Closing Entries; Net Income On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as fallows: Accounts Receivable $170,000 Inventory $984,050 Accumulated Depreciation-Bullding 771,650 Notes Payable 303,950 Administrative Expenses 527,250 Office Supplies 19,750 Building 2,495,300 Retained Earnings 1,332,100 Cash 171,950 Salaries Payable 8,100 Common Stock 307,250 Sales 6,336,350 Cost of Goods Sold 3,690,350 Selling Expenses 693,050 Dividends 167,300 Store Supplies 91,750 Interest Expense 10,050 lournalize the closing entries. If an amount box does not require an entry, leave it blank. 20Y9 Mar. 31 Cash Cost of Goods Sold 3,690,350 X Inventory Administrative Expenses Interest Expense

Closing Entries; Net Income On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as fallows: Accounts Receivable $170,000 Inventory $984,050 Accumulated Depreciation-Bullding 771,650 Notes Payable 303,950 Administrative Expenses 527,250 Office Supplies 19,750 Building 2,495,300 Retained Earnings 1,332,100 Cash 171,950 Salaries Payable 8,100 Common Stock 307,250 Sales 6,336,350 Cost of Goods Sold 3,690,350 Selling Expenses 693,050 Dividends 167,300 Store Supplies 91,750 Interest Expense 10,050 lournalize the closing entries. If an amount box does not require an entry, leave it blank. 20Y9 Mar. 31 Cash Cost of Goods Sold 3,690,350 X Inventory Administrative Expenses Interest Expense

Name: Closing Entries; Net IncomeOn March 31, 20Y9, the balances of the acc
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Description: Closing Entries; Net IncomeOn March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as fallows:Accounts Receivable$170,000Inventory$984,050Accumulated Depreciation-Bullding771,650No

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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Entry for Uncollectible Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Age Interval Balance Estimated UncollectibleAccounts Percent Estimated UncollectibleAccounts Amount Not past due $878,000 3/4 % $6,585 1-30 days past due 96,600 2 1,932 31-60 days past due 43,900 8 3,512 61-90 days past due 31,600 14 4,424 91-180 days past due 22,800 38 8,664 Over 180 days past due 16,700 75 12,525 Total $1,089,600 $37,642 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $6,775 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select - - Select -
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