Closing Entries with Net Loss Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Creative Images Co.: Violet Lozano, Capital $880,000 Violet Lozano, Drawing 18,000 Fees Earned 694,500 Wages Expensé 474,000 Rent Expense 67,000 Supplies Expense 11,200 Miscellaneous Expense 14,400 Journalize the two entries reguired to dlose the accounts. If an amount box does not require an entry, leave it blank. Jul. 31 Fees Earned 694,500 Wages Expense 47,400 Rent Expense 67,000 Supplies Expense 11.200 Miscellaneous Expense 14,400 Violet Lozano, Capital Jul. 31 Violet Lozano, Capital

Closing Entries with Net Loss Creative Images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Creative Images Co.: Violet Lozano, Capital $880,000 Violet Lozano, Drawing 18,000 Fees Earned 694,500 Wages Expensé 474,000 Rent Expense 67,000 Supplies Expense 11,200 Miscellaneous Expense 14,400 Journalize the two entries reguired to dlose the accounts. If an amount box does not require an entry, leave it blank. Jul. 31 Fees Earned 694,500 Wages Expense 47,400 Rent Expense 67,000 Supplies Expense 11.200 Miscellaneous Expense 14,400 Violet Lozano, Capital Jul. 31 Violet Lozano, Capital

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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Entries Related to Uncollectible Accounts 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 $1,695 cash in full payment of Arlene’s account. Apr. 3 Wrote off the $9,710 balance owed by Premier GS Co., which is bankrupt. July 16 Received 25% of the $17,400 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 $2,765 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $7,305; Fogle Co., $2,170; Lake Furniture, $5,575; Melinda Shryer, $1,575. 31 Based on an analysis of the $860,200 of accounts receivable, it was estimated that $37,400 will be uncollectible.…
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Closing entriesAfter the accounts have been adjusted at April 30, the end of the fiscalyear, the following balances were taken from the ledger of Nuclear Landscaping Co.: Retained EarningsDividendsFees EarnedWages ExpenseRent ExpenseSupplies ExpenseMiscellaneous Expense $643,6010,500356,500283,10056,00011,50013,000 Journalize the four entries required to close the accounts.
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Prepare Reversing entries at the beginning of the next accounting period.
Allowance Method versus Direct Write-Off Method On March 10, May, Inc., declared a $2,500 account receivable from Anders Company as uncollectible and wrote off the account. On November 18, May received a $800 payment on the account from Anders. Assume that May uses the allowance method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account. Assume that May uses the direct write-off method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account. Assume that the payment from Anders arrives on the following February 5, rather than on November 18 of the current year. (1) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the allowance method. (2) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the direct write-off method. a. General…
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…
Entries Related to Uncollectible Accounts 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 $1,695 cash in full payment of Arlene's account. Apr. 3 Wrote off the $9,710 balance owed by Premier GS Co., which is bankrupt. July 16 Received 25% of the $17,400 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 $2,765 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $7,305; Fogle Co., $2,170; Lake Furniture, $5,575; Melinda Shryer, $1,575. 31 Based on an analysis of the $860,200 of accounts receivable, it was estimated that $37,400 will be uncollectible.…
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The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on July 31: 1 A B C D E F G 2 Days Past Due Days Past Due Days Past Due Days Past Due 3 Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 4 Acme Industries Inc. 3,000.00 3,000.00 5 Alliance Company 4,600.00 4,600.00 6 ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ 7 Zollinger Company 4,900.00 4,900.00 8 Subtotals 1,052,200.00 602,500.00 219,400.00 114,100.00 85,800.00 30,400.00 The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: Customer Balance Due Date Boyd Industries $44,000 April 7 Hodges Company 21,200 May 29 Kent Creek Inc. 7,300 June 8 Lockwood…