After the accounts were adjusted at January 31,2010, the end of the fiscal year, the followingbalances were taken from the ledger of Taylor PoolService Company:Capital StockRetained Earnings$ 20,000115,000Dividends5,000Fees Earned116,400Wages Expense29,000Rent Expense43,000Supplies Expense7,3001,750Miscellaneous ExpenseJournalize the four entries required to close theaccounts.

Reference:Team, C. (2023g, December 4). Closing entry. Corporate Finance Institute.…

Answered: After the accounts were adjusted at…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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S Roth Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $72,000 of services on account. 2. Collected $43,000 cash from accounts receivable. 3. Paid $28,000 of salaries expense for the year. 4. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $15,300 5,000 3,200 1,800 3,700 Required A Percent Likely to Be Uncollectible. 0.01 0.05 Required B Required C 0.10 0.30 0.50 Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement for Roth Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Allowance Balance Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account…
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Pomona inc. uses the aging method in accounting for uncollectible accounts. On March 31, the company wrote off an uncollectible account of $2,600. What effect does the write-off have on the company's financial statements?
Joy Company reports these account balances at December 31, 2011 after closing entries have been made: Accounts Payable 65,000 Land 62,000 Equipment 88,000 Cash 50,000 Accounts Receivable 80,000 Accumlated Depreciation 50,000 Buildings 110,000 Common Stock 180,000 Retained Earnings 75,000 Unearned Revenue 20,000 On January 1, 2012, Joy collected 20,000 of its accounts receivable, paid 10,000 of accounts payable, and sold 30,000 of additional shares of common stock. 1. In a trial balance prepared at December 31, 2011, the total of the debit column is: 2. After recording the January 1, 2012 transactions, in a trial balance prepared at January 1, 2012, the total of the debit column is: 3. After recording the January 1, 2012 transactions, on January 1, 2012, the balance sheet would balance at:
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Shown below in alphabetical order are the accounts for Reduce Reuse Remodel, Inc. at the end of the company’s fiscal year, June 30, 2021. The amounts are rounded to the nearest $1,000. Accounts payable $ 30 Notes payable (due in 5 years) $100 Accounts receivable 18 Prepaid insurance 8 Accumulated depreciation 160 Remodeling revenue 650 Cash 15 Rent expense 63 Common stock 150 Retained earnings, 7/1/20 79 Depreciation expense 40 Salaries expense 150 Dividends 25 Salaries payable 17 Equipment 500 Supplies 31 Income taxes payable 3 Supplies expense 275 Miscellaneous expense 84 Unearned revenue 20 Calculate Net Income for the year ending 6/30/21.
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Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $80,000 of services on account. 2. Collected $48,000 cash from accounts receivable. 3. Paid $32,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $23,680 1,600 2,240 1,920 2,560 Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.30 0.50 Allowance Balance Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1?

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