043KcesRequired informationJournal entry worksheet<12Record the closing entry for revenue accounts.Note: Enter debits before credits.DateJanuary 31, 2021Record entryGeneral JournalClear entryDebitCreditView general journal On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:AccountsCashAccounts Receivable.Allowance for Uncollectible AccountsInventoryLandEquipmentAccumulated DepreciationSavedAccounts PayableNotes Payable (6%, due April 1, 2022)Common StockRetained EarningsTotalsDebit$ 26,10048,20021,00056,00020,000Credit$ 5,2002,50029,50060,00045,00029,100$171,300 $171,300During January 2021, the following transactions occur:January 2 Sold gift cards totaling $10,000. The cards are redeemable for merchandise within one year of thepurchase date.January 6 Purchase additional inventory on account, $157,000.January 15 Firework sales for the first half of the month total $145,000. All of these sales are on account.The cost of the units sold is $78,800.January 23 Receive $126,400 from customers on accounts receivable.January 25 Pay $100,000 to inventory suppliers on accounts payable.January 28 Write off accounts receivable as uncollectible, $5,800.January 30 Firework sales for the second half of the month total $153,000. Sales include $16,000 for cash and$137,000 on account. The cost of the units sold is $84,500.January 31 Pay cash for monthly salaries, $53,000.He

Required information Journal entry worksheet 1 2 Record the closing entry for revenue accounts. Note: Enter debits before credits. Date January 31, 2021 Record entry General Journal Clear entry Debit Credit View general journal

Required information Journal entry worksheet 1 2 Record the closing entry for revenue accounts. Note: Enter debits before credits. Date January 31, 2021 Record entry General Journal Clear entry Debit Credit View general journal

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

Make a journal entry for the 5 listed items above for a thumbs up
Entire Journal entry worksheet please
Exercise 14-9 Amortization table and accrued interest LO5 SweetFish Corp. issued bonds with a par value of $920,000 and a five-year life on May 1, 2020. The contract interest rate is 11.50%. The bonds pay interest on October 31 and April 30. They were issued at a price of $903,072 when the market interest rate was 12.00%. SweetFish Corp's year-end is December 31. a. Prepare an amortization table for these bonds that covers their entire life. Use the effective interest method of allocating interest. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Cash Unamortized Discount Period Period Interest Discount Interest Carrying Value Ending Expense Amortization Paid May 1/20 Oct 31/20 |Apг 30/21 Oct 31/21 Apr 30/22 Oct 31/22 Apr 30/23 Oct 31/23 Apr 30/24 Oct 31/24 Apr 30/25 Totals
The following events occur for Messer Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 July 23, 2024 Provide services to customers on account for $37,400. Receive $26,500 from customers on account. Estimate that 30% of uncollected accounts will not be received. Provide services to customers on account for $50,400. Receive $6,000 from customers for services provided in 2024. December 31, 2024 April 12, 2025 June 28, 2025 September 13, 2025 October 5, 2025 December 31, 2025 Write off the remaining amounts owed from services provided in 2024. Receive $44,500 from customers for services provided in 2025. Estimate that 30% of uncollected accounts will not be received.
Date May 15 General Journal Debit Credit
The preliminary 2018 income statement of Alexian Systems, Inc., is presented below:ALEXIAN SYSTEMS, INC.Income StatementFor the Year Ended December 31, 2018($ in millions, except earnings per share)Revenues and gains:Net sales $ 425Interest 3Other income 126Total revenues and gains 554Expenses:Cost of goods sold 270Selling and administrative 154Income taxes 52Total expenses 476Net Income $ 78Earnings per share $3.90Additional Information:1. Selling and administrative expenses include $26 million in restructuring costs.2. Included in other income is $120 million in income from a discontinued operation. This consists of $90 million in operating income and a $30 million gain on disposal. The remaining $6 million is from the gain onsale of investments.3. Cost of goods sold was increased by $5 million to correct an error in the calculation of 2017’s ending inventory. The amount is material.Required:For each of the three additional facts listed in the additional information, discuss the…
The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable! Deferred Revenue Common Stock Retained Earnings Totals Debits $25,500 16,300 13,800 157,000 $212,600 Credits $7,600 6,700 Pay property taxes, $9,400. Pay on accounts payable, $12,300. 152,000 46,300 $212,600 The following is a summary of the transactions for the year: 1. January 9 2. February 12 3. April 25 4. May 6 5. July 15 6. September 10 7. October 31 8. November 20 9. December 30 Provide storage services for cash, $143,100, and on account, $56,700. Collect on accounts receivable, $52,400. Receive cash in advance from customers, $13,800.. Purchase supplies on account, $11,000. Pay salaries, $132,600. Issue shares of common stock in exchange for $36,000 cash. Pay $3,700 cash dividends to stockholders. Insurance expired during the year is $7,900. Supplies remaining on hand at the end of the year equal $3,800.…
Subect:- Accounting
! Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units Acquired at Cost @ Date Activities Units sold at Retail Beginning inventory $ 6.00 = $ 840 January 1 January 10 January 20 January 25 January 30 140 units Sales 100 units @ $ 15 Purchase 60 units $ 5.00 = 300 Sales 80 units @ $ 15 Purchase 180 units $ 4.50 = 810 Totals 380 units $ 1,950 180 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.
5:02 View transaction list Journal entry worksheet 1 The company rents its warehouse facilities to a customer for $1,230. They immediately bill the customer. Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal
Rey
nku.3