PA3. LO 5.1 The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: $46,200 5,800 12,000 29,900 32,500 55,400 8,000 89,200 62,000 29,500 4,140 Accounts receivable Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense

PA3. LO 5.1 The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: $46,200 5,800 12,000 29,900 32,500 55,400 8,000 89,200 62,000 29,500 4,140 Accounts receivable Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense

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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Simons Industries reported net income of $69,000 for the current year. The balances and activity in its accounts receivable accounts follow. In addition, the company recorded $3,400 of bad debt expense and wrote off $2,500 of uncollectible accounts. E (Click the icon to view the balances and activity in accounts receivable accounts.) Prepare the operating section of the cash flow statement under the indirect method. (Use a minus sign or parentheses for any amounts to be subtracted. If an input field is not used in the statement, leave the field empty; do not select a label or enter a zero.) Simons Industries Partial Statement of Cash Flows (Indirect Method) Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Net Cash Provided (Used) by Operating Activities
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