Closing Entries with Net Loss Summit Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjuste end of the fiscal year, the following balances were taken from the ledger of Summit Services: Fees Earned $1,150,000 Dividends 5,000 Rent Expense 200,000 Retained Earnings 450,000 Supplies Expense 19,300 Wages Expense 915,000 Miscellaneous Expense 31,900 Journalize the closing entries required to close the accounts. If an amount box does not require an entry, leave it blank.

Closing Entries with Net Loss Summit Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjuste end of the fiscal year, the following balances were taken from the ledger of Summit Services: Fees Earned $1,150,000 Dividends 5,000 Rent Expense 200,000 Retained Earnings 450,000 Supplies Expense 19,300 Wages Expense 915,000 Miscellaneous Expense 31,900 Journalize the closing entries required to close the accounts. If an amount box does not require an entry, leave it blank.

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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The journal entry to close the Fees Earned, $750, and Rent Revenue, $175, accounts during the year-end closing process would involve:
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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.…
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 $462,000 3/4 % $3,465 1-30 days past due 50,800 3 1,524 31-60 days past due 23,100 8 1,848 61-90 days past due 16,600 18 2,988 91-180 days past due 12,000 38 4,560 Over 180 days past due 8,800 70 6,160 Total $573,300 $20,545 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $3,700 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. Dec. 31 fill in the blank 2 fill in the blank 4
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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 $902,000 3/4 % $6,765 1-30 days past due 99,200 2 1,984 31-60 days past due 45,100 6 2,706 61-90 days past due 32,500 18 5,850 91-180 days past due 23,500 42 9,870 Over 180 days past due 17,100 65 11,115 Total $1,119,400 $38,290 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $6,890 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. Dec. 31 - Select - - Select -
Kindly help me solve no. 4 and 5 with clear solution please. Thank you so much
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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