Aa.44. SUse the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).General LedgerAccount Number 318Credit Balance.Salaries ExpenseDateMay 3193,000Number 319 Insurance ExpenseBalance68.000Retained EarningsDateMay 31DividendsDateMay 31Services RevenueMayPRC ECC ECG2PRG2DateMay 31Depreciation ExpenseDateMay 31PRG2PRG2DebitDebitRequired A Required BDebitDebitAccount NumberCreditDateMay 31MayAccount Number 403 Rent ExpenseCreditBalance163,866Account Number 603 Income SummaryCreditBalance17,000DateMay 31DateComplete this questions by entering your answers in the tabs below.Prepare closing journal entries from the above ledger accounts.PRG2PRG2PRG2PRDebitDebitDebitDebitAccount Number 622Credit Balance46,500Account Number 637CreditBalance4,420(a) Prepare closing journal entries from the above ledger accounts.(b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) asthe date.Account Number 640CreditBalance9,440Account Number 901BalanceCredit

Journal Entry :— It is an act of recording transaction in books of account when transaction…

S Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). General Ledger Account Number 318 Credit Balance Salaries Expense Date May 31 93,000 Number 319 Insurance Expense Balance 68.000 Retained Earnings Date May 31 Dividends PR 31 C C C EC G2 Date May May Services Revenue Date May 31 Depreciation Expense Date May 31 PR G2 PR G2 PR G2 Debit Debit Required A Required B Debit Debit Account Number Credit May 31 May Account Number 403 Rent Expense Credit Balance 163,866 Account Number 603 Credit Balance 17,000 Dat Date Date May 31 Income Summary Date Complete this questions by entering your answers in the tabs below. Prepare closing journal entries from the above ledger accounts. PR G2 PR G2 PR G2 PR Debit Debit Debit Debit Account Number 622 Credit Balance 46,500 Account Number 637 Credit Balance 4,420 (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. Account Number 640 Credit Balance 9,440 Account Number 901 Balance Credit

S Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). General Ledger Account Number 318 Credit Balance Salaries Expense Date May 31 93,000 Number 319 Insurance Expense Balance 68.000 Retained Earnings Date May 31 Dividends PR 31 C C C EC G2 Date May May Services Revenue Date May 31 Depreciation Expense Date May 31 PR G2 PR G2 PR G2 Debit Debit Required A Required B Debit Debit Account Number Credit May 31 May Account Number 403 Rent Expense Credit Balance 163,866 Account Number 603 Credit Balance 17,000 Dat Date Date May 31 Income Summary Date Complete this questions by entering your answers in the tabs below. Prepare closing journal entries from the above ledger accounts. PR G2 PR G2 PR G2 PR Debit Debit Debit Debit Account Number 622 Credit Balance 46,500 Account Number 637 Credit Balance 4,420 (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. Account Number 640 Credit Balance 9,440 Account Number 901 Balance Credit

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

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Which transaction would require adjustment at December 31? a. The sale of merchandise for cash on December 30. b. Common stock was issued on November 30. c. Salaries were paid to employees on December 31 for work performed in December. d. A I-year insurance policy (which took effect immediately) was purchased on December 1.
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--.
Income statement; net loss The following revenue and expense account balances were taken from the ledger of Acorn Health Services Co. after the accounts had been adjusted on January 31, 20Y7, the end of the fiscal year: Prepare an income statement.
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.
Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30. 20Y8: Instructions Briefly explain how multiple-step and single-step income statements differ.
Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30. 20Y8: Instructions Prepare a multiple-step income statement.
The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. The data needed for adjustments on January 31 are as follows: ab.Merchandise inventory, January 31, 55,750. c.Insurance expired for the year, 1,285. d.Depreciation for the year, 5,482. e.Accrued wages on January 31, 1,556. f.Supplies used during the year 1,503. Required 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. Ignore this step if using CLGL. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. Check Figure Net loss, 1,737
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?
Write the third closing entry to transfer the net income or net loss to the P. Hernandez, Capital account, assuming the following: a. A net income of 3,842 during the first quarter (Jan.Mar.) b. A net loss of 1,781 during the second quarter (Apr.Jun.)
Prepare journal entries to record the following transactions. Create a T-account for Unearned Revenue, post any entries that affect the account, tally ending balance for the account (assume Unearned Revenue beginning balance of $12,500). A. May 1, collected an advance payment from client, $15,000 B. December 31, remaining unearned advances, $7,500
Reviewing insurance policies revealed that a single policy was purchased on March 1, for one years coverage, in the amount of $9,000. There was no previous balance in the Prepaid Insurance account at that time. Based on the information provided, A. Make the December 31 adjusting journal entry to bring the balances to correct. B. Show the impact that these transactions had.
SCHEDULE OF ACCOUNTS PAYABLE Based on the information provided in Problem 11-11A, prepare a schedule of accounts payable for Franks Fantasy as of July 31, 20--. Verify that the accounts payable account balance in the general ledger agrees with the schedule of accounts payable total.