Financial Accounting
4th Edition
ISBN: 9781259307959
Author: J. David Spiceland, Wayne M Thomas, Don Herrmann
Publisher: McGraw-Hill Education
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Chapter 3, Problem 3.19E
1.
To determine
To Record: The necessary closing entries at December 31, 2018.
2.
To determine
To Prepare: A post-closing
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Students have asked these similar questions
The following selected accounts and their current balances appear in the ledger of Maroon Co. for
the fiscal year ended December 31, 2019.
Accounts Payable
32,480
LT Note Payable
44,800
Misc. Administrative
Accounts Receivable
96,800
1,280
Accum Depr - Office Equip
Accum Depr - Store Equip
Advertising Expense
Expense
Misc. Selling Expense
Office Equipment
10,240
1,280
27,360
68,000
%3D
Office Salaries Expense
Office Supplies
Office Supplies Expense
Paid-in Capital
35,040
67,320
Cash
123,000
4,480
Common Stock
75,000
1,040
52,000
Cost of Goods Sold
Customer refunds Payable
Depr'Expense - Office Equip
Depr Expense - Store Equip
Dividends
620,000
2,720
Prepaid Insurance
Rent Expense
Retained Earnings
12,000
10,160
25,080
%3D
301,600
1,920
5,120
%3D
28,000
Salaries Payable
3,120
Sales
992,000
Insurance Expense
Interest Expense
Inventory
Sales salaries Expense
138,560
4,000
Store Equipment
122,400
140,000
Maroon Co. has 10,000 shares of common stock authorized and 7,500 shares issued and…
1. Prepare the closing entries (use the income summary account).
2. Prepare the post-closing (December 31, 2018) trial balance.
3. Prepare the January 1, 2019 opening trial balance.
SafetyFirst Corporation
Adjusted Trial Balance
2018
December 31.
Workbook last modified: August 11
Debit
Credit
Cash
950,000
Accounts Receivable
3,800,000
Allowance for Doubtful Accounts
750,000
Inventory
8,500,000
Prepaid Insurance
Notes Receivable
Equipment
16,250,000
Building
2,800,000
Land
800,000
Accumulated Depreciation: Equipment
Accumulated Depreciation: Building
Accounts Payable
7,000,000
900,000
5,600,000
Notes Payable (Short-Term)
Salaries Payable
Interest Payable
Mortgage Payable (Long-Term)
2,770,000
Common Stock
Par
$ 0.10
280,000
Additional Paid-In Capital
Retained Earnings
Dividends
10,000,000
800,000
Sales (Revenue)
35,300,000
Rent Revenue
Cost of Goods Sold (COGS)
Selling Expense
Administrative Expense
23,500,000
2,150,000
2,450,000
Interest Expense
Loss on Disposition of Equipment
Income…
Requirement 1. Record the transactions for the last quarter of 2022 in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.)
Wrote off as uncollectible the $1,400 account receivable from Blue Carpets and the $300 account receivable from Show -N- Tell Antiques.
Data table
Journal Entry
Accounts
Credit
Date
Nov
Debit
1,700
30 Allowance for Uncollectible Accounts
Accounts Receivable and aging schedule to be used at December
31, 2022
Accounts Receivable-Blue Carpets
1,400
Accounts Receivable-Show-N-Tell Antiques
300
Accounts Receivable
$235,000
Estimated percent
uncollectible
Age of Accounts
1-30 Days 31-60 Days 61-90 Days
$ 130,000 $ 38,000 $ 14,000 $
0.2%
2%
15%
Adjusted the Allowance for Uncollectible Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables.
Journal Entry
Date
Accounts
Debit
Credit
Dec
31
Print
Done
Over 90
Days
53,000
35%
X
Chapter 3 Solutions
Financial Accounting
Ch. 3 - Prob. 1RQCh. 3 - 2.Discuss the major principle that describes...Ch. 3 - 3.Samantha is a first-year accounting student. She...Ch. 3 - 4.Describe when revenues and expenses are...Ch. 3 - Rip Side of Question 7 5.Executive Lawn provides...Ch. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Consider the information in Question 7. Using...Ch. 3 - Prob. 9RQCh. 3 - There are two basic types of adjusting...
Ch. 3 - 11.Provide an example of a prepaid expense. The...Ch. 3 - Provide an example of a deferred revenue. The...Ch. 3 - 13.Provide an example of an accrued expense. The...Ch. 3 - Provide an example of an accrued revenue. The...Ch. 3 - Sequoya Printing purchases office supplies for 75...Ch. 3 - Jackson Rental receives its September utility bill...Ch. 3 - 17.Global Printing publishes several types of...Ch. 3 - At the end of May, Robertson Corporation has...Ch. 3 - Fill in the blank associated with each adjusting...Ch. 3 - Prob. 20RQCh. 3 - Prob. 21RQCh. 3 - Prob. 22RQCh. 3 - Prob. 23RQCh. 3 - Prob. 24RQCh. 3 - Describe the debits and credits for the three...Ch. 3 - In its first four years of operations, Chance...Ch. 3 - Prob. 27RQCh. 3 - Prob. 28RQCh. 3 - Determine revenues to be recognized (LO31) Below...Ch. 3 - Prob. 3.2BECh. 3 - Prob. 3.3BECh. 3 - Analyze the impact of transactions on the balance...Ch. 3 - Prob. 3.5BECh. 3 - At the beginning of May, Golden Gopher Company...Ch. 3 - Record the adjusting entry for prepaid rent (LO33)...Ch. 3 - Prob. 3.8BECh. 3 - Prob. 3.9BECh. 3 - Record the adjusting entry for deferred revenue...Ch. 3 - Prob. 3.11BECh. 3 - Midshipmen Company borrows 15,000 from Falcon...Ch. 3 - Prob. 3.13BECh. 3 - For each of the following accounts, indicate...Ch. 3 - Prob. 3.15BECh. 3 - Prob. 3.16BECh. 3 - Prob. 3.17BECh. 3 - The following account balances appear in the 2018...Ch. 3 - Prob. 3.19BECh. 3 - Prob. 3.20BECh. 3 - Consider the following situations: 1.American...Ch. 3 - Consider the following situations: 1.American...Ch. 3 - Refer to the situations discussed in E31....Ch. 3 - Differentiate cash-basis expenses from...Ch. 3 - Prob. 3.5ECh. 3 - Listed below are all the steps in the accounting...Ch. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10ECh. 3 - Refer to the information in E310. Calculate the...Ch. 3 - Prob. 3.12ECh. 3 - Below are transactions for Hurricane Company...Ch. 3 - Prepare an adjusted trial balance (LO33, 34) The...Ch. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Prob. 3.18ECh. 3 - Prob. 3.19ECh. 3 - On January 1, 2018, Red Flash Photography had the...Ch. 3 - Prob. 3.21ECh. 3 - Consider the following transactions. Required: For...Ch. 3 - Prob. 3.2APCh. 3 - Record adjusting entries (LO3-3) The information...Ch. 3 - Crimson Tide Music Academy offers lessons in...Ch. 3 - Prob. 3.5APCh. 3 - The year-end financial statements of Rattlers Tax...Ch. 3 - Complete the accounting cycle after adjusting...Ch. 3 - The general ledger of Red Storm Cleaners at...Ch. 3 - The general ledger of Zips Storage at January 1,...Ch. 3 - Consider the following transactions. Required: For...Ch. 3 - Prob. 3.2BPCh. 3 - Prob. 3.3BPCh. 3 - Prob. 3.4BPCh. 3 - Prob. 3.5BPCh. 3 - FIGHTING ILLINI Income Statement Service revenue...Ch. 3 - Prob. 3.7BPCh. 3 - The general ledger of Pipers Plumbing at January...Ch. 3 - The general ledger of Jackrabbit Rentals at...Ch. 3 - You may refer to the opening story of Tony and...Ch. 3 - Prob. 3.2APFACh. 3 - Prob. 3.3APFACh. 3 - Prob. 3.4APCACh. 3 - Prob. 3.5APECh. 3 - Prob. 3.7APWC
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