nsaction/event, select "No journal entry required" in the first account field.)View transaction listJournal entry worksheetRecord the closing entry for expenses.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember31, 2021Record entryClear entryView general journal< Prev39 of 40Next > SavedThe adjusted trial balance for Yondel Company at December 31, 2021 is presented below:AccountsDebitCreditCash$ 5,00020,000415,000Prepaid rentLandAccounts payableSalaries payable$ 13,00017,000230,000Common stockRetained earnings69,000Dividends13,000Service revenueSalaries expenseRent expenseUtilities expense330,000160,00021,00025,000$659,000Totals$659,000Prepare the closing entries for Yondel Company for the year ended December 31, 2021. (If no enttransaction/event, select "No journal entry required" in the first account field.)View transaction listJournal entry worksheet13<>Record the closing entry for service revenue.< Prev39 of 40Next >O00D00 F4F880F3F6F7F5F2&$%24%23

Closing entries means the entries to be made on the closing of any particular period . All revenue…

ne adjusted trial balance for Yondel Company at December 31, 2021 is presented below Accounts Debit Credit Cash $ 5,000 20,000 415,000 Prepaid rent Land Accounts payable Salaries payable $ 13,000 17,000 230,000 69,000 Common stock Retained earnings Dividends Service revenue Salaries expense 13,000 330,000 160,000 21,000 Rent expense Utilities expense 25,000 Totals $659,000 $659,000 Prepare the closing entries for Yondel Company for the year ended December 31, 2021. (If n- transaction/event, select "No journal entry required" in the first account field.)

ne adjusted trial balance for Yondel Company at December 31, 2021 is presented below Accounts Debit Credit Cash $ 5,000 20,000 415,000 Prepaid rent Land Accounts payable Salaries payable $ 13,000 17,000 230,000 69,000 Common stock Retained earnings Dividends Service revenue Salaries expense 13,000 330,000 160,000 21,000 Rent expense Utilities expense 25,000 Totals $659,000 $659,000 Prepare the closing entries for Yondel Company for the year ended December 31, 2021. (If n- transaction/event, select "No journal entry required" in the first account field.)

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 an aging schedule for Ivanhoe Company at December 31, 2021. Customer Total Not YetDue Number of Days Past Due 1–30 31–60 61–90 Over90 Aneesh $ 23,700 $ 8,700 $15,000 Bird 27,900 $ 27,900 Cope 53,500 4,900 4,900 $43,700 DeSpears 38,500 $38,500 Others 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentageuncollectible 3% 8% 12% 24% 61% Total estimated bad debts $ 44,562 $ 3,309 $4,016 $3,264 $ 10,488 $23,485 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7,900. -Journalize the adjusting entry for bad debts at December 31, 2021. - Post the adjusting entry for bad debts at December 31, 2021 - Journalize the 2022 transactions: - Post to the…
Prepare the Classified Statement of Financial Positionand calculate ROA.
Bryant Corporation was incorporated on December 1, 2018, and began operations one week later. Before closing the books for the fiscal year ended November 30, 2019, Bryant’s controller prepared the following financial statements: BRYANT CORPORATION Balance Sheet November 30, 2019 1 Assets 2 Current Assets: 3 Cash $180,000.00 4 Accounts receivable 480,000.00 5 Less: Allowance for doubtful accounts (59,000.00) 6 Inventories 430,000.00 7 Prepaid insurance 15,000.00 8 Total current assets $1,046,000.00 9 Property, plant, and equipment 426,000.00 10 Less: Accumulated depreciation (40,000.00) 11 R&D costs 120,000.00 12 Total Assets $1,552,000.00 13 Liabilities and Shareholders’ Equity 14 Current Liabilities: 15 Accounts payable and accrued expenses $592,000.00 16 Income taxes payable 168,000.00 17 Total current liabilities…
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:Accounts Debit CreditCash $ 42,700Accounts Receivable 44,500Supplies 7,500Equipment 64,000Accumulated Depreciation $ 9,000Accounts Payable 14,600Common Stock, $1 par value 10,000Additional Paid-in Capital 80,000Retained Earnings 45,100Totals $ 158,700 $ 158,700During January 2021, the following transactions occur:January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000.January 9 Provide services to customers on account, $14,300.January 10 Purchase…
Trial Balance of Deon Insurance Company Limited as at 31st December, 2019 Debit Credit Claims paid 8,834,289 Commissions paid 142,583 Interest paid 4,000,000 Staff cost 29,053,167 Audit fees 130,767 Other income- Interest on investment 2,666,667 Reinsurance claims recovered 2,466,667 Stated capital 15,533,335 Capital surplus 9,588,327 Income surplus 3,919,560 Contingency reserve 6,441,634 Building 12,916,647 Motor vehicle 5,332,255 Equipment and furniture 9,042,985 Acc. Dep: Building 2,287,357 Acc. Dep: Motor vehicle 3,364,404 Acc. Dep: Equipment and furniture 1,102,471 Gross premium 90,740,819 10% Debenture 70,000,000 Premium returned and cancelled 10,000,000 Reinsurance premium paid 27,603,132 Intangible assets 35,797,721 Investment properties…
How do you determine retained earnings? Assets=$52,000 & Liabilities=$24,000 The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2021, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventory, $25,000; equipment (net), $80,000; accounts payable, $14,000; Salaries payable, $9,000; interest payable, $1,000; notes payable (due in 18 months), $30,000; common stock, $50,000.Determine the year-end balance in retained earnings for K and J Nursery, Inc.
January 2020 the following trial balance was extracted from the books of Yusiti Credit RM Particulars Debit RM Capital 1 February 2019 Vehicles at cost 101,430 Equipment at cost Purchases and sales 35,000 80,000 284,680 503,520 Provision for depreciation at 1 February 2019: Vehicles 21,000 35,000 650 Equipment Return inward and return outwards 1,340 Finance expenses Stock at 1 February 2019 Vehicles expenses Rent, rates and insurance Office expenses Drawings Petty cash Wages and salaries Bad debts Debtors and creditors Cash at bank 1,220 25,570 4,930 7,420 21,940 23,550 200 95,370 1,240 83,210 14,880 680,550 680,550 18,950 ТОTAL dditional information as at 31 January 2020: RM No. Particulars i. Stock valued at Insurance prepaid iii. Goods taken from stock for own use iv. Wages due Provision for doubtful debt required vj. Provision for depreciation is to be provided as follows: 29,750 C 340 i. 420 2,4009 620 C V. 30% straight line method reducing balance method Vehicles 25% Equipment
attached below is the question Provide closing entries and t accounts
The hypothetical company XYZ Inc started its operations in 2020. On December 31 2020, it had the following adjusted trial balance: Account Balance ($) Notes Payable 20,000 Wages Payable 8,000 Additional Paid In Capital 300,000 Common Stock at par value 60,000 A/P 60,000 PP&E (at cost) 110,000 Inventory 62,000 Cash 419,000 Unearned Revenues 10,000 Accumulated Depreciation 10,000 Account Receivables ? Retained Earnings 230,000 During 2021 the following transactions occurred: A dividend of $20,000 was declared during 2021. These dividends will be paid in 2022. During the year the company performed and delivered services and billed its clients for $900,000. Collections from customers were $800,000. In addition to the transactions described in items 3 above, products were shipped to the customers who paid $10,000 in advance (see December 31, 2020 balances). The selling price was $80,000…
The following is a December 31, 2016 post-closing trial balance for Culver City Lighting, Inc. Account Title Debits Credits Accounts receivable 56,000 Prepaid insuranoe 100,000 45,000 Accumulated depreciation-requipment Patent, net 51.000 17,500 7,500 120,000 Note payable (due in 10, equal annual installments) 81,000 78.000 349,000 349,000 Prepare a classified balance shoot for Culver City Lighting, Inc. (Amounts to be deducted should be indicated by a minus sign.) ULVER CITY Balance Sheet 2016 Assets