Connect Access Card For Fundamental Accounting Principles
24th Edition
ISBN: 9781260158526
Author: John J Wild
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 4, Problem 9E
Exercise 4-9 Preparing closing entries and a post-closing
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. (1) 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: The A. Cruz. Capital account balance was $47.600 on December 31 of the prior year.
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Students have asked these similar questions
Following are accounts and year-end adjusted balances of Cruz Company as of December 31.
Number Account Title
101
Cash
126
128
167
168
301
302
403
612
622
637
640
652
Supplies
Prepaid insurance
Equipment
Accumulated depreciation-Equipment
A. Cruz, Capital
A. Cruz, Withdrawals
Services revenue
Depreciation expense-Equipment
Salaries expense
Insurance expense
Rent expense
Supplies expense
Totals
Debit
$ 18,000
10,400
2,000
23,000
6,000
Credit
$ 6,500
43,845
40,200
2,000
23,437
1,688
2,693
1,327
$ 90,545 $ 90,545
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 $43,845 on December 31 of
the prior year.
Follow-up for Q1 Submission
The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company at the end of the firm's fiscal year
on December 31, 20X1:
LUCERO COMPANY
Schedule of Accounts Receivable by Age
December 31, 20X1
Past Due-Days
31-60
Account
1-30
Balance
660.00 $
Current
Over 60
Adson, Paul
Allen, Alfred
Ash, John
$
620.00
326.00
350.00
106.00
351.00
78.00
47,009.00
660.00
$ 510.00 $ 110.00
$ 326.00
Вае, John
Barker, Kelsie
Bentley, Maggie
Blair, Herman
(All other accts.)
350.00
75.00
125.00
31.00
155.00
71.00
55.00
23.00
38,790 5,304.00 1,764.00 1,151.00
Totals
$49,500.00 $40,000.00 $6,000.00 $2,000.00 $1,500.00
2. As of December 31, 20X1, there is a credit balance of $118 in Allowance for Doubtful Accounts. Compute the amount of the
adjustment for uncollectible accounts expense that must be made as part of the adjusting entries.
3. Prepare a journal entry to record the adjustment for the estimated losses. Use Uncollectible Accounts Expense and…
Week 7 Discussion question
Accounting for Assets: Receivables
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below:
January 15
Wrote of $440 account of Miller Company as uncollectible
April 2nd
Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier
July 31
Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible
August 15
Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200
September 26
Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible
October 16
Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible
December 31
Estimated uncollectible…
Chapter 4 Solutions
Connect Access Card For Fundamental Accounting Principles
Ch. 4 - Prob. 1DQCh. 4 - That accounts are affected by closing entries?...Ch. 4 - Prob. 3DQCh. 4 - What is the purpose of the Income Summary account?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Why are the debit and credit entries in the...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - How is unearned revenue classified on the balance...
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Preparing a work sheet P1 In the blank space...Ch. 4 - Computing ending capital balance using work sheet...Ch. 4 - Preparing a partial work sheet P1 The ledger of...Ch. 4 - Explaining temporary and permanent accounts Choose...Ch. 4 - Preparing closing entries from the ledger P2 The...Ch. 4 - Identifying post-closing accounts P3 Identify...Ch. 4 - Identifying the accounting cycle C2 List the...Ch. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Preparing financial statements C2 Use the...Ch. 4 - Preparing a classified balance sheet C3 Use the...Ch. 4 - Identifying current accounts and computing the...Ch. 4 - Prob. 13QSCh. 4 - Exercise 4-1 Extending adjusted account balances...Ch. 4 - Exercise 4-2 Extending accounts in a work sheet Pl...Ch. 4 - Exercise 4-3 Preparing adjusting entries from a...Ch. 4 - Exercise 4-4 Preparing unadjusted and adjusted...Ch. 4 - Exercise 4-5 Determining effects of closing...Ch. 4 - Exercise 4-6 Completing the income statement...Ch. 4 - Exercise 4-7 Preparing a work sheet and recording...Ch. 4 - Exercise 4-8
Preparing and posting closing...Ch. 4 - Exercise 4-9 Preparing closing entries and a...Ch. 4 - Exercise 4-10 Preparing closing entries and a...Ch. 4 - Prob. 11ECh. 4 - Exercise 4-12 Preparing a classified balance sheet...Ch. 4 - Exercise 4-13 Computing the current ratio A1 Use...Ch. 4 - Exercise 4-14 Preparing closing entries P2...Ch. 4 - Exercise 4-15 Computing and analysing the current...Ch. 4 - Exercise 4.16A Preparing reversing entries P4 Hawk...Ch. 4 - Exercise 4-17APreparing reversing entries P4 The...Ch. 4 - Problem 4-1A Applying the accounting cycle C2 P2...Ch. 4 - Problem 4-2A Preparing a work sheet, adjusting and...Ch. 4 - Problem 4-3A Determining balance sheet...Ch. 4 - Problem 4-4A Preparing closing entries, financial...Ch. 4 - Problem 4-5A Preparing trial balances, closing...Ch. 4 - Problem 4-6AA Preparing adjusting, reversing, and...Ch. 4 - Problem 4-1B Applying the accounting cycle C2 P2...Ch. 4 - Prob. 2BPSBCh. 4 - Problem 4-3B Determining balance sheet...Ch. 4 - Prob. 4BPSBCh. 4 - Problem 4-5B Preparing trial balances, closing...Ch. 4 - Problem 4-6BAPreparing adjusting, reversing, and...Ch. 4 - The December 31. 2019= adjusted trial balance of...Ch. 4 - Transactions from the Fast Forward illustration in...Ch. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Based on Problem 4-6ACh. 4 - Prob. 5GLPCh. 4 - Refer to Apple' s financial statements in Appendix...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - The unadjusted trial balance and information for...Ch. 4 - Prob. 5BTNCh. 4 - Prob. 6BTN
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