Ralph's Services Adjusted Trial Bal. at Dec. 31/07 Debit Credit Cash $4,300 Accts. Receivable 1,400 Unearned revenue $700 Ralph, Capital 4,000 Ralph, Withdrawals 1,000 Service revenue 12,000 Advertising expense 7,000 Utilities expense 3,000 Totals $16,700 $ 16,700 In struction s: 1) Prepare the required closing entries. 2) Post the accounts to the general ledger. 3) Prepare the post-closing trial balance.

Ralph's Services Adjusted Trial Bal. at Dec. 31/07 Debit Credit Cash $4,300 Accts. Receivable 1,400 Unearned revenue $700 Ralph, Capital 4,000 Ralph, Withdrawals 1,000 Service revenue 12,000 Advertising expense 7,000 Utilities expense 3,000 Totals $16,700 $ 16,700 In struction s: 1) Prepare the required closing entries. 2) Post the accounts to the general ledger. 3) Prepare the post-closing trial balance.

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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The following account balances are those of Music Land Supply Company as of December 31, the end of the fiscal year, before adjustments. Accounts Receivable $ 43,600 Allowance for Doubtful Accounts 180 cr. Credit Sales 470,000 Required: Prepare the necessary adjusting entry to record Bad Debt Expense in each of the following independent cases. a. Uncollectible accounts are estimated at 1.5% of credit sales. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 Dec. 31 Bad Debt Expense fill in the blank 56a9ce08f033003_2 fill in the blank 56a9ce08f033003_3 1 2 Allowance for Doubtful Accounts fill in the blank 56a9ce08f033003_5 fill in the blank 56a9ce08f033003_6 2 b. An aging of the accounts receivable indicates that $6,850 will not be collected. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT…
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The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on July 31: 1 A B C D E F G 2 Days Past Due Days Past Due Days Past Due Days Past Due 3 Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 4 Acme Industries Inc. 3,000.00 3,000.00 5 Alliance Company 4,600.00 4,600.00 6 ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ 7 Zollinger Company 4,900.00 4,900.00 8 Subtotals 1,052,200.00 602,500.00 219,400.00 114,100.00 85,800.00 30,400.00 The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: Customer Balance Due Date Boyd Industries $44,000 April 7 Hodges Company 21,200 May 29 Kent Creek Inc. 7,300 June 8 Lockwood…
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