N History Bookmarks Window HelpNWP Assessment Player UI Ap.A education.wiley.comDAYAAN TOROMSO IYO DEEQ.A CH3 - Case Study One - Sp22..Untitled CQuestion 2 of 4320ketainea Earnings27,000332Dividends16,500400Service Revenue63,000429Rent Revenue6,000711Depreciation Expense6,500726Salaries and Wages Expense55,900732Utilities Expense14,500$128,350$128,350(a)Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indentmanually.)DateAccount Titles and ExplanationDebitCreditJuly 31étvDIIDDF1080888F9F8F6F7F5F4F2F3*A&23$%お Edit View History Bookmarks Window Helpment 3A education.wiley.comNWP Assessment Player UI Ap.DAYAAN TOROMSO IYO DEEQ..A CH3 - Case Study One - Sp22..ent 3Question 2 of 4<>Blue Spruce Company ended its fiscal year on July 31, 2022. The company's adjusted trial balance as of theshown as follows.Blue Spruce CompanyAdjusted Trial BalanceJuly 31, 2022No.Account TitlesDebitCredit101Cash$10,450112Accounts Receivable9,000157Equipment15,500158Accumulated Depreciation–Equip.$7,000201Accounts Payable4,750208Unearned Rent Revenue1,500311Common Stock19,100320Retained Earnings27,000332Dividends16,500400Service Revenue63,000429Rent Revenue6,000tvDII80888F9F5F6F7F8F1F2F3F4会:

Z7,000 332 Dividends 16,500 400 Service Revenue 63,000 429 Rent Revenue 6,000 711 Depreciation Expense 6,500 726 Salaries and Wages Expense 55,900 732 Utilities Expense 14,500 $128,350 $128,350 (a) Prepare the closing entries.(Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 31 tv DI DD

Z7,000 332 Dividends 16,500 400 Service Revenue 63,000 429 Rent Revenue 6,000 711 Depreciation Expense 6,500 726 Salaries and Wages Expense 55,900 732 Utilities Expense 14,500 $128,350 $128,350 (a) Prepare the closing entries.(Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation July 31 tv DI DD

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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TB MC Qu. 07-94 (Algo) Gideon Company uses... Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,300 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is: Multiple Choice Account Title Debit Credit Accounts Receivable-A. Hopkins Allowance for Doubtful Accounts 2,300 2,300 Account Title Allowance for Doubtful Accounts Debit Credit 2,300 Bad debts expense 2,300 Account Title Debit Credit Accounts Receivable-A. Hopkins 2,300 ( Prev 14 of 20 Next > MAR 15 tv MacBook Air DD F2 F4 F5 F6 F7 F8 F9 # %24 & 2 3 8. W R T Y D F G H J K
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Entries to Write Off Accounts Receivable Capstone Solutions Company, a computer consulting firm, has decided to write off the $45,800 balance of an account owed by a customer, Philadelphia Inc. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. If an amount box does not require an entry, leave it blank. Bad Debt Expense Accounts Receivable-Philadelphia Inc. ✔ Feedback 45,800 Check My Work Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless. Feedback 45,800 b. Journalize the entry to record the write-off, assuming that the allowance method is used. If an amount box does not require an entry, leave it blank. ✓ Check My Work
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Question Content Area Oct. 2: Received $3,180 from Ian Kearns and wrote off the remainder owed of $4,170 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area Dec. 20: Reinstated the account of Ian Kearns and received $4,170 cash in full payment. If an amount box does not require an entry, leave it blank. Dec. 20-Reinstate - Select - - Select - - Select - - Select - Dec. 20-Collection
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