Exercise 4-9 (Algo) Preparing closing entries and a post-closing trial balance LO P2Following are accounts and year-end adjusted balances of Cruz Company as of December 31.Number Account Title101Cash126128SuppliesPrepaid insuranceEquipmentAccumulated depreciation-EquipmentA. Cruz, CapitalA. Cruz, WithdrawalsServices revenue167168301302403612 Depreciation expense-Equipment622637640652Salaries expenseInsurance expenseRent expenseSupplies expenseTotalsALD-Debit$ 18,00014,3002,00023,000< Prev6,0002,00021,2801,5332,4461,205$ 91,7646 of 10Credit$6,50048,76436,500$ 91,764Help1. Prepare the December 31 closing entries. The account number for Income Summary is 901.2. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $48,764 on December31 of the prior year.Next >Save & ExitSubmiCheck my work

Closing Entries - Closing entries are required to close the temporary accounts after making…

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College Accounting, Chapters 1-27

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Chapter16: Accounting For Accounts Receivable

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Problem 8SPA: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the...

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Name: Time: Queen City Vidadape Trial Balance December 31, 2019 Accaunt Titles Debit Credit Cashin Bank 125,000 30,000 Accounts Receivable Allowance for Uhcollectibe Accaurts Unused Supplies Videdtape Inventory Fumiture and Fixtures 10,000 105,000 80,000 Accumlated Depreciation-Fumiture and Fixtures Notes Payable Accaunts Payabe 50,000 35,000 Accrued Interest Edgar Datbya, Captal Edgar Detoya, Withdrawels Rental Income 162,000 180,000 18000 Other Income Uncallectible Accounts Depreciation Expense InterestExpeanse Damaged Videctape Suplies Used Salaries Expense 95,000 445,000 Tdal 445,000 The following errors and omissions were discovered at year-end prior to closing of the books: a. Uncollectible accounts should be provided at 1% of the outstanding receivable balance. b. Actual cost of supplies used amounted to P6,000. Physical inventory conducted on December 31, 2019 were found to have P15,000 cost of videotapes to have been damaged. Furniture was acquired on October 1, 2019 with an…
Required information Problem 3-3A (Statle) Preparlng adjusting entrles, adjusted trlal balance, and financlal statements LO P1, P2, P3, P4, P5 [The following information applies to the questions displayed below] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to Individuals who pay tuition directiy to the school. WTI also offers training to groups in off-site locations. WTI Initially records prepald expenses and uneamed revenues In balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of Items a through hthat require adjusting entries on December 31. Addıtional Information a. An analysis of WT's Insurance policles shows that $2,400 of coverage has explred. b. An Inventory count shows that teaching supplies costing $2.800 are avallable at year-end. C. Annual depreclation on the equlpment is $13,200. d. Annual depreclation on the professional library is $7,200. e. On September 1, WTI agreed to do five…
MMyOpenMath C https://N2.ceng... eBook BShow Me How EPrint Item Adjustment for depreciation Instructions Chart of Accounts Journal Instructions The estimated amount of depreciation on equipment for the current year is $8,255. Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles.
Accounting Cycle Journal Entries which are involved to the Business Adjusting Journal Entries Adjusting Journal Entry Date Particulars Ref Debit Credit Jan 30 2020 Supplies Expenses 408 18000 Supplies 105 18000 Jan 30 2020 Depreciation Expenses - Equipment (25000/10)*1/12 409 208 Accumulated Depreciation - Equipment 310 208 Jan 30 2020 Depreciation Expenses - Furniture and Fixtures (35000/5)*1/12 410 583 Accumulated Depreciation - Furniture and Fixtures 311 583 Jan 30 2020 Salaries Expenses 406 25000 Salary Payable 407 25000 Jan 30 2020 Insurance Expenses (20000/3*1) 408 6667 Prepaid Insurance 104 6667 Jan 30 2020 Unearned Sales Revenue 307 25000 Sales 305 25000 Jan 30 2020 Bad Debt Expenses (80000*5%) 412 4000 To Allowance for Doubtful Account 420 4000…
UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--. 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.
Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.
Appendix 1 Adjusting entry for gross method The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4: a. Journalize the June 30, 20Y4, adjusting entry for estimated sales discounts. b. How would sales and accounts receivable be reported on the financial statements for the year ending June 30, 20Y4?
Adjusted Trial BalanceJune 30, 2012 Account | DebitCreditCashS21.200 Accounts receivable38.900Supplies 14.300Prepaid insurance 1, 800Equipment32.600 Acc. deprequipment26, 800Building42.800Acc dep:building10.800Land 28.300Accounts pavable22.700Notes pavable22, 400Interest payable100Wages payable200Unearned service revenue5.600Capital stock79.100 Retained earningsDividends4, 200Service revenue26.100Dep. expense: equipment600Dep. expense: building300Wages expense3, 400Insurance expense500Interest expense100Utilities expense1.100Advertising expense400Supplies expense3.300 Total 193.800193, 800Required:a. Prepare the income statement, the statement of retained earnings, and the balance sheet.b. Journalize the closing entries.c. Prepare the after - closing trial balance.
Question Content Area After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $702,763 and Allowance for Doubtful Accounts has a balance of $22,123. What is the net realizable value of the accounts receivable? a. $702,763 b. $680,640 c. $724,886 d. $22,123
Problem 8: From the following receipt and payment account of Edhi Centre, prepare an income and expenditure account for the year ended 31-12-2023 and a Balance sheet as on that date. Particulars Balance b/d Entrance fee Subscription 2022 2023 2024 Locker rent Miscellaneous Adjustments: Receipt and payment account For the year ended 31-12-2023 Dr.(AED) Particulars Cr. (AED) 130 Rates 2,500 210 Stationery 340 General expenses 3,610 70 Building (Purchased on 1- 2,500 7-2023) 10,520 Repairs 300 420 Mortgage interest 1,600 300 Balance c/d 2,460 1,660 13,310 13,310 1. Locker rent AED 20 referred to the previous year and AED 30 is still owing. 2. Rates AED 20 referred to the previous year and AED 500 is still owing. 3. Subscription unpaid for the current year AED 200. 4. Depreciate building by 5% p.a. ||
ACTIVITY/Workshop VI Worksheets/ adjustments (trial balance, adjustments and adjusted trial balance) WORKSHOP NO. 6 ADJUSTMENT PARTICULAR QUANTITY AMOUNT LIFE SPAN DEPRECIATION DEPRECIATION PER YEAR PER MONTH OFFICE EQUIPMENT 1 24,000.00 S YEARS 4,800.00 400 JOURNAL ENTRY 2015 PARTICULAR PR DEBIT CREDIT JAN. 31 DEPRECIATION EXPENSE ACCUMULATED DEPRECIATION Trial balance DEBIT adjusted trial balance DEBIT adjustment DEBIT ACCT NO. 101 ACCOUNT NAME CREDIT CREDIT CREDIT Cash on Hand 97,430.00 54 COOP 30193 PUP, CSSD Department of Cooperatives and Social Development Dr. A. S. Villaruel, 2021 Loan Receivable Office equipment Office supplies-prepaid Savings deposit Loan payable Accounts payable EC/SSS/Payable Withholding tax payable Share capital Interest income Service fee Salaries and wages 102 103 91,340.00 24,000.00 700.00 104 201 202 203 204 205 301 401 402 501 502 503 504 101,500.00 100,000.00 900.00 1,100.00 3,500.00 16,810.00 2,010.00 11,000.00 50.00 300.00 500.00 900.00 Office…
Question Part A Albert Trading Limited used the statement of financial position approach to estimate the impairment loss of receivable. An aging of account receivable at 31 December 2019 revealed that S68,000 of the S835,000 outstanding accounts receivable will prove uncollectible. The Allowance for Impairment has a debit balance of $6,200 prior to adjustment. Required: (Explanation of the Journal Entry is not required) Prepare an adjusting entry on 31 December 2019 to recognize the impairment loss of receivable. Part B On 12 January 2020, Peter Lee, a major customer, declared bankruptey, and Albert Trading, determined that a receivable from Peter Lee in the amount of $3,400 was worthless. Required: (Explanation of the Journal Entry is not required) Prepare the joumal entry required by Albert Trading in this situation.

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