PA16. LO 5.4 From the following Company R adjusted trial balance, prepare the following: D. Closing journal entries E. Post-Closing Trial Balance A. Income Statement B. Retained Earnings Statement C. Balance Sheet (simple-unclassified) Adjusted Trial Balance Debit Credit $ 44,000 13,800 Cash Accounts Receivable Prepaid Insurance 6,400 Land 16,000 $ 14,900 4,500 31,000 10,200 Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends 12,000 Service Revenue 86,000 Insurance Expense Salaries Expense Miscellaneous Expense 7,600 32,000 14,800 $146,600 $146,600

PA16. LO 5.4 From the following Company R adjusted trial balance, prepare the following: D. Closing journal entries E. Post-Closing Trial Balance A. Income Statement B. Retained Earnings Statement C. Balance Sheet (simple-unclassified) Adjusted Trial Balance Debit Credit $ 44,000 13,800 Cash Accounts Receivable Prepaid Insurance 6,400 Land 16,000 $ 14,900 4,500 31,000 10,200 Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends 12,000 Service Revenue 86,000 Insurance Expense Salaries Expense Miscellaneous Expense 7,600 32,000 14,800 $146,600 $146,600

Name: PA16. LO 5.4 From the following Company R adjusted trial balance, pre
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Description: PA16. LO 5.4 From the following Company R adjusted trial balance, prepare the following:A. Income StatementB. Retained Earnings StatementC. Balance Sheet (simple-unclassified)D. Closing journal entriesE. Post-Closing Trial BalanceAdjusted Trial Bala

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.7E: Determining amounts to be paid on invoices Determine the amount to be paid in full settlement of...

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3. The following is the trial balance of Aroro Enterprise as at 31 August 2019Particulars Debit (RM) Credit (RM)Capital 48,400Drawings 3,500Trade receivables 9,000Trade payables 12,500Sales 40,400Purchases 31,000Sales returns 300Purchases returns 250Wages and salaries 5,600Discounts allowed 120Discounts received 200Provision for doubtful debts 300Insurance 700Inventory as at 1 September 2018 2,400Utilities 950Rates 350Premises 10,000Fixtures and fittings 3,000Motor van 20,000Cash in hand 330Cash at bank 14,800TOTAL 102,050 102,050Additional information as at 31 August 2019:i. Inventory as at 31 August 2019 amounted RM3,300ii. An entity from whom there is accounts receivables of RM200 was unable tosettle his debt and this amount is to be written off as bad debts.iii. The provision for doubtful debts is 1% of the outstanding trade receivables.iv. The owner took RM100 worth of goods from the business for his own useRequired:a) Statement of Profit or Loss and Others Comprehensive Income…
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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?
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Determining amounts to be paid on invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.
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.