S Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). General Ledger Account Number 318 Credit Balance Salaries Expense Date May 31 93,000 Number 319 Insurance Expense Balance 68.000 Retained Earnings Date May 31 Dividends PR 31 C C C EC G2 Date May May Services Revenue Date May 31 Depreciation Expense Date May 31 PR G2 PR G2 PR G2 Debit Debit Required A Required B Debit Debit Account Number Credit May 31 May Account Number 403 Rent Expense Credit Balance 163,866 Account Number 603 Credit Balance 17,000 Dat Date Date May 31 Income Summary Date Complete this questions by entering your answers in the tabs below. Prepare closing journal entries from the above ledger accounts. PR G2 PR G2 PR G2 PR Debit Debit Debit Debit Account Number 622 Credit Balance 46,500 Account Number 637 Credit Balance 4,420 (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from Requirement (a) to the General Ledger accounts below. Use the transaction number from Requirement (a) as the date. Account Number 640 Credit Balance 9,440 Account Number 901 Balance Credit

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Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.