After all revenue and expenses have been closed at the end of the fiscal period ended December 31, Income Summary has a debit of \$45,550 and a credit of \$36.520 On the same date, Mau, Drawing has a debit balance or \$12,000 and D. Mau, Capital had a beginning credit balance of $63,410

During the period the Supplies asset account has had one credit entry of $72,000, and also one debit entry of $13,000 and reports an ending debit balance of $9,000 at the end of the month. Therefore, the beginning balance of Supplies must have been a: Select one: O a. $81,000 debit balance. O b. $24,000 debit balance. O c. $22,000 debit balance. d. $68,000 debit balance.

Maxwell Inc., analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: % Considered Age Group Balance Uncollectible 0-30 days past due $300,000 1% 31-60 days past due 54,000 3% 61-120 days past due 60,000 6% 121-180 days past due 21,000 10% Over 180 days past due 6,000 20% $441,000 The company handles credit losses using the allowance method. The credit balance of the Allowance for Doubtful Accounts is $2,520 on December 31, before any adjustments. a. Determine the amount of the adjustment for estimated credit losses on December 31. b. Determine the financial statement effect of a write off of Porter Company's account on the following May 12, in the amount of $1,440. Use negative signs with answers, when appropriate. If a transaction increases and decreases the same Balance Sheet category, enter the increase amount in the first row and the decrease amount directly below (in…

prepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18,000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450