The following are select entries for St Francis Clinic for December 31, 2020. In alphabetical order. Create St. Francis Clinic’s balance Sheet Account payable                       $20,000 Accounts receivable, net           $60,000 Cash                                         $30,000 Equity                                      $230,000 Long-term debt                         $120,000 Long-term investments             $100,000 Net property and equipment      $150,000 Other assets                              $40,000 Other long-term liabilities          $10,000

2

*Use the following information for Multiple Choice Questions 3-4: Kinsella Seed borrowed $200,000 on October 1, 2019, at 10% interest. The interest and principal are due on October 1, 2020. What journal entry should be recorded on December 31, 2019?    A. Debit Interest Expense 5,000; credit Interest Payable 5,000.  B. Debit Interest Payable 5,000; credit Interest Expense 5,000.  C. Debit Interest Receivable 20,000; credit Interest Expense 20,000.  D. No entry is necessary.

Prepare a preclosing trial balance for the General Fund as of December 31, 2021.

The unadjusted trial balance for the General Fund of the City of Allensville at June 30, 2019 is as follows:   Debits Accounts Receivable                                      $40,000 Cash                                                                75,000 Due from Agency Fund                                  25,000 Encumbrances                                                60,000 Estimated Revenues                                       975,000 Expenditures                                                   750,000 Taxes Receivable                                            250,000                                                                    $2,175,000 Credits Allowance for Doubtful Accounts                 $   5,000 Allowance for Uncollectible Taxes                 50,000 Appropriations                                                785,000 Due to a Utility Fund                                      40,000 Unassigned Fund Balance                             (160,000) Estimated…

On January 1, 2020, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $825,000. The following transactions and estimates relate to this contract. Construction costs incurred during 2020 $440,000 $209,000 $192,500 $440,000 Progress billings Cash collections Estimated costs to complete a. Prepare the 2020 journal entry to record profit or loss assuming revenue is recognized over time. Note: Record any multiple debits in alphabetical order and any multiple credits in alphabetical order. a. Account b. To recognize revenues and expenses Account + # + b. Prepare the 2020 journal entry to record profit or loss assuming revenue is recognized at a point in time. Note: If a journal entry (or a line of the journal entry) isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). To recognize revenues and expenses Debit + + Credit Debit Credit

Required information [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2024, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Debits Adjustments: $ 29,400 53,000 VILLAGE OF SEASIDE PINES ENTERPRISE FUND Reconciliation of Operating Income to Net Cash Provided by Operating Activities For the year ended December 31, 2024 722,000 98,000 504,000 51,000 17,700 40,900 19,700 $ 1,535,700 Credits $ 112,000 32,600 51,000…

At the end of 2022, the following information is available for Great Adventures.   Additional interest for five months needs to be accrued on the $32,200, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. Assume that $12,200 of the $32,200 loan discussed above is due next year. By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $27,200 during the year and recorded those as Deferred Revenue. Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $14,200. For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $6,200.   No Date General Journal Debit Credit 1 Dec 31 Interest Expense 805       Interest Payable   805…

The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year:     Debits   Credits Cash $ 476,000           Taxes Receivable—Delinquent   601,000           Allowance for Uncollectible Delinquent Taxes         $ 189,120   Interest and Penalties Receivable   28,080           Allowance for Uncollectible Interest and Penalties           12,960   Inventory of Supplies   17,900           Vouchers Payable           166,500   Due to Federal Government           77,490   Deferred Inflows of Resources—Unavailable Revenues           427,000   Fund Balance—Nonspendable—Inventory of Supplies           17,900   Fund Balance—Unassigned           232,010     $ 1,122,980     $ 1,122,980     Prepare a General Fund balance sheet as of June 30, 2020.

McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2023 and completed in 2024. Cost and other data are presented below 2023 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year $ 1,500,000 1,200,000 2024 $ 1,300,000 0 1,200,000 1,000,000 1,300,000 1,500,000 Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2023 and 2024, Note: Loss amounts should be indicated with a minus sign. Amount of gross profit (or loss) recognized in 2023 Amount of gross profit (or loss) recognized in 2024