Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense Totals Debit $ 10,500 31,500 22,500 2,500 18,500 11,500 8,500 6,500 $112,000 Credit $ 1,500 15,000 32,500 7,500 55,500 $112,000 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry

On Dec. 31, 2021, Boss Company had a credit balance of $50,000 in its records pertaining to allowance for uncollectible accounts. Analysis of its accounts receivable on the same date revealed the following: Age                           Amount                     ％ collectible 0-30 days                   $5,000,000                            95 31-60 days                 600,000                                  85 61-90 days                 450,000                                  70 Over 90 days              100,000                                  50 Total                          $6,150,000 The company has written off $20, 000 of accounts receivable during 2021. How much is the allowance for uncollectible accounts to be reported on Dec. 31, 2021?

On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts                                                 Debit                    CreditCash                                                       $ 25,100Accounts Receivable                                 46,200Allowance for Uncollectible Accounts                                 $ 4,200Inventory                                                   20,000Land                                                          46,000Equipment                                                15,000Accumulated Depreciation                                                   1,500Accounts Payable                                                                28,500Notes Payable (6%, due April 1, 2022)                                50,000Common Stock                                                                    35,000Retained Earnings…

Accounts Receivable Free Company gathered the following information from its accounting records for the year ended December 31, 2019: • Net Credit Sales for the year - P680,000 • Accounts Receivable at December 31 - 92,000 • Allowance for doubtful accounts at December 31 - 1,850