Malibu Corporation's fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance as of December 31. Debit Credit $14,000 $1,400 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Insurance Expense Interest Expense 13,400 4,400 1,400 9,400 3,400 34,000 4,400 quired: Prepare the necessary closing entries. Calculate the ending balance of Retained Earnings. uired 1 Required 2 complete this question by entering your answers in the tabs below.

Malibu Corporation's fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance as of December 31. Debit Credit $14,000 $1,400 Accounts Retained Earnings Dividends Service Revenue Interest Revenue Salaries Expense Rent Expense Advertising Expense Insurance Expense Interest Expense 13,400 4,400 1,400 9,400 3,400 34,000 4,400 quired: Prepare the necessary closing entries. Calculate the ending balance of Retained Earnings. uired 1 Required 2 complete this question by entering your answers in the tabs below.

Name: Also record the entry to close the dividends account Journal entry wor
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Also record the entry to close the dividends account Journal entry worksheet<12Record the entry to close the expense accounts.DateNote: Enter debits before credits.3December 31, 2024Record entryGeneral JournalClear entryRequired 1DebitCreditView gene

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

See similar textbooks

Similar questions

The nominal accounts of MCValle Enterprise December 31, on 2019 have the fol- lowing balances: Requirements: Prepare a single-step statement of comprehensive income. Pro- vide a proper heading for the statement. Dr. Cr. Accounts P696,000 Service fees 48,000 Interest income 16,000 Gain on sale of equip- P240,000 24,000 EDUKAS NG ment Salaries expense Rent expense 16,000 8,000 Utilities expense Supplies expense Depreciation expense Taxes and licenses 6,400 1,600 Bad debts expense Interest expense Miscellaneous expense 800 MD P384,000 P760,000 Totals
Taylor R incorporation reported the following balances after adjustment at the end of 2020 and 2019. total accounts receivable 2020 100,000 2019 95,000 net accounts receivable 2020 75,000 2019 85,000 During 2020 Taylor road of customer accounts, totaling 3000 and collected 750 on accounts written off In previous years, tailors doubtful accounts expense for the year ending December 3120 20 Is
Prepare an annual income statement from the following adjusted trial balance.Blossom EnterprisesAdjusted Trial Balance December 31, 2020AccountDebitCreditCash$1,900Accounts Receivable 14, 100Allowance for Doubtful Accounts$900Prepaid Insurance1, 900Equipment26, 400Accumulated Depreciation4, 600Notes Payable9, 000Accounts Payable2, 800Salaries and Wages Payable2, 000 Interest Payable100Common Stock16,000Retained Earnings7, 800Dividends2, 500Service Revenue123, 500Salaries and Wages Expense84, 700Rent Expense23, 000Supplies Expense5, 500Insurance Expense3, 000Interest Expense600Bad Debt Expense900Depreciation Expense2, 200$166, 700$166, 700
The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below.Accounts Debit CreditCash $10,000Accounts Receivable 15,000Prepaid Rent 7,200Supplies 4,000Deferred Revenue $ 3,000Common Stock 11,000Retained Earnings 6,000Service Revenue 51,200Salaries Expense 35,000 $71,200 $71,200At year-end, the following additional information is available: 1. The balance of Prepaid Rent, $7,200, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022. 2. The balance of Deferred Revenue, $3,000, represents payment in advance from a customer. By the end of the year, $750 of the services have been provided. 3. An additional $700 in…
What are the income statement, balance sheet, and closing entries for revenue and expense for Dynamite Fireworks? The general journal, adjusted trial balance has been answered. On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:Accounts Debit CreditCash $23,800Accounts Receivable 5,200Supplies 3,100Land 50,000Accounts Payable $ 3,200Common Stock 65,000Retained Earnings 13,900Totals $82,100 $82,100During January 2021, the following transactions occur:January 2 Purchase rental space for one year in advance, $6,000 ($500/month).January 9 Purchase additional supplies on account, $3,500January 13 Provide services to customers on account, $25,500.January 17 Receive cash in advance from…
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances:Accounts Debit CreditCash $23,800Accounts Receivable 5,200Supplies 3,100Land 50,000Accounts Payable $ 3,200Common Stock 65,000Retained Earnings 13,900Totals $82,100 $82,100During January 2021, the following transactions occur:January 2 Purchase rental space for one year in advance, $6,000 ($500/month).January 9 Purchase additional supplies on account, $3,500January 13 Provide services to customers on account, $25,500.January 17 Receive cash in advance from customers for services to be provided in the future, $3,700.January 20 Pay cash for salaries, $11,500.January 22 Receive cash on accounts receivable, $24,100.January 29 Pay cash on…
The following account baiances are taken from the December 31, 2020, financial statements of ABZAdvertsng Compeny The company uees co ee accuntng Advertising Revenue s4482 Cash 41,516 Accounts Recelvable 7,200 Interest Expense 2.290 Accounts Payable Operating Expenses 37,460 Deferred Revenue 5,000 1,178 18.048 Equipment Income Tax Expense 2,326 The following activities occurred in 2021: 1. Performed advertising services on account, $55,000. 2. Received cash payments on account. $10,400. 3. Received deposits from customers for advertising services to be performed in 2022, $2,500. 4. Made payments to suppliers on account, $5,000. 5. Incurred $45,000 of operating expenses; $39,000 was paid in cash and $6,000 was on account and unpaid as of the end of the year. What is the balance of Accounts Receivable at December 31, 20217 O a. $55,000. O b.$51,89 D. $54,396, Od. $44,600. e. None of the above.
1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading.Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166Required: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.
Seminoles Corporation’s fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31.Accounts Debit CreditRetained Earnings $30,000Dividends $ 3,000Service Revenue 50,000Interest Revenue 6,000Salaries Expense 15,000Rent Expense 6,000Advertising Expense 3,000Depreciation Expense 11,000Interest Expense 5,000Required:1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings.
The Sky Blue Corporation has the following adjusted trial balance at December 31.Debit CreditCash $ 1,310Accounts Receivable 2,800Prepaid Insurance 3,100Notes Receivable (long-term) 3,800Equipment 16,000Accumulated Depreciation $ 4,200Accounts Payable 6,220Salaries and Wages Payable 1,400Income Taxes Payable 3,700Deferred Revenue 760Common Stock 3,200Retained Earnings 1,320Dividends 380Sales Revenue 49,230Rent Revenue 380Salaries and Wages Expense 23,200Depreciation Expense 2,100Utilities Expense 5,020Insurance Expense 2,200Rent Expense 6,800Income Tax Expense 3,700Total $ 70,410 $ 70,410How would you make the adjusted trial balance sheet
The following income statement pertains to Bins Limited as of 12/31/2019: Revenue Operating Expenses: Wages Expense Depreciation Expense Other Expenses: Interest Expense Net Income 590,000 Account (120,000) (50,000) (15,000) 405,000 Based on this income statement, what closing entries should Bins Limited record as of 12/31/2019 Debit Credit
The balances on December 31 before any adjustments : Sales - 5,000,000 Accounts receivable -600,000 Allowance for doubtful accounts-25,000 Assuming on December 31,2019, the company determined that 2% of sales is uncollectible. Question 1. What js the adjusting entry to recognize this? Question 2. What is the balance of the allowance for doubtful accounts after effecting the adjustment? Question 3. What is the net realizable balance of the Accounts Receivable?