The year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $219,000;Service Revenue, $845,000; Salaries Expense, $379,000; Rent Expense, $139,005; Interest Expense, $74,000; and Dividends,$49,000.Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firstaccount field.)View transaction list1 Record the entry to close revenue accounts.2 Record the entry to close expense accounts.3 Record the entry to close dividend accounts.CreditNote := journal entry has been enteredView general jouurnal

Given : Service revenue = $ 845000 Salaries expense = $ 379000 Rent expense = $ 139000 Interest…

Answered: The year-end adjusted trial balance of…

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 year-end adjusted trial balance of Aggies Corporation included the following account balances: Retained Earnings, $225,000; Service Revenue, $875,000; Salaries Expense, $385,000; Rent Expense, $145,000; Interest Expense, $80,000; and Dividends, $55,000. Record the necessary closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
IN GOOD ACCOUNTING FORM
The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation: Service Revenue, $275,000; Salaries Expense, $110,000; Supplies Expense, $20,000; Rent Expense, $26,000; Depreciation Expense, $44,000; and Delivery Expense, $18,000. Prepare an income statement for the year ended December 31, 2021.
The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares. What is the total current assets and total current liabilities at December 31, 2020?
s
At the end of the year, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is $1,500 (credit) before adjustment. The company estimates future uncollectible accounts to be $7,500. What adjusting entry would Dahir record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Crane Company has the following year-end account balances on November 30, 2024: Service Revenue $37,000; Insurance Expense $2,700; Rent Expense $6,000; Supplies Expense $1,350; L. Johnson, Capital $42,000; and L. Johnson, Drawings $28,000. (a) Prepare the closing 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 Ofor the amounts. List all debit entries before credit entries.) Date Account Titles Nov. 30 Nov. 30 Nov. 30 Nov. 30 To close revenue account) < To close expense accounts) To close income summary) To close drawings account) Debit Credit | |||| |||||
Assume that the business has received notification on 15 April 2020 that a debtor owing $1,850 has declared bankruptcy. On 22 August 2020 the debtor unexpectedly remits full payment for the previously written-off account. Prepare the general journal entry to re-establish this debt and record payment under each of the following methods: (i) The direct write-off method (ii) The allowance method
On 28 February 2019, the debtors control account in the General Ledger of Lesego Fashions showed a debit balance of R8 735, while the debtors list in the Debtors ledger showed a total of R5 584. The errors and omissions described below were found on 28 February 2019. Required: Indicate in the table provided below, how the errors and omissions should be corrected in order to reconcile the control account balance with debtor's list total. Debtors ledger Debtors list No. General Ledger Debtors control Dr (+) Cr (-) Dr (+) Cr (-) 1. The debtors list was overcast by R500. 2. The balance of a debtor was omitted from the debtors list, R75. 3. The balance on the account of a debtor, R150, was brought down incorrectly as R15.
At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $72,000; estimated uncollectible = 7%. Accounts 1 to 30 days past due = $32,000; estimated uncollectible = 20%. Accounts more than 30 days past due = $8,000; estimated uncollectible = 50%. Required: Record the year-end adjusting entry for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,400 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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