arla Vista Company ended its fiscal year on July 31, 2020. The company’s adjusted trial balance as of the end of its fiscal year is as follows. Carla Vista Company Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $10,500 112 Accounts Receivable 8,700 157 Equipment 16,400 158 Accumulated Depreciation—Equip. $7,100 201 Accounts Payable 4,300 208 Unearned Rent Revenue 1,800 301 Owner’s Capital 48,800 306 Owner’s Drawings 15,600 400 Service Revenue 63,700 429 Rent Revenue 6,600 711 Depreciation Expense 9,500 726 Salaries and Wages Expense 56,600 732 Utilities Expense 15,000 $132,300 $132,300 (a) Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
arla Vista Company ended its fiscal year on July 31, 2020. The company’s adjusted trial balance as of the end of its fiscal year is as follows. Carla Vista Company Adjusted Trial Balance July 31, 2020 No. Account Titles Debit Credit 101 Cash $10,500 112 Accounts Receivable 8,700 157 Equipment 16,400 158 Accumulated Depreciation—Equip. $7,100 201 Accounts Payable 4,300 208 Unearned Rent Revenue 1,800 301 Owner’s Capital 48,800 306 Owner’s Drawings 15,600 400 Service Revenue 63,700 429 Rent Revenue 6,600 711 Depreciation Expense 9,500 726 Salaries and Wages Expense 56,600 732 Utilities Expense 15,000 $132,300 $132,300 (a) Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter22: End-of-fiscal-period Work For A Corporation
Section: Chapter Questions
Problem 1AP
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
arla Vista Company ended its fiscal year on July 31, 2020. The company’s adjusted trial balance as of the end of its fiscal year is as follows.
|
Carla Vista Company
Adjusted Trial Balance July 31, 2020 |
||||||
|---|---|---|---|---|---|---|
|
No.
|
Account Titles
|
Debit
|
Credit
|
|||
| 101 | Cash |
$10,500
|
|
|||
| 112 | Accounts Receivable |
8,700
|
|
|||
| 157 | Equipment |
16,400
|
|
|||
| 158 |
|
$7,100
|
||||
| 201 | Accounts Payable |
|
4,300
|
|||
| 208 | Unearned Rent Revenue |
|
1,800
|
|||
| 301 | Owner’s Capital |
|
48,800
|
|||
| 306 | Owner’s Drawings |
15,600
|
|
|||
| 400 | Service Revenue |
|
63,700
|
|||
| 429 | Rent Revenue |
|
6,600
|
|||
| 711 | Depreciation Expense |
9,500
|
|
|||
| 726 | Salaries and Wages Expense |
56,600
|
|
|||
| 732 | Utilities Expense |
15,000
|
|
|||
|
$132,300
|
$132,300
|
(a)
Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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