View Policies Current Attempt in Progress At the end of its first year of operation, Tamarisk, Inc. has $1,190,000 of common stock and net income of $234,000 (a) (b) Prepare the closing entry for net income. (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 O for the amounts) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Prepare the stockholders' equity section at year-end. Debit Tamarisk, Inc. Balance Sheet (partial) Credit Attempts: unlimited Submit Answer

adjusted trail balance is available as well as the required information, please record the closure entry of revenue accounts, as well as record the closure entry of expenssses acounts.  Thank you.

Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 56,000 7% Accounts receivable Percent uncollectible Total 0 $ 670,000 $ 416,000 Req A Req B and C 3% Complete this question by entering your answers in the tabs below. 1 to 30 $ 110,000 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $14,000 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,000 debit. Estimated balance of allowance for uncollectibles 4%

Journalize the following transactions for the Scott Company. Assume 360 days per year. November 4: Received a $6,500, 90-day, 6% note from Tim's Co.in payment of the account. If an amount box does not require an entry, leave it blank. Nov. 4 December 31: Accrued interest on the Tim's Co. note. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31 February 2: Received the amount due from Tim's Co. on the note. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Feb. 2