounts Payable... Notes...
Credit Losses Based on Accounts Receivable Hunter, Inc, analyzed its accounts receivable balances at December 31,...
Credit Losses Based on Accounts Receivable Hunter, Inc, analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: Probability of Age Group Balance Noncollection 0-30 days past due 500.000 31-60 days past due 20,000 61-120 days past due 11,000 5 121-180 days past due 6,000 10 Over 180 day past due 6000 5131000 The company handles credit losses using the allowance method. The credit...
The accounting records of Foley Architects include the following selected, unadjusted balances at March 31: Accounts...
The accounting records of Foley Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,300; Office Supplies, $1,000; Prepaid Rent, $2,250; Equipment, $9,500; Accumulated Depreciation Equipment, $0, Salaries Payable, $O; Unearned Revenue, $500; Service Revenue, $4,600; Salaries Expense, $800; Supplies Expense, $O; Rent Expense, $0; Depreciation Expense-Equipment, $0. The data developed for the March 31 adjusting entries are as follows: (Click the icon to view the data.) Read the requirements Requirement 1. Journalize the adjusting entries using...
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable...
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable Dec. 31/19 Balance 390,000 Allowance for Doubtful Accounts 20,400 Dec. 31/19 Balance During 2020, the following selected transactions occurred: a. Sales totalled $2,780,000, of which 25% were cash sales (cost of sales $1,795,000). b. Sales returns were $118,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $34,000 was recovered. d. Several accounts were written off: $36,000. e. Collections from...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Marigold Corp. is provided below. Credit Debit $55,180 19,990 10,030 161,730 69,240 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $40,280 87,250 17,400 139,690 4,710 2,740 46,970 1,060 Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota Corp. is provided below. Credit Debit $69,700 25,250 12,670 204,290 87,460 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $50,880 110,210 21,980 176,450 5,950 3,460 59,330 1,340 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Presented below are selected account balances for Rolling Yarn Co. as of December 31, 20X1. Prepaid rent Insurance expense Cash Accumulated depreciation Bad debt expense $22,600 Interest receivable 3.500 Salaries and wages expense 5,600 Sales revenue 34,100 Dividends 8,800 Accounts payable $ 6,400 38,300 47,900 2,000 14,900 Prepare closing entries below for Rolling Yarn Co. on December 31, 20X1 (not all lines may be needed). Show all 4 steps.
ercise 3-Part 2: Closing Journal Entries Listed below in random order are selected accounts from the adjusted trial balance of the Cherokee Company at June 30 (the end of the fiscal year) 30 500 Dividends Payable Common Stock Retained Eanings (6/1) Sales Rent Expense Rent Receivable Rent Payable Rent Revenue Prepaid Rent Unearned (deferred) Rent Revenue Cost of Goods Sold Advertising Expense Wages Expense Dividends Cash Accounts Receivable Accounts Payable 20 50 12 550 30 40 300 200 100 the...
Presented below are the year-end balances at December 31 of Clyde Barrell Repair. (All accounts have normal balances). Also, notice the accounts are not in order. You need to be able to pick out the accounts that get closed.) Supplies Expense.. Depreciation Expense... Unearned Revenues.... Accumulated depreciation equipment Advertising expense. Cash... Part Supplies. Insurance expense. Equipment.... Repair Service Revenue. Rent Expense.. Common Stock.. Retained Earnings.... Dividends.... Prepaid Insurance Salaries Payable.. Salary Expense. Accounts Receivable. Repair Parts Expense. Accounts Payable... Notes...
Credit Losses Based on Accounts Receivable Hunter, Inc, analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: Probability of Age Group Balance Noncollection 0-30 days past due 500.000 31-60 days past due 20,000 61-120 days past due 11,000 5 121-180 days past due 6,000 10 Over 180 day past due 6000 5131000 The company handles credit losses using the allowance method. The credit...
The accounting records of Foley Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,300; Office Supplies, $1,000; Prepaid Rent, $2,250; Equipment, $9,500; Accumulated Depreciation Equipment, $0, Salaries Payable, $O; Unearned Revenue, $500; Service Revenue, $4,600; Salaries Expense, $800; Supplies Expense, $O; Rent Expense, $0; Depreciation Expense-Equipment, $0. The data developed for the March 31 adjusting entries are as follows: (Click the icon to view the data.) Read the requirements Requirement 1. Journalize the adjusting entries using...
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable Dec. 31/19 Balance 390,000 Allowance for Doubtful Accounts 20,400 Dec. 31/19 Balance During 2020, the following selected transactions occurred: a. Sales totalled $2,780,000, of which 25% were cash sales (cost of sales $1,795,000). b. Sales returns were $118,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $34,000 was recovered. d. Several accounts were written off: $36,000. e. Collections from...
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