Seminoles Corporation’s fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31.Accounts Debit CreditRetained Earnings $30,000Dividends $ 3,000Service Revenue 50,000Interest Revenue 6,000Salaries Expense 15,000Rent Expense 6,000Advertising Expense 3,000Depreciation Expense 11,000Interest Expense 5,000Required:1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings.

Seminoles Corporation’s fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31.Accounts Debit CreditRetained Earnings $30,000Dividends $ 3,000Service Revenue 50,000Interest Revenue 6,000Salaries Expense 15,000Rent Expense 6,000Advertising Expense 3,000Depreciation Expense 11,000Interest Expense 5,000Required:1. Prepare the necessary closing entries. 2. Calculate the ending balance of Retained Earnings.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.
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…
The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares. What is the total current assets at December 31, 2020?
The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares. What is the total current assets and total current liabilities at December 31, 2020?
The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares. What is the total current assets at December 31, 2020? Using the information of Achiever Company, what is the total current liabilities at December 31, 2020? On May 1, 2020, GAL Co. purchased a short-term P2,000,000 face value, 9% debt…
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The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…
At December 31, 2020, end of the annual reporting period, the accounts of ABC company showed the following: a. Sales Revenue for 2020, P 180,000 of which one-sixth was on credit b. Allowance for doubtful accounts, balance January 1, 2020, P900 credit c. Account Receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2019), P18,050 d. Uncollectible accounts to be written off, December 31, 2020, P1,050 e. Aging Schedule at December 31, 2020, showing the following breakdown of total accounts receivable: Status Amount Not past Due P10,000 Past Due 1-60 days 4,000 Past Due over 60 days 3,000 Required:1. Give the 2020 entry to write off the uncollectible accounts2. Give the 2020 adjusting entry to record bad debt expense for each of the following independent assumptions concerning bad debt loss rates:a. On total receivables at year-end, 2.5 percentb. On aging schedule: not past due, 0.5 percent; past due 1-60 days, 1 percent;…
At December 31, 2020, end of the annual reporting period, the accounts of ABC company showed the following: a. Sales Revenue for 2020, P 180,000 of which one-sixth was on credit b. Allowance for doubtful accounts, balance January 1, 2020, P900 credit c. Account Receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2019), P18,050 d. Uncollectible accounts to be written off, December 31, 2020, P1,050 e. Aging Schedule at December 31, 2020, showing the following breakdown of total accounts receivable: Status Amount Not past Due P10,000 Past Due 1-60 days 4,000 Past Due over 60 days 3,000 Required:1. Give the 2020 entry to write off the uncollectible accounts.2. Give the 2020 adjusting entry to record bad debt expense for each of the following independent assumptions concerning bad debt loss rates:a. On total receivables at year-end, 2.5 percentb. On aging schedule: not past due, 0.5 percent; past due 1-60 days, 1 percent;…
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