* Question Completion Status:TeCJ OITICUSalaries expense32,800Rent expense16,000Depreciation expense-Office equipment3,960Office supplies expense2,800Totals$128,660$128,660Given the above information, prepare the following:a. The necessary closing entriesDr. Equipment 10,000Cr. CashExample of Answer:10,000b. How much is the ending capital after the closing process? (Show your calculations)IT.CNIC10 (Mac) Hadi Maintenance Company's adjusted trial balance at the end of 31 December, its accounting period is shown below:Hadi Maintenance CompanyAdjusted Trial BalanceDecember 31DebitCreditCash23,500Accounts receivable13,000Office supplies6,000Office equipment29,600Accumulated depreciation-Office5,000equipmentLong-term notes payable24,500Hadi, Capital26,160Hadi, Withdrawals1,000Fees earned73,000Salaries expense32,800Rent expense16,000Depreciation expense-Office equipment3,960Office supplies expense2,800Totals$128,660$128,6602605

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Description: * Question Completion Status:TeCJ OITICUSalaries expense32,800Rent expense16,000Depreciation expense-Office equipment3,960Office supplies expense2,800Totals$128,660$128,660Given the above information, prepare the following:a. The necessary closing e

Closing entries means the entries to be made on the closing of any particular period . All revenue…

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* Question Completion Status: Salaries expense 32,800 Rent expense 16,000 Depreciation expense-Office equipment 3,960 Office supplies expense 2,800 Totals $128,660 $128,660 Given the above information, prepare the following: a. The necessary closing entries Dr. Equipment 10,000 10,000 Example of Answer: Cr. Cash b. How much is the ending capital after the closing process? (Show your calculations)

* Question Completion Status: Salaries expense 32,800 Rent expense 16,000 Depreciation expense-Office equipment 3,960 Office supplies expense 2,800 Totals $128,660 $128,660 Given the above information, prepare the following: a. The necessary closing entries Dr. Equipment 10,000 10,000 Example of Answer: Cr. Cash b. How much is the ending capital after the closing process? (Show your calculations)

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...

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The trial balance of Fuzzy Security Services Ltd. as of January 1, Year 9, had the following normal balances:Cash$93,380Petty Cash100Accounts receivable21,390Allowance for doubtful accounts2,485Supplies180Prepaid rent3,000Merchandise inventory (23 @ $280)6,440Equipment9,000Van27,000Accumulated depreciation14,900Salaries payable1,500Common stock50,000Retained earnings91,605During Year 9, Fuzzy Security Services experienced the following transactions:1. Paid the salaries payable from Year 8.2. Paid $9,000 on May 2, Year 9, for one year’s office rent in advance.3. Purchased $425 of supplies on account.4. Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase.5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable.6. Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. (Be sure to compute cost of goods sold using the FIFO cost flow method.)7. Billed $107,000 of monitoring…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
Johnson company’s financial year ended on December 31, 2010. All thetransactions related to the company’s uncollectible accounts are can be foundbelow:January 15 Wrote of $440 account of Miller Company asuncollectibleApril 2ndRe-establish the account of Louisa Teller andrecord the collection of $1,050 as payment infull for her account which had been writtenoff earlierJuly 31Received 40% of the $700 balance owed byWilliam John and wrote off the remainder asuncollectibleAugust 15Wrote off as uncollectible the accounts ofSherwin Company, $1,700 and V. Vasell$2,200September 26Received 25% of the $1,140 owed by GrantCompany and wrote off the remainder asuncollectibleOctober 16Received $741 from M. Fuller in full paymentof his account which had been written offearlier as uncollectibleDecember 31Estimated uncollectible accounts expense forthe year to be 1.5% of net credit sales of$521,000The accounts receivable account had a balance of $114,630 and the beginning balance in theallowance for…
Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $18,330 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Numberof Days Past Due) Receivables Balanceon December 31 Estimated Percent ofUncollectible Accounts 0-30 days $293,000 1 % 31-60 days 110,000 8 61-90 days 35,000 20 91-120 days 13,000 55 More than 120 days 18,000 80 Total receivables $469,000
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ces Warner Company's year-end unadjusted trial balance shows accounts receivable of $104,000, allowance for doubtful accounts of $650 (credit), and sales of $330,000. Uncollectibles are estimated to be 1% of sales. Prepare the December 31 year-end adjusting entry for uncollectibles. C raw T View transaction list Journal entry worksheet 112 { + [ > prt sc } ] delete backspace home num lock end 7 A
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Warner Company's year-end unadjusted trial balance shows accounts receivable of $106,000, allowance for doubtful accounts of $670 (credit), and sales of $350,000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles. View transaction list Journal entry worksheet 1 Record the estimate of uncollectibles. Note: Enter debits before credits. Date Dec 31 Record entry General Journal Clear entry Debit Credit View general journal
UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.