The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.No.Account TitleDebitCredit$18,0009,7002,00023,000101 Cash126 Supplies128 Prepaid insurance167 Equipment168 Accumulated depreciation-Equipment301 A. Cruz, Capital302 A. Cruz, Withdrawals404 Services revenue$ 6,50044,4396,00035,500612 Depreciation expense-Equipment622 Salaries expense637 Insurance expense640 Rent expense652 Supplies expense2,00020,6971,4912,3791,172$86,439 $86,439Totals1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901.2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: A. Cruz, Capital was $44,439 on December 31 of theprior year. Prepare the December 31, post-closing trial balance for Cruz Company. Note: A. Cruz, Capital was $44,439 on December 31of the prior year.CRUZ COMPANYPost-Closing Trial BalanceDecember 31DebitCreditTotals

,1. No. Date Account Title Debit ($) Credit ($) 1 Dec 31 Services revenue 35,500 Income…

Answered: The following adjusted 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 transactions were completed by Irvine Company during the current fiscal year ended December 31: Feb. 8 May 27 Aug. 13 Oct. 31 Dec. 31 Dec. 31 Received 35% of the $18,100 balance owed by DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,300 cash in full payment of Seth's account. Wrote off the $6,350 balance owed by Kat Tracks Co., which has no assets. Reinstated the account of Crawford Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,865 cash in full payment of the account. Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., $7,105; Bonneville Co., $5,435; Crow Distributors, $9,390; Fiber Optics, $1,075. Based on an analysis of the $1,796,000 of accounts receivable, it was estimated that $35,920 will be uncollectible. Journalized…
The ledger of Larkspur Company at the end of the current year shows Accounts Receivable $92,000, Credit Sales $850,000, and Sales Returns and Allowances $37,000. (a) (b) (c) If Larkspur uses the direct write-off method to account for uncollectible accounts, journalize the entry if on July 7 Larkspur determines that Matisse company's $900 balance is uncollectible. Assume Larkspur uses the allowance method to account for uncollectible accounts. If Allowance for Doubtful Accounts has a credit balance of $1,500 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (b) Assume Larkspur uses the allowance method to account for uncollectible accounts. If Allowance for Doubtful…
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company’s income tax rate is 30% for all items. Debit Credit a. Interest revenue $ 14,600 b. Depreciation expense—Equipment $ 34,600 c. Loss on sale of equipment 26,450 d. Accounts payable 44,600 e. Other operating expenses 107,000 f. Accumulated depreciation—Equipment 72,200 g. Gain from settlement of lawsuit 44,600 h. Accumulated depreciation—Buildings 175,700 i. Loss from operating a discontinued segment (pretax) 18,850 j. Gain on insurance recovery of tornado damage 29,720 k. Net sales 1,004,500 l. Depreciation expense—Buildings 52,600 m. Correction of overstatement of prior year’s sales (pretax) 16,600 n. Gain on sale of discontinued segment’s assets (pretax) 37,000 o. Loss from settlement of lawsuit 24,350 p. Income tax expense ? q. Cost of goods sold 488,500…
Warner Company's year-end unadjusted trial balance shows accounts receivable of $106,000, allowance for doubtful accounts of $670 (credit), and sales of $350,000. Uncollectibles are estimated to be 1.50% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles. View transaction list Journal entry worksheet 1 Record the estimate of uncollectibles. Note: Enter debits before credits. Date Dec 31 Record entry General Journal Clear entry Debit Credit View general journal
As Perry Materials Supply was preparing for the year-end close, their balances were as follows: Accounts Receivable - $146000 (dr) Allowance for uncollectible accounts - $6200 (dr) Uncollected Account Expense - $0 Perry Materials uses the aging method and has completed the following analysis of the accounts receivable: Customer 1-30 Days 31-60 Days 61-90 Days Over 90 Days Total Balance Johnson $4,600 $3,200 $7,800 Hot Pots, Inc. 800 1,000 1,800 Potter 40,000 550 40,550 Harrison 3,600 900 4,500 Marx 2,000 50 2,050 Younger 65,000 65,000 Merry Maids 5,900 5,900 Acher 12,000 6,400 18,400 Totals $127,500 $13,750 $3,700 $1,050 $146,000 Uncollectible percentage 2% 10% 20% 40% Estimated uncollectible amount $2,550 $1,375 $740 $420 $5,085 Required: How much will the…
The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000; Sales Revenue $832,000; and Sales Returns and Allowances $18,100. If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at (a) December 31, assuming Pina Colada determines that L. Dole's $1,000 balance is uncollectible. If Allowance for Doubtful Accounts has a credit balance of $2,000 in the trial balance, journalize the adjusting entry at (b) December 31, assuming bad debts are expected to be 11% of accounts receivable. If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry (c) December 31, assuming bad debts are expected to be 8% of accounts receivable.
Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Debit Credit 101 126 $ 18,000 14,500 Cash Supplies Prepaid insurance Equipment Accumulated depreciation-Equipment A. Cruz, Capital A. Cruz, Withdrawals Services revenue 2,000 23,000 128 167 $ 6,500 45,800 168 301 302 6,000 403 48,000 612 Depreciation expense-Equipment Salaries expense 2,000 27,984 2,016 3,216 1,584 622 637 Insurance expense Rent expense 640 652 Supplies expense Totals $ 100,300 $ 100,300 1. Prepare the December 31 closing entries. The account number for Income Summary is 901. 2. Prepare the December 31 post-closing trial balance. Note: The A. Cruz, Capital account balance was $45,800 on December 31 of the prior year. Complete this questions by entering your an below. Required 1 Required 2 Prepare the December 31 post-closing trial balanc Capital account balance was $45,800 on Decembe CRUZ COMPANY Post-Closing Trial Balance December 31 Debit Credit Totals
Dorothy Corporation had the following accounts in its year-end adjusted trial balance: Inventories, $23,200; 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
Selected accounts from Lue Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity Equipment Salaries payable Accounts receivable Cash Current portion of long-term debt Notes payable (due in 6 years) LUE COMPANY Balance Sheet December 31 Assets $ 31,500 Employee federal income taxes payable 41,500 Federal unemployment taxes payable 35,500 FICA-Medicare taxes payable 8,300 55,100 5,500 10,000 FICA-Social Security taxes payable Employee medical insurance payable State unemployment taxes payable Sales tax payable (due in 2 weeks) $ 10,300 210 560 4, 200 3,500 3,200 430
Use the following selected accounts and amounts with normal balances from Juan Company's adjusted trial balance to prepare its classified balance sheet at December 31. Wages payable Building Cash Interest payable L. Juan, Capital $ 1,160 Accounts receivable 116,000 Accumulated depreciation-Building 20,880 Notes payable (due in 5 years) 2,320 Notes receivable (due in 14 years) 58,000 Accounts payable JUAN COMPANY Balance Sheet December 31 $ 8,120 34,800 59,160 23,200 12,760
Use the following selected accounts and amounts with normal balances from Andrea Company’s adjusted trial balance to prepare its classified balance sheet at December 31. Accounts payable $ 10,100 Accounts receivable $ 4,350 Land 33,500 Accumulated depreciation—Machinery 17,400 Cash 14,050 Notes payable (due in 7 years) 31,800 Salaries payable 1,350 Long-term investments in bonds 7,700 S. Andrea, Capital 47,600 Notes receivable (due in 4 years) 17,100 Machinery 22,800 Merchandise inventory 5,350 Prepaid insurance 3,400
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company’s income tax rate is 40% for all items. Debit Credit a. Interest revenue $ 14,400 b. Depreciation expense—Equipment $ 34,400 c. Loss on sale of equipment 26,250 d. Accounts payable 44,400 e. Other operating expenses 106,800 f. Accumulated depreciation—Equipment 72,000 g. Gain from settlement of lawsuit 44,400 h. Accumulated depreciation—Buildings 175,300 i. Loss from operating a discontinued segment (pretax) 18,650 j. Gain on insurance recovery of tornado damage 29,520 k. Net sales 1,002,500 l. Depreciation expense—Buildings 52,400 m. Correction of overstatement of prior year’s sales (pretax) 16,400 n. Gain on sale of discontinued segment’s assets (pretax) 36,000 o. Loss from settlement of lawsuit 24,150 p. Income tax expense ? q. Cost of goods sold 486,500…

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