K. Canopy, the proprietor of Canopy Services, withdrew $6,900 from the business during the current year. The entry to close the withdrawals account at the end of the year is: Multiple Choice Debit K. Canopy, Capital $6,900, credit Salary Expense $6,900 Debit K Canopy, Withdrawals $6,900; credit Cash, $6,900 Debit K. Canopy, Capital $6,900; credit K. Canopy, Withdrawals $6,900 Debit K. Canopy, Withdrawals $6,900; credit K. Canopy, Capital $6,900 Debit Income Summary $6,900; credit K. Canopy, Capital $6,900

K. Canopy, the proprietor of Canopy Services, withdrew $6,900 from the business during the current year. The entry to close the withdrawals account at the end of the year is: Multiple Choice Debit K. Canopy, Capital $6,900, credit Salary Expense $6,900 Debit K Canopy, Withdrawals $6,900; credit Cash, $6,900 Debit K. Canopy, Capital $6,900; credit K. Canopy, Withdrawals $6,900 Debit K. Canopy, Withdrawals $6,900; credit K. Canopy, Capital $6,900 Debit Income Summary $6,900; credit K. Canopy, Capital $6,900

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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Presented below is information for Blossom Company. 1. Beginning-of-the-year Accounts Receivable balance was $20,800. 2. Net sales (all on account) for the year were $109,600. Blossom does not offer cash discounts. 3. Collections on accounts receivable during the year were $81,000. (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. Your answer is correct. 3. (b) No Entry No Entry Accounts Receivable Sales Revenue Cash Accounts Receivable eTextbook and Media List of Accounts Accounts receivable turnover Debit Days to collect accounts receivable times 0 days 109,600 81000 Compute Blossom's accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round answers…
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In the first year of operations, Ralph's Repair Service recognized $482,000 of service revenue earned on account. The ending accounts receivable balance was $88,900. Ralph estimates that 2% of sales on account will not be collected. During the year, Ralph wrote off a $200 receivable that was determined to be uncollectible. Assume there were no other transactions affecting accounts receivable. Required: a. What amount of cash was collected in Year 1? b. What amount of uncollectible accounts expense was recognized In Year 1? c. What will be Ralph's net realizable value of receivables on the December 31, Year 1 balance sheet? a. Cash collected b. Uncollectible accounts expense c. Net realizable value of receivables
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