All revenue and expense accounts have been closed at the end of the calendar year for Oriole Company. The Income Summary account has total debits of $583,000 and total credits of $660,000. As of the same date, Owner's Capital has a balance of $126,500, and Owner's Drawings has a balance of $52,800. (a) Journalize the entries required to complete the closing of the accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To close net income to capital) (To close drawings to capital) Debit Credit

All revenue and expense accounts have been closed at the end of the calendar year for Oriole Company. The Income Summary account has total debits of $583,000 and total credits of $660,000. As of the same date, Owner's Capital has a balance of $126,500, and Owner's Drawings has a balance of $52,800. (a) Journalize the entries required to complete the closing of the accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To close net income to capital) (To close drawings to capital) Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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?
The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,185 cash in full payment of Arlene’s account. Apr. 3 Wrote off the $12,520 balance owed by Premier GS Co., which is bankrupt. July 16 Received 45% of the $22,500 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,560 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $9,415; Fogle Co., $2,795; Lake Furniture, $7,190; Melinda Shryer, $2,030. 31 Based on an analysis of the $1,108,600 of accounts receivable, it was estimated that $48,200 will be uncollectible. Journalized the adjusting…
Please to do the Journal and the balance sheet and the allowance for uncollectable
Crane Company has the following year-end account balances on November 30, 2024: Service Revenue $37,000; Insurance Expense $2,700; Rent Expense $6,000; Supplies Expense $1,350; L. Johnson, Capital $42,000; and L. Johnson, Drawings $28,000. (a) Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. List all debit entries before credit entries.) Date Account Titles Nov. 30 Nov. 30 Nov. 30 Nov. 30 To close revenue account) < To close expense accounts) To close income summary) To close drawings account) Debit Credit | |||| |||||
Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…
On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.
The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,565 cash in full payment of Arlene’s account. Apr. 3 Wrote off the $8,970 balance owed by Premier GS Co., which is bankrupt. July 16 Received 40% of the $16,100 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,550 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $6,745; Fogle Co., $2,005; Lake Furniture, $5,150; Melinda Shryer, $1,455. 31 Based on an analysis of the $793,500 of accounts receivable, it was estimated that $34,500 will be uncollectible. Journalized the adjusting…
Required: (a) Prepare journal entries to record the impairment loss of receivable in 2021 under Statement of Financial Position approach. (b) Prepare partial Statement of Financial Positions to show the accounts receivables at 31 December 2021.
At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Debit Date General Journal Credit Dec 31
Please Fast answer
On August 1, Sweetwater Ltd. accepted a $28,400 note from Borges Ltd. in settlement of an account receivable. The note bears interest of 6% and both principal and interest are due in two months, on October 1. Interest on the note was accrued on August 31 and on September 30. On October 1, Borges paid the note, including the accrued interest. Prepare the journal entries required to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)