PA17. LO 5.4 From the following Company T 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 BalanceDebitCreditCash$ 24,000Accounts Receivable14,900Prepaid Insurance5,300Land13,500Accounts PayableSalaries Payable$ 12,4001,500Common Stock34,000Retained Earnings10,200Dividends5,000Service Revenue56,300Insurance ExpenseSalaries ExpenseMiscellaneous Expense7,90039,0004,800$114,400$114,400

PA17. LO 5.4 From the following Company T 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 $ 24,000 14,900 5,300 Cash Accounts Receivable Prepaid Insurance Land 13,500 Accounts Payable Salaries Payable $ 12,400 1,500 Common Stock 34,000 Retained Earnings 10,200 Dividends 5,000 Service Revenue Insurance Expense Salaries Expense Miscellaneous Expense 56,300 7,900 39,000 4,800 $114,400 $114,400

PA17. LO 5.4 From the following Company T 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 $ 24,000 14,900 5,300 Cash Accounts Receivable Prepaid Insurance Land 13,500 Accounts Payable Salaries Payable $ 12,400 1,500 Common Stock 34,000 Retained Earnings 10,200 Dividends 5,000 Service Revenue Insurance Expense Salaries Expense Miscellaneous Expense 56,300 7,900 39,000 4,800 $114,400 $114,400

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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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…
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…
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?
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?
The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below.Accounts Debit CreditCash $10,000Accounts Receivable 15,000Prepaid Rent 7,200Supplies 4,000Deferred Revenue $ 3,000Common Stock 11,000Retained Earnings 6,000Service Revenue 51,200Salaries Expense 35,000 $71,200 $71,200At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $7,200, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022. 2. The balance of Deferred Revenue, $3,000, represents payment in advance from a customer. By the end of the year, $750 of the services have been provided. 3. An additional $700 in…
27.The ABC Co disclosed the following data at Dec 31, 20X1:Account known to be worthless, P37,500Advance payment to creditors on purchase orders P50,000Customers accounts (credit balance due to returns), P5,000Advances to employees, P34,000Trade receivable, P169,000Other non trade receivables, P4,000The amount of receivables at Dec 31, 20X1 is: 173,000 252,000 257,000 289,500
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The following accounts were included on Nigel’s adjusted trial balance at December 31, 2020:Accounts payable 11,200Accounts receivable 8,000Cash 29,000Share capital-ordinary 50,000Retained earnings 25,000Dividends 9,000Interest expense 3,500Note payable, due 30/06/23 45,000Supplies 2,800Sales revenue 39,000Building 15,000(a) What are total current assets? (b) What are total non-current liabilities?
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Required:1. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31
4. The following is extracted trial balance of Grey Grig Ltd as at 30 June 2019. Grey Grig LtdTrial Balance as at 30 June 2019Particulars Debit (RM) Credit (RM)Equipment rental 940Insurance 1,804Lighting and heating expenses 1,990Motor expenses 2,350Salaries and wages 48,580Sales 382,420Purchase 245,950Sundry expenses 624Lorry 19,400Account payable 23,408Account receivable 44,516Fixtures 4,600Shop 174,000Cash at bank 11,346Drawings 44,000Capital 194,272TOTAL 600,100 600,100Inventory at 30 June 2019 was RM29,304.Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 30 June 2019 ii. Statement of Financial Position as 30 June 2019
Jackson Company had the following information in 2018:Accounts receivable 12/31/18...................................................................Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment) ...................................................................Credit service revenue during 2018 ..........................................................Cash service revenue during 2018 ............................................................Collections from customers on account during 2018................................$ 8,00090039,00020,00040,000Refer to Question 10. Using the aging-of-receivables method, the balance of the Allowanceaccount after the adjusting entry at year-end 2018 would bea. $1,260.b. $2,160.c. $360.d. $9,260