**PA8. Learning Objective 5.1** Correct any obvious errors in the following closing entries by providing the four corrected closing entries. Assume all accounts held normal account balances in the Adjusted Trial Balance.**Entry A:**- **Debit:** Income Summary $280,000 - **Credit:** Service Revenue $280,000 **Entry B:**- **Debit:** - Automobile Expense $16,500 - Insurance Expense $24,000 - Salaries Expense $190,000 - Supplies Expense $18,500 - **Credit:** - Income Summary $249,000 **Entry C:**- **Debit:** Retained Earnings $263,500 - **Credit:** Income Summary $263,500 **Entry D:**- **Debit:** Dividends $10,000 - **Credit:** Retained Earnings $10,000

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PA8. LO 5.1 Correct any obvious errors in the following closing entries by providing entries. Assume all accounts held normal account balances in the Adjusted Trial Balan A. Income Summary $280,000 Service Revenue $280,000 $ 16,500 24,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense Income Summary 190,000 18,500 $249,000 С. Retained Earnings Income Summary $263,500 $263,500 B.

PA8. LO 5.1 Correct any obvious errors in the following closing entries by providing entries. Assume all accounts held normal account balances in the Adjusted Trial Balan A. Income Summary $280,000 Service Revenue $280,000 $ 16,500 24,000 Automobile Expense Insurance Expense Salaries Expense Supplies Expense Income Summary 190,000 18,500 $249,000 С. Retained Earnings Income Summary $263,500 $263,500 B.

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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17.The following information is provided: Unadjusted balance in Allowance for Doubtful Accounts $1,100 (debit)Accounts Receivable, December 31 245,500Sales Returns and Allowances 5,500Sales 850,000Sales Discounts 15,000 Required:1. Prepare the adjusting entry if bad debts are estimated to be 1.5% of net sales.2. Compute the amount of the adjusting entry if bad debts are estimated to be 3% of ending accounts receivable.
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Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $8,710. Line Item Description Amount Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $973,000 for the year. Line Item Description Amount Amount added $fill in the blank 3 Ending balance $fill in the blank 4
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18 A company understated its income and accounts receivable last year by $5,000 Which entry should be made in the current year to correct this material error? O Debit Sales for $5,000; Credit Retained Earnings for $5,000 O Debit Accounts Receivable for $5,000; Credit Retained Earnings for $5,000 Debit Retained Earnings for $5,000; Credit Accounts Receivable for $5,000 Debit Retained Earnings for $5,000; Debit Sales for $5,000
Chapter 8 Questions to practice BE8-1 Presented below are three recei\ailes transactions. Indicate whether these recei\. ables are reported as accounts recei\able, notes recei\-able, or other receivables on a state- ment of6nancial position. (a) Sold merchandise on account forW64,000,000 to a customer. (b) Received a promissory note ofW57,000,000 for senicn perfonned. (c) Ad\-anced W8,000,000 to an employee.
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