**PA4. LO 5.1**: Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books:**Adjusted Trial Balance**| Debit | Credit ||-----------------------|---------------------|| Cash | $38,750 || Prepaid Insurance | $4,500 || Equipment | $35,000 || Notes Payable | | $32,000 || Common Stock | | $10,000 || Retained Earnings | | $17,325 || Dividends | $22,000 || Sales Revenue | | $200,000 || Automobile Expense | $24,575 || Insurance Expense | $18,000 || Salaries Expense | $110,000 || Supplies Expense | $6,500 |**Total** | **$259,325** | **$259,325** The adjusted trial balance shows that the total debits and credits are equal, at $259,325. This balance is used to prepare the closing journal entries needed to finalize the accounting records for the period.

A closing entry is a journal entry made at the end of the accounting period. It involves shifting…

PA4. LO 5.1 Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit Credit $ 38,750 4,500 Cash Prepaid Insurance Equipment Notes Payable 35,000 $ 32,000 10,000 17,325 Common Stock Retained Earnings Dividends 22,000 Sales Revenue 200,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 24,575 18,000 110,000 6,500 $259,325 $259,325

PA4. LO 5.1 Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books: Adjusted Trial Balance Debit Credit $ 38,750 4,500 Cash Prepaid Insurance Equipment Notes Payable 35,000 $ 32,000 10,000 17,325 Common Stock Retained Earnings Dividends 22,000 Sales Revenue 200,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense 24,575 18,000 110,000 6,500 $259,325 $259,325

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

D1. What is the average balance of receivables greater than 120 days due $
Hi, I'm having trouble with number of days sales in receivables. Can someone help me?
A
Hh2. Account
Aa 114.
ah6 please help me. Thankyou. Aurora Company received a four-month 6%, 2,800 note receivable on December 1. The adjusting entry on December 31 will include Question content area bottom Part 1 A. debit Interest Receivable 14. B. credit Interest Revenue 14. C. both a and b. D. credit Interest Revenue 168 .
DESCRIPTION OF TRANSACTION DEBIT (-) $150.40 (IFANY) CREDIT (+) %24 DATE BALANCE (-) %24 %24 NUMBER 959 4,810.00 -150.40 4,659.60 -69.60 2015 7/7 AT+T 960 7/15 Staples 69.60 4,590.00 845.00 7/19 Deposit 845.00 5,435.00 -518.38 961 7/20 West Electric 518.38 4,916.62 -388.04 962 7/24 Bank of America 388.04 ok 4,528.58 445.40 7/29 Deposit 445.40 nt $ 4,973.98 ences BANK STATEMENT Checks Balance $4,810.00 4, 659.60 5,504.60 5,116.56 5, 101.16 Date Deposits 7/1 balance $150.40 7/18 7/19 $845.00 7/26 388.04 7/30 15.40 SC BANK RECONCILIATION %24 5101.16 2$ 4973.98 Bank balance Lee.com checkbook balance Add: 445.40 Deposit in transit Deduct: Deduct: 15.40 Outstanding checks (total) Service charge %24 $ 4958.58 Ending bank balance Ending checkbook balance Next > < Prev 3 of 4
Please help me. Thankyou.
Q: What are the journal entries for the following transactions related to Uncollectable accounts? On January 31st, accounts receivable amount to Rs=10,000. On this date, the credit manager reviews the accounts receivable and estimates that approximately Rs=850 of these accounts will prove to be uncollectable. Assume that the customer (Ali enterprise) is gone out of business and Rs=300 account receivable from the customer is now worthless. Assume for example, that a past-due account receivable in the amount of Rs=150 from XYZ was written off on March 16, 2020. All of a sudden, XYZ pays the account in full. Record the journal entry.
Solve
PA7. LO 5.1 Assume that the first two closing entries have been made and posted. Use the T-accounts provided as follows to: A. complete the closing entries B. determine the ending balance in the Retained Earnings account Debit Credit Income Summary 212,000 277,500 Retained Earnings Bal. 45,900 Dividends Bal. 7,500
Using the table, what is the average daily balance of the credit card for the July 1 - July 31 billing period? Round your answer to the nearest cent. Day Activity Adjustment Closing Balance 1 ----- ------ 8000 9 Payment −700 7300 19 Purchase +550 7850 27 Payment −600 7250