Jen Rogers withdrew a total of $29,000 from her business during the current year. The entry needed to close the withdrawals account is: Multiple Choice Debit Jen Rogers, Withdrawals and credit Jen Rogers, Capital for $29,000. Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $29,000. Debit Income Summary and credit Jen Rogers, Withdrawals for $29,000. Debit Income Summary and credit Cash for $29,000. Debit Jen Rogers, Withdrawals and credit Cash for $29,000

Jen Rogers withdrew a total of $29,000 from her business during the current year. The entry needed to close the withdrawals account is: Multiple Choice Debit Jen Rogers, Withdrawals and credit Jen Rogers, Capital for $29,000. Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $29,000. Debit Income Summary and credit Jen Rogers, Withdrawals for $29,000. Debit Income Summary and credit Cash for $29,000. Debit Jen Rogers, Withdrawals and credit Cash for $29,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 48BE: Collection of Amounts Previously Written Off Hannah purchased a laptop computer from Perry Corp. for...

See similar textbooks

Related questions

Q: Jordan took a business trip from New York to Denver. She spent two days in travel, conducted…

A: The cost of traveling for the purpose of conducting any type of business or profession is referred…

Q: On June 1, Mia deposited $3,800 in an MMDA that pays 4% interest. On October 31, Mia invested…

A: The amount earned on any deposits is the sum total of interest earned taking into consideration the…

Q: Susan owes $2,400 to Fancy Flowers for arrangements purchased last week. For Fancy Flowers, the…

A: The account receivables tells about the amount due to be received from customers. The account…

Q: Calvin reviewed his cancelled checks and receipts this year for charitable contributions, which…

A: In such circumstances it is to be remember that charity of food and clothes to a needy family cannot…

Q: At the end of its first year of operations, a company establishes an allowance for future…

A: The allowance for doubtful accounts is created to record the estimated bad debt expense for the…

Q: Lorna deposited $1,400, at the beginning of every six months for 13 years, in an account at her…

A: Annuity is a contract under which one party agrees to pay to the other party, a fixed sum, at a…

Concept explainers

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.

Question

Jen Rogers withdrew a total of $29,000 from her business during the current year. The entry needed to close the withdrawals account is:
Multiple Choice
O
O
Debit Jen Rogers, Withdrawals and credit Jen Rogers, Capital for $29,000.
Debit Jen Rogers, Capital and credit Jen Rogers, Withdrawals for $29,000.
Debit Income Summary and credit Jen Rogers, Withdrawals for $29,000.
Debit Income Summary and credit Cash for $29,000.
Debit Jen Rogers, Withdrawals and credit Cash for $29,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introdcution

VIEW

Step 2: The entry needed to close the withdrawals account:

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Kelly Jones and Tami Crawford borrowed $33,000 on a 7-month, 6% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)…
Kelly Jones and Tami Crawford borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, Cullumber's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a) Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 11 Debit Credit
Hh
Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount
please answer do not image.
Jason and Matthew borrowed $38.400 on a 7-month, 5% note from Gem State Bank to open their business, Blossom's Coffee House The money was borrowed on June 1, 2025, and the note matures January 1, 2026. (a) ✓ Your answer is correct. Prepare the entry to record the receipt of the funds from the loan. (List all debit entries before credit 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 0 for the amounts) Date ne 1, 2025 Account Titles and Explanation (b) Question 5 of 12 Cash Date Notes Payable eTextbook and Medial Prepare the entry to accrue the interest on June 30, (List all debit entries before credit 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 O for the amounts) Account Titles and Explanation Debit 38400 Credit Debit…
Take me to the text For the following independent transactions, determine the amount of current and long-term liabilites. Do not enter dollar signs or commas in the input boxes. No. Transaction 1 On February 28, 2022, Frederick Flowers borrowed $225,500 from the bank. The entire amount is due on February 27, 2023. NOP Company purchased a small building at a cost of $190,000. The 2 down payment is $90,000. The remaining balance is payable in 5 years with an annual payment of $20,000. A business owner borrowed $11,000 from a close friend for a business 4 expansion. They both signed an agreement that the full payment will be made after 4 years. Chack Current Liability Long-Term Liability 225500 During March 2022, a business owner obtained an interest-free loan from 3 a financing company. The loan amount was $79,000. The agreed terms of 15800 payment are 5 annual installments of $15,800. 20000 0 0 11000 x
Need answer please
Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
Aron Larson is a customer of Bank Enterprises. Mr. Larson took out a loan in the amount of $120,000 on August 1. On December 31, Bank Enterprises determines the loan to be uncollectible. Larson had not paid anything toward the balance due on account. What is the journal entry recording the bad debt write-off?
TYPEWRITTEN ONLY PLEASE FOR UPVOTE. DOWNVOTE FOR HANDWRITTEN. DO NOT ANSWER IF YOU ALREADY ANSWERED THIS. I'LL DOWNVOTE.
Ex. ABC has a $150,000 opening balance in its accounts receivable and a $15,000opening balance in AFDA. During the year, ABC sells $500,000 of merchandise on accountand another $200,000 for cash. During the year, ABC collects $380,000 of accountsreceivable, writes off $28,000 of accounts receivable and reinstates $5,000 of thepreviously written off accounts receivable.INSTRUCTIONS: 1. Prepare journal entries for the above transactions. 2. Calculate the balances of Accounts Receivable and AFDA. Indicate whether it's a debit balance or credit balance. 3. If ABC estimates its bad debt expense as 1% of credit sales, prepare the year end adjusting entry.4. If ABC estimates its bad debt expense as 5% of A/R, prepare the year end adjusting entry5. Calculate the ending balance of AFDA for #3 and #4.