Question

Exercise 5-22A Complete the accounting cycle using receivable transactions (LO5–1, 5–2, 5–4, 5–5, 5–7) [The following information applies to the questions displayed below.] The general ledger of Pop's Fireworks includes the following account balances in 2021: Accounts Debit Credit Cash $ 21,200 Accounts Receivable 41,500 Allowance for Uncollectible Accounts $ 2,200 Supplies 6,700 Notes Receivable (8%, due in 2 years) 10,000 Land 85,000 Accounts Payable 12,300 Common Stock 106,000 Retained Earnings 29,900 Service Revenue 124,800 Salaries Expense 70,900 Utilities Expense 24,200 Supplies Expense 15,700 Totals $ 275,200 $ 275,200 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above: June 3 Provide additional services on account for $7,000. All services on account include terms 2/10, n/30. June 8 Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $5,000. November 15 Write off customer accounts of $1,500 as uncollectible. Exercise 5-22A Part 6 6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1