The ledger of Rios Company contains the following balances: Owner's Capital Owner's Drawings Service Revenue $30,000 $2,000 $50,000 Salaries and Wages Expense $27,000 Supplies Expense $7,000 Prepare the closing entries for December 31.

On July 8, Jones Inc. issued an $72,300, 7%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar. a.$646 b.$5,061 c.$969 d.$323

On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:   During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500 and a five-year service life. January 4 Pay cash on accounts payable, $9,500. January 8 Purchase additional inventory on account, $82,900. January 15 Receive cash on accounts receivable, $22,000 January 19 Pay cash for salaries, $29,800. January 28 Pay cash for January utilities, $16,500. January 30 Firework sales for January total $220,000. All of these sales are on account. The cost of the units sold is $115,000. Required: 1. Record each of the transactions listed above. 2. Record adjusting entries on January 31. a. Depreciation on the equipment for the month of January is calculated using the straightline method. b. At the end of January, $3,000 of accounts receivable are past due, and the company estimates that 50% of these accounts will…

On July 8, Jones Inc. issued an $79,100, 6%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar. a.$303 b.$659 c.$791 d.$396

On July 8, Jones Inc. issued an $69,300, 6%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar. )a. $798 b. $266 Oc. $4,158 Od. $532

5) Chapter 11 Inc. entered into the following transactions relating to notes payable: Sept. 1 Purchased inventory costing $48,000 by signing an 8-month, 6% note payable. Nov. 1 Purchased inventory costing $30,000 by signing a 1-year, 7% note payable. a. Prepare journal entries to record the above transactions. b. Assuming Chapter 11 Inc. has a December 31 year end, prepare any adjusting entries needed for the accrual ofinterest. For ease of computation assume that Chapter 11 Inc. calculates interest expense based on the number of months outstanding, rather than the number of days.

On June 1, Davis Inc. issued an $76,100, 12%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$1,522 b.$9,132 c.$761 d.$2,308

Displayed here are the draft financial statements which have been prepared for Valerie’s  business for the year ended 30 April 2021. Draft Statement of Financial Position as at 30 April 2021   Assets       Non-current assets see point a. below     Cost   90,000   Provision for depreciation   30,600   Net Book Value     59,400 Current assets       Inventory   To be advised   Trade receivables   43,200   Cash   4,680 47,880 Total assets     107,280         Liabilities       Current liabilities       Trade payables   17,280   Non-current liabilities       Bank loan   16,000   Total liabilities     33,280 Net assets     74,000         Owner’s interest     Capital invested   24,000 Profit and Loss Reserve:     Opening balance 34,720   Draft profit for the year…

Prefix Supply Company received a 60-day, 4% note for $46,000 dated July 12 from a customer on account.   Required:   a. Determine the due date of the note.   b. Determine the maturity value of the note. Assume a 360-day year.   c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Prefix Supply Company General Ledger   ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 129 Allowance for Doubtful Accounts 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable   EQUITY…

On March 1, 2024, Company XYZ's balance sheet shows $100 cash, $200 inventory, $50 accounts payable, $50 Common Stock, $200 retained earnings. During the month, the company: 1)Sells all the inventory for $400 on account. 2)Collects half of the accounts receivable. 3) Accrues general expenses of $100. 4) Pays off 90% of beginning accounts payable. Instruction: Complete the light orange color filled cells in this Excel sheet for the following (1) Prepare the income statement and the statement of retained earnings for the month and unclassified balance sheet as of March 31, 2024. (2) Calculate the amount of operating cash flow for the month using the indirect method. (3) Prepare journal entries for these 4 transactions. General Expenses (1) XYZ COMPANY INCOME STATEMENT FOR THE MONTH ENDING MARCH 31, 2024 Gross profit Net income XYZ COMPANY RETAINED EARNINGS STATEMENT FOR THE MONTH ENDING MARCH 31, 2024 Beginning Retained Earnings Ending Retained Earnings Assets $ Liabilities & Equity $ $…