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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Tr.17.
The manufacturing costs of Calico Industries for three months of the year are provided below: Total Cost Production (units) April $111,400 276,800 May 84,900 168,600 June 102,200 230,700 Using the high-low method, the variable cost per unit and the total fixed costs are
Analysis of Loss Allowance Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2021, the credit balance in Loss Allowance was $130,000. During 2022, credit sales totaled $10,000,000, $90,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $15,000. An aging of accounts receivable at December 31, 2022, showed the following Classification of Receivable Current 1-30 days past due 31-60 days past due. Over 60 days past due Accounts Receivable Balance Percentage Estimated As of December 31, 2022 $1,140,000 600,000 400,000 120,000 $2,260,000 Uncollectible 2% 10 23 75 Required: 1. Prepare the journal entry to record expected credit loss for 2022, assuming that the aging of the receivable method is applied. 2. Record journal entries to account for the write-off of $90,000 uncollectible accounts receivable and the collection of $15,000 in receivables that had…
During 2024, its first year of operations, Platform Construction provides services on account of $140,000. By the end of 2024, cash collections on these accounts total $100,000. Platform estimates that 30% of the uncollected accounts will be uncollectible. In 2025, the company writes off uncollectible accounts of $10,800. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024.2-a. Record the write-off of accounts receivable in 2025.2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025).3-a. Assume the same facts as above but assume actual write-offs in 2025 were $16,200. Record the write-off of accounts receivable in 2025.3-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025).