[The following information applies to the questions displayed below]The following adjusted trial balance at December 31 of Wilson Trucking Company.Account TitleDebitCreditCashAccounts receivable$ 9,80019,3004,800Office suppliesTrucks190,000Accumulated depreciation-Trucks$ 37,800Land103,000Accounts payable17,4005,800Interest payableLong-term notes payable67,000Common stock39,000Retained earnings149,000Dividends21,800Trucking revenue148,000Depreciation expense-Trucks25,300Salaries expense66,400Office supplies expense9,800Interest expense13,800$ 464,000$ 464,000TotalsPrepare the closing entries for the year ended December 31. The Retained Earnings account balance was $149.000 at Decemberthe prior year.

A closing entry is a journal entry that is made at the end of a period of accounting and entails…

The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash Accounts receivable $ 9,800 19,300 4,800 office supplies Trucks 190,000 Accumulated depreciation-Trucks $ 37,800 Land 103,000 Accounts payable 17,400 5,800 Interest payable Long-term notes payable Common stock 67,000 39,000 149,000 Retained earnings h Dividends 21,800 148,000 Trucking revenue Depreciation expense-Trucks 25,300 Salaries expense 66,400 Office supplies expense 9,800 13,800 Interest expense $ 464,000 $ 464,000 Totals Prepare the closing entries for the year ended December 31. The Retained Earnings account balance was $149.000 at Decembe the prior year.

The following adjusted trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash Accounts receivable $ 9,800 19,300 4,800 office supplies Trucks 190,000 Accumulated depreciation-Trucks $ 37,800 Land 103,000 Accounts payable 17,400 5,800 Interest payable Long-term notes payable Common stock 67,000 39,000 149,000 Retained earnings h Dividends 21,800 148,000 Trucking revenue Depreciation expense-Trucks 25,300 Salaries expense 66,400 Office supplies expense 9,800 13,800 Interest expense $ 464,000 $ 464,000 Totals Prepare the closing entries for the year ended December 31. The Retained Earnings account balance was $149.000 at Decembe the prior year.

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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Subject: acounting
Subject: accounting
Presented below is the December 31 trial balance of New York Boutique. New York BoutiqueTrial BalanceDecember 31 Debit Credit Cash $ 18,500 Accounts Receivable 32,000 Allowance for Doubtful Accounts $ 700 Inventory, December 31 80,000 Prepaid Insurance 5,100 Equipment 84,000 Accumulated Depreciation—Equipment 35,000 Notes Payable 28,000 Common Stock 80,600 Retained Earnings 10,000 Sales Revenue 600,000 Cost of Goods Sold 408,000 Salaries and Wages Expense (sales) 50,000 Advertising Expense 6,700 Salaries and Wages Expense (administrative) 65,000 Supplies Expense 5,000 000,000 $754,300 $754,300 Instructions a. Construct T-accounts and enter the balances shown. b. Prepare adjusting journal entries for the following and post to the T-accounts. (Omit explanations.) Open additional T-accounts as necessary. (The books are closed yearly on December 31.) 1. Bad debt expense to be recorded is…
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[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…