Practice Preparing Closing Entries Listed below are the accounts taken from the Dec. 31, 2019 adjusted trial balance of Teresita Nacion Publishers. Accounts Receivable Supplies Expense 260,000 710,000 Interest Payable Cash 40,000 160,000 Salaries Expense 2,270,000 Repairs 10,000 Printing revenues Prepaid Insurance Depreciation Expense Supplies 8,130,000 320,000 250,000 Unearned Printing Revenues 160,000 310,000 5,520,000 70,000 Accounts Payable Telephone Expense 190,000 20,000 210,000 300,000 Interest Expense Salaries Payable Printing Equipment Prepaid Advertising Nacion, Withdrawals Nacion, Capital Notes Payable Miscellaneous Expense Utilities Expense 340,000 2,500,000 90,000 80,000 1,500,000

ces Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $20,000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. Note: Do not round your intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st, Interest Recognized December 31 20,000 4% 18/360 Principal Rate (%) Time Total interest Total Through Maturity $ 20,000 $ 4% 45/360 Check my work

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Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory   Journalize Pedroni Enterprises entries to record: The issuance of the note The payment of the note at maturity Journalize Zorzi Industries entries to record: The receipt of the note Receipt of the payment of the note at maturity On July 31, 2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation – Building      $365,000        Ray Zorzi – Capital            $530,000 Administrative Expenses                               440,000        Ray Zorzi – Drawing              15,000 Building                                                            810,000        Sales                                    1,437,000 Cash                                                                   78,000          Sales tax Payable                     4,500 Cost of Merchandise Sold…

Do a journal entry based on this transections, round interest amounts to the nearest dollar,

Required: (a) Prepare journal entries to record the impairment loss of receivable in 2021 under Statement of Financial Position approach. (b) Prepare partial Statement of Financial Positions to show the accounts receivables at 31 December 2021.

Reporting Uncollectible Accounts and Accounts Receivable (FSET) LaFond Company analyzes its accounts receivable at December 31 and arrives at the aged categories below along with the percentages that are estimated as uncollectible. \table [[Age Group, Accounts Receivable, \table [[Estimated], [Loss %]]], [Current (not past due), $375,000, 0.50%