ExpenseBal. 1600025EXERCISE 5-3 As of December 31, the end of the current year, the ledger of HarrisCompany contained the following account balances after adjustment. All accounts havenormal balances. Journalize the closing entries.w meDWC. Harris, Drawing$1,498$ 8,440CashProfessional Fees7,07511,586Wages ExpenseRent ExpenseEquipment1,268Accumulated Depreciation,Equipment1,0902,587Depreciation Expense,Equipment1,674Accounts Payable1,143658Wages PayableC. Harris, CapitalMiscellaneous Expense34513,3762.

Closing entries: Closing entries are those journal entries, which are passed to transfer the final…

Answered: Expense Bal. 160 00 25 EXERCISE 5-3 As…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 5SEQ: The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co....

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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--.
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.
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on buildings and equipment, $17,500 B. advertising still prepaid at year end, $2,200 C. interest due on notes payable, $4,300 D. unearned rental revenue, $6,900 E. interest receivable on notes receivable, $1,200
The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the balance sheet and income statement for December would 1w: A. Assets understated by $600; net income overstated by $600. B. Liabilities understated by $600; net income understated by $600. C. Liabilities overstated by $600; net income understated by $600. D. Liabilities overstated by $600; net income overstated by $600.
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
Entity A has total accounts receivable of ₱640,000 on December 31, 20x1. Of that amount, ₱70,000 is doubtful of collection. What is the adjusting entry to take up the uncollectible accounts expense on December 31, 20x1?
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…
Entity A has total accounts receivable of ₱640,000 on December 31, 20x1.₱70,000 is doubtful of collection. What is the adjusting entry to take up the uncollectible accounts expense on December 31, 20x1?
Closing entriesAfter the accounts have been adjusted at November 30, the end of thefiscal year, the following balances were taken from the ledger ofDiamond Landscaping Co.: Retained EarningsDividendsFees EarnedWages ExpenseRent ExpenseSupplies ExpenseMiscellaneous Expense $2,550,00025,0001,150,000613,750120,0009,15011,000 Journalize the two entries required to close the accounts.
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below:January 15 Wrote of $440 account of Miller Company as uncollectibleApril 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlierJuly 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectibleAugust 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectibleOctober 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectibleDecember 31 Estimated uncollectible accounts expense for the 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…
prepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18,000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450
DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…

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