An adjusted trial balance for Incorporation R for the year ended September 30, 2015 and state whether the retained earnings balance of $99,900 would be reported on the balance sheet as of September 30, 2015.

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Answer 1

Question

Chapter 4, Problem 4.1CP

1.

To determine

To prepare: An adjusted trial balance for Incorporation R for the year ended September 30, 2015 and state whether the retained earnings balance of $99,900 would be reported on the balance sheet as of September 30, 2015.

2.

To determine

To prepare: The closing entry required at September 30, 2015.

3.

To determine

To prepare: The post-closing trial balance at September 30, 2015.

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Required:a) Journalize the following transactions using the direct write-off method of accounting foruncollectible receivables:Aug. 7. Received $175 from Roosevelt McLair and wrote off the remainder owed of $400 asuncollectible.Nov. 23. Reinstated the account of Roosevelt McLair and received $400 cash in full payment.b) Journalize the following transactions using the allowance method of accounting for uncollectiblereceivables:Feb. 12. Received $750 from Manning Wingard and wrote off the remainder owed of $2,000 asuncollectible.June 30. Reinstated the account of Manning Wingard and received $2,000 cash in full payment.Each journal carries equal marks

If someone tracks, tallys and totals a current liabilities for an accounting period, and then seeks to apply this value in a calculation to assess our liquidity, what’s the difference between the current ratio and the “acid-test” (or “quick”) ratio? Does the difference between these two metrics even matter?

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Answer 2

Question

Chapter 4, Problem 4.1CP

1.

To determine

To prepare: An adjusted trial balance for Incorporation R for the year ended September 30, 2015 and state whether the retained earnings balance of $99,900 would be reported on the balance sheet as of September 30, 2015.

2.

To determine

To prepare: The closing entry required at September 30, 2015.

3.

To determine

To prepare: The post-closing trial balance at September 30, 2015.

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Answer 3

Question

Chapter 4, Problem 4.1CP

1.

To determine

To prepare: An adjusted trial balance for Incorporation R for the year ended September 30, 2015 and state whether the retained earnings balance of $99,900 would be reported on the balance sheet as of September 30, 2015.

2.

To determine

To prepare: The closing entry required at September 30, 2015.

3.

To determine

To prepare: The post-closing trial balance at September 30, 2015.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 4.1CP

1.

To determine

To prepare: An adjusted trial balance for Incorporation R for the year ended September 30, 2015 and state whether the retained earnings balance of $99,900 would be reported on the balance sheet as of September 30, 2015.

2.

To determine

To prepare: The closing entry required at September 30, 2015.

3.

To determine

To prepare: The post-closing trial balance at September 30, 2015.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 4.1CP

1.

To determine

To prepare: An adjusted trial balance for Incorporation R for the year ended September 30, 2015 and state whether the retained earnings balance of $99,900 would be reported on the balance sheet as of September 30, 2015.

2.

To determine

To prepare: The closing entry required at September 30, 2015.

3.

To determine

To prepare: The post-closing trial balance at September 30, 2015.

Answer 6

Chapter 4, Problem 4.1CP

1.

To determine

To prepare: An adjusted trial balance for Incorporation R for the year ended September 30, 2015 and state whether the retained earnings balance of $99,900 would be reported on the balance sheet as of September 30, 2015.

Answer 7

Chapter 4, Problem 4.1CP

1.

To determine

To prepare: An adjusted trial balance for Incorporation R for the year ended September 30, 2015 and state whether the retained earnings balance of $99,900 would be reported on the balance sheet as of September 30, 2015.

Answer 8

2.

To determine

To prepare: The closing entry required at September 30, 2015.

Answer 9

2.

To determine

To prepare: The closing entry required at September 30, 2015.

Answer 10

3.

To determine

To prepare: The post-closing trial balance at September 30, 2015.

Answer 11

3.

To determine

To prepare: The post-closing trial balance at September 30, 2015.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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An adjusted trial balance for Incorporation R for the year ended September 30, 2015 and state whether the retained earnings balance of $99,900 would be reported on the balance sheet as of September 30, 2015.

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To prepare: An adjusted trial balance for Incorporation R for the year ended September 30, 2015 and state whether the retained earnings balance of $99,900 would be reported on the balance sheet as of September 30, 2015.

To prepare: The closing entry required at September 30, 2015.

To prepare: The post-closing trial balance at September 30, 2015.

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