The company's adjusted trial balance includes the following accounts balances: Cash, $15,000; Equipment, $85,000; AccumulatedDepreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $59,000; Dividends, $2,000; Fees Revenue, $56,000;Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances.Prepare the first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit andcredit columns.View transaction listJournal entry worksheet<1The company's adjusted trial balance as follows includes the following.accounts balances: Cash, $15,000; Equipment, $85,000; AccumulatedDepreciation, $25,000; Accounts Payable, $10,000; Retained earnings,$59,000; Dividends, $2,000; Fees Earned, $56,000; Depreciation Expense,Note: Enter debits before credits.DateDecember 31General JournalDebitCredit

Part 2: Explanation Step 1: Identify the Temporary AccountsTemporary accounts that need to be closed…

Answered: The company's adjusted trial balance…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,800; Accounts Receivable, $7,000; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,200. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Total current assets Dorothy Corporation Partial Balance Sheet Feedback 7,000 ✓ 1,100✔ 1,200 3,000 ✓ 5,900 23,800 2,400 ✓
Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,000; Accounts Receivable, $7,500; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; and Cash, $1,800. Prepare the current assets section of Dorothy's year-end balance sheet. Current Assets Cash Marketable securities Accounts receivable Less: Allowance for doubtful accounts Inventories Prepaid rent Dorothy Corporation Partial Balance Sheet Total current assets 000
Working Capital Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,600; Accounts Receivable, $7,600; Accounts Payable, $7,200; Prepaid Rent, $2,400; Marketable Securities, $3,000; Allowance for Doubtful Accounts, $1,100; Cash, $1,500; Salaries Payable, $5,800; Income Taxes Payable, $4,000; Short-Term Notes Payable, $2,500; Dividends Payable, $750; and Investment in Held-to-Maturity Bonds, $2,750. Calculate Dorothy Corporation's working capital and current ratio. If required, round your current ratio answer to two decimal places. Working Capital = $ fill in the blank 1 Current Ratio = fill in the blank 2 :1
Hope Company’s total assets were $7,375. Hope collected on $617 of account receivable that had previously been written off. After the collection, Hope’s total assets will be $______
The following accounts, in alphabetical order, appear on the trial balance for a company. What is the total for long-term liabilities? Accounts Payable $32,000Deferred Income Taxes $61,000Interest Payable $17,000Current Portion of Long-term Notes $19,000Mortgage $92,000Notes Payable-Short term $11,000Notes Payable-Long term $41,000Salaries Payable $7,000Taxes Payable $23,000Unearned Revenue $15,000 $194,000 $124,000 $213,000 $217,000 $109,000
During the year
During the year, Kiner Company made an entry to write off a $9,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $315,000 and the balance in the allowance account was $27,000. The net realizable value of accounts receivable after the write-off entry was: A. $200,000. B. $184,000. C. $176,000. D. $288,000. answer
During the year, Kiner Company made an entry to write off a $9,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $315,000 and the balance in the allowance account was $27,000. The net realizable value of accounts receivable after the write-off entry was: A. $200,000. B. $184,000. C. $176,000. D. $288,000.
1. Husain Corporation has the following account it trial balance at the end of year: Accounting Receivables $ 230,000, Inventories $ 342,000, Allowances for doubtful debts $ 11,000, Long –term notes payable $ 56,000, Prepaid Rent $ 13,000, Unearned fee $ 5,000, Cash $ 46,000, Trading Securities $ 32,000. Prepare current assets section of the balance sheet.
At 1 July 20X2 the receivables allowance of Q was $18,000. During the year ended 30 June 20X3 debts totalling $14,600 were written off. The receivables allowance required was to be $16,000 as at 30 June 20X3. What amount should appear in Q's statement of profit or loss for receivables expense for the year ended 30 June 20X3
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $645,933 and Allowance for Doubtful Accounts has a balance of $20,821. What is the net realizable value of the accounts receivable?
am. 295.

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