Problem 3-69A (Algorithmic) Preparation of Closing Entries and an Income Statement Round Grove Alarm Company provides security services to homes in northwestern Indiana. At year-end 2019, after adjusting entries have been made, the following list of account balances is prepared: Accounts Receivable $36,800 Accounts Payable 23,250 Accumulated Depreciation, Equipment 124,000 Common Stock 150,000 Depreciation Expense, Equipment 45,300 Dividends 5,500 Equipment 409,500 Income Taxes Expense 30,800 Income Taxes Payable 24,300 Interest Expense 4,800 Notes Payable (due in 2022) 34,000 Other Assets 7,700 Prepaid Rent 4,750 Rent Expense 27,600 Retained Earnings, 12/31/2018 29,400 Salaries Payable 12,600 Salaries Expense 148,250 Service Revenue 614,200 Supplies Expense 51,900 Supplies 12,700 Utilities Expense 48,800 Wages Expense 183,000 Wages Payable 7,950 Required: 1.  Prepare closing entries for Round Grove Alarm. If an amount box does not require an entry, leave it blank. Dec. 31 Service Revenue  fill in the blank 23668fff100b04a_2     Income Summary    fill in the blank 23668fff100b04a_4   (Close revenue account)     Dec. 31 Income Summary  fill in the blank 23668fff100b04a_6 fill in the blank 23668fff100b04a_7   Depreciation Expense, Equipment  fill in the blank 23668fff100b04a_9 fill in the blank 23668fff100b04a_10   Income Taxes Expense  fill in the blank 23668fff100b04a_12 fill in the blank 23668fff100b04a_13   Interest Expense  fill in the blank 23668fff100b04a_15 fill in the blank 23668fff100b04a_16   Rent Expense  fill in the blank 23668fff100b04a_18 fill in the blank 23668fff100b04a_19   Salaries Expense  fill in the blank 23668fff100b04a_21 fill in the blank 23668fff100b04a_22   Supplies Expense  fill in the blank 23668fff100b04a_24 fill in the blank 23668fff100b04a_25   Utilities Expense  fill in the blank 23668fff100b04a_27 fill in the blank 23668fff100b04a_28   Wages Expense  fill in the blank 23668fff100b04a_30 fill in the blank 23668fff100b04a_31   (Close expense accounts)     Dec. 31 Income Summary  fill in the blank 23668fff100b04a_33     Retained Earnings    fill in the blank 23668fff100b04a_35   (Close Income Summary)     Dec. 31 Retained Earnings  fill in the blank 23668fff100b04a_37     Dividends    fill in the blank 23668fff100b04a_39   (Close dividend account)

A Pre-Closing Trial Balance for Shady Lane Senior Living Center is listed below. From the list of accounts provided, prepare an activity statement. In this instance, there are no assets released from restrictions. Download the excel file provided. Prepare the activity statement, save it on your computer, and upload your response in the drop box below.   Cash $121,000 Pledges Receivable 50,240 Interest Income Receivable 500 Inventory 1,000 Investments – long term 492,600 Land 42,000 Building 162,800 Vintage Car Collection 60,000 Allowance for Uncollectible Pledges 1,000 Accumulated Depreciation 22,600 Accounts Payable 600 Notes Payable 1,000 Deferred Revenue 400 Long Term Loans Payable 100,000 Mortgage Payable 14,000 Net Assets: UR Undesignated 100,000 Net Assets: UR Designated 60,000 Net Assets: TR 100,000 Net Assets: PR 200,000 Program Expenses 42,300 SS: Mgt & Genl Exp 9,600 SS: Fundraising Exp 3,600 Reclassifications OUT-TR 44,200 Loss on Disposal of equipment 600 Revenue:…

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22 Salaries Payable 55 Insurance Expense 23 Unearmed Fees 59 Miscellaneous Expense The post-dosing trial balance as of April 30, 2019 Required: Journalize each of the May transactions using Kelly Consulling's clhar of accounts. (Do not Insert the account rumbers in the Post. Ref. colt compound transaction, if an amount box does not require an entry, leave it blank, May 3. Receved.cash fromn clients as an advance payrment for servies to be provided and recorded it as unearned fees, s1.500. Post. Ref. 4,500 May 5: Received cash from dlients on account, $2,450. Post. Ref. Debit 2,450 May 9: Paid cash for a newspaper advertisement, $225. Post. Ref. Debit DOOdODS日 May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640. Post. Ref. Debit 640 May 15: Provided services on accournt for the period May 1-15, $9,180. Description Post. Ref. Debit 9,180 9,180 May 16: Paid part-time receptionist for two weeks' salary induding the amount owed on April 30, $750. Description Post.…

Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.

Cornerstone Exercise 5-28 Aging Method On December 31, 2021, Khalid Inc. has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable Allowance for Doubtful Accounts (a credit balance) During 2022, Khalid had $18,500,000 of credit sales, collected $17.945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollectible. At year-end. Khalid performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible. Required: 1. Calculate Khalid's preadjustment balance in accounts receivable on December 31, 2022. $1,280,000 44,000 2. Calculate Khalid's preadjustment balance in allowance for doubtful accounts on December 31, 2022. 3. Prepare the necessary adjusting entry for 2022. Dec. 31 (Record adjusting entry for bad debt expense estimate)

Requirements 1. Journalize the transactions in the Johnson Pharmacies general journal. Round to the nearest dollar. Explanations required. 2. Prepare the liabilities section of the balance sheet for Johnson Pharmacies on March 1, 2019 after all the journal entries are recorded.

Sample Worksheet Work Sheet For the Month Ended January 31, 2020 Trial Balance Adjustments Adj. T/Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 13,200 22,000 5,400 29,250 22,000 5,400 Cash 20,000 b-h 3,950 29,250 22,000 a CD'S Other Securities 5,400 Loan Payable Owner' Equity 25,000 15,600 b 25,000 15,100 25,000 15,100 500 Revenue a 20,000 20,000 20,000 Interest Income Utilities expense Internet & Telephone Advertising Expense C 300 300 300 150 150 150 e 300 300 300 Rent Expense f 2,000 2,000 2,000 Supplies expense 450 450 450 Insurance expense 250 250 250 40,100 16,550 56,650 40,600 23,950 60,100 3,450 16,550 20,000 40,600 23,950 60,100 20,000 56,650 Net income 20,000 56,650 1. Cash is overstate by 500.00 and Owners Equity is overstated by $500.00. 2. Utilities Expense of $300.00 was paid on January 25. 3. Insurance expense of $250.00 was paid on January 27. 4. supplies for the month in the amount of $450.00 was purchased. 5. Rent for…

Current Attempt in Progress Cheyenne Corporation, in preparation of its December 31, 2025, financial statements, is attempting to determine the proper accounting treatment for each of the following situations. 1. 2. 3. No. 1. (a) Prepare the journal entries that should be recorded as of December 31, 2025, to recognize each of the situations above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) 2. As a result of uninsured accidents during the year, personal injury suits for $668,600 and $126,800 have been filed against the company. It is the judgment of Cheyenne's legal counsel that an unfavorable outcome is unlikely in the $126,800 case but that an unfavorable verdict approximating $550,000 (reliably estimated) will probably result in the $668,600 case. 3. Cheyenne owns a subsidiary in a foreign…