Prepare closing entries(Narration not required) and calculate retained earnings and explain how Post closing trial balance from adjusted Trial balance. Newbond LimitedAdjusted Trial Balance30 June 2020AccountDebitCredit$Accounts Payable8,600Accounts Receivable24,300Accumulated depreciation9,300Bank Loan15,000Cash23,800Depreciation expense4,500Dividends paid13,000Interest ExpenseMotor Vehicles2,80025,000Other income11,200Prepayments12,900Rent Expense18,000Retained Earnings – 1/7/1910,000Service Revenue170,000Share capitalSupplies20,0002,400Supplies expense500Utilities Expense14,900Wages Expense102,000Total244,100244,100

Closing entries are passed to close all those accounts which are temporary in nature and are opened…

Answered: Prepare closing entries(Narration not…

Prepare closing entries(Narration not required) and calculate retained earnings and explain how Post closing trial balance from adjusted Trial balance.

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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Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
lal Acc CO ng-20201 am ACCT301 Fall 2020/2021 (Sections 1, 2, and 81) 19 Revenue has a credit balance of OMR 15,000 in Muscat Co. if the dosing entry will made at the year end, ved The entry to close Revenue is: it of Select one: O a debit Income Summary OMR20,000, credit Revenue OMR20,000 Ob. debit Revenue OMR15,000, credit Ahmad Capital OMR15,000 Oc debit Revenue OMR15,000, credit Income Summary OMR15,000. d. debit Income Summary OMR15,000, credit Revenue OMR15,000 Clear my choice s page
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The shodule g8 aing accounts for a com Prny O1 Year 2020 Account rectuble $20,000 $ So00 at the Estimate bag Current 1-30 daysoverdue 3 1- 60 days ovedue more than 6odays overdue (% 5% to % 20% $2500 31 S00 The aliowance was estimeted by using the stheolole accounta. The allowanre count had a'Jebit balance of g400 befere tHe estimate was made Reouired Prefare the adjusting bat to record bad debt expense for 2 entry
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Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…
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