Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 4, Problem 6QS
The ledger of Mai Company includes the following accounts with normal balances as of December 31: D. Mai, Capital $9,000; D. Mai, Withdrawals $800; Services Revenue $13,000; Wages Expense $8,400; and Rent Expense $1,600. Prepare its December 31 closing entries.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Yates Company's records provide the following information concerning certain account balances and changes in these account balances during the current year. Accounts Receivable: Jan. 1, balance $41,000, Dec. 31, balance $55,000, uncollectible accounts written off during the year, $6,000; accounts receivable collected during the year, $159,000. Compute Sales revenue for the year.
The accounting records and bank statement of Orison Supply Store provide the following information at the end of April. The closing 'Cash' account balance was $28,560, and the bank statement shows a closing balance of $32,000. On reviewing the bank statement it is found an account customer has deposited $2,000 into the bank account for a March sale and the monthly insurance premium of $4,500 was automatically charged to the account. Interest of $5,10 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $1,500 to a supplier has been recorded twice in the accounts. After the ,calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?
On December 31 of last year, the balance sheet of Union Company had accounts receivable of $74,5000 and a credit balance in Allowance for Uncollectible Accounts of $5,075. During the current year, Union's financial records included the following selected activities:
Sales on accounts $298,750
Sales returns and allowances, $18,250
Collections from customers, $287,500
Accounts written off as worthless, $4,000
1) Prepare T accounts for Accounts receivable and Allowance for uncollectible accounts. Enter the beginning balances and show the effects on these accounts of the items listed above. Determine the ending balance of each account.
Chapter 4 Solutions
Principles of Financial Accounting.
Ch. 4 - G. Venda, owner of Venda Services, withdrew 25,000...Ch. 4 - The following information is available for the R....Ch. 4 - Which of the following errors would cause the...Ch. 4 - The temporary account used only in the closing...Ch. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - What accounts are affected by closing entries?...Ch. 4 - What two purposes are accomplished by recording...Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - What are the characteristics of plant assets?Ch. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 16DQCh. 4 - Prob. 17DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - The ledger of Claudell Company includes the...Ch. 4 - Choose from the following list of terms/phrases to...Ch. 4 - The ledger of Mai Company includes the following...Ch. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Classifying balance sheet items C3 The following...Ch. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - These 16 accounts are from the Adjusted Trial...Ch. 4 - The Adjusted Trial Balance columns of a 10-column...Ch. 4 - Use the following information from the Adjustments...Ch. 4 - The following data are taken from the unadjusted...Ch. 4 - Capri Company began the current period with a...Ch. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Use the May 31 fiscal year-end information from...Ch. 4 - Prob. 9ECh. 4 - The adjusted trial balance for Salon Marketing Co....Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Use the following adjusted year-end trial balance...Ch. 4 - Following are Nintendos revenue and expense...Ch. 4 - Prob. 15ECh. 4 - Hawk Company records prepaid assets and unearned...Ch. 4 - The following two events occurred for Trey Co. on...Ch. 4 - On April 1, Jiro Nozomi created a new travel...Ch. 4 - The following unadjusted trial balance is for Ace...Ch. 4 - Prob. 3APCh. 4 - The adjusted trial balance for Tybalt Construction...Ch. 4 - The adjusted trial balance of Karise Repairs on...Ch. 4 - The following six-column table for Hawkeye Ranges...Ch. 4 - On July 1, Lula Plume created a new self-storage...Ch. 4 - Prob. 2BPCh. 4 - Prob. 3BPCh. 4 - The adjusted trial balance for Anara Co. as of...Ch. 4 - Santo Companys adjusted trial balance on December...Ch. 4 - The following six-column table for Solutions Co....Ch. 4 - This serial problem began in Chapter 1 and...Ch. 4 - Accounting Analysis Refer to Apples financial...Ch. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - One of your classmates states that a companys...Ch. 4 - Review this chapters opening feature involving...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Prepare journal entries to record the following transactions for the month of November: A. on first day of the month, issued common stock for cash, $20,000 B. on third day of month, purchased equipment for cash, $10,500 C. on tenth day of month, received cash for accounting services, $14,250 D. on fifteenth day of month, paid miscellaneous expenses, $3,200 E. on last day of month, paid employee salaries, $8,600arrow_forwardRefer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.arrow_forwardThe details of the accounts receivable of AA Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 Sales on account made to customers 2,800,000 Collection of accounts receivable during the year 4,200,000 Accounts written off as uncollectible 90,000 The following transactions were included in the recorded transactions during the year: 1. Invoice dated December 28, 2022 for P350,000 was shipped and received by the buyer on December 31, 2022, this invoice was recorded in the book at P35,000. 2. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered which were received on December 10, 2022. The agreed price should be at P22 per unit only. AA's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and there is beginning balance of allowance for bad debts of P40,000. Statement 1: The amount of bad debt expense in 2022 is P158,250. Statement 2: The…arrow_forward
- On payday, Company A makes payment of ş 24,350 to its employees and record the following entry: General Journal Page Date Account Titles and Explanation Debit Creditarrow_forwardMaxwell Inc. analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: % Considered Age Group Balance Uncollectible 0-30 days past due $100,000 1% 31-60 days past due 18,000 3% 61-120 days past due 20,000 6% 121-180 days past due 7,000 10% Over 180 days past due 2,000 20% $147,000 The company handles credit losses using the allowance method.The credit balance of the Allowance for Doubtful Accounts is $840 on December 31, before any adjustments.a. Determine the amount of the adjustment for estimated credit losses on December 31.$Answerb. Determine the financial statement effect of a write off of Porter Company’s account on the following May 12, in the amount of $480.Use negative signs with answers, when appropriate.If a transaction increases and decreases the same Balance Sheet category, enter the increase amount in the first row and the…arrow_forwardThe following information is available for Reigen Company relating to 2019 operations: Accounts Receivable, January 1 4,000,000 Accounts receivable collected 8,400,000 Cash sales 2,000,000 Inventory, Jan. 1 4,800,000 Inventory, Dec. 31 4,400,000 Purchases 8,000,000 Gross Margin on Sales 4,200,000 What is the balance of accounts receivable on December 31, 2019?arrow_forward
- On December 1, the Accounts Receivable account had a $22.000 debit balance. During December the business eamed $10.500 in revenue on account and collected $13.200 from its-charge-account customers. After posting these transaction, the balance in the Accounts Receivable account on December 31 isarrow_forwardCompany D had accounts receivable of $50,000 at the beginning of the year, made credit sales of $200,000, and collected $180,000 from customers. Calculate the ending balance of accounts receivable for Company D.arrow_forwardOn March 1, 2024, Company XYZ's balance sheet shows $100 cash, $200 inventory, $50 accounts payable, $50 Common Stock, $200 retained earnings. During the month, the company: 1)Sells all the inventory for $400 on account. 2)Collects half of the accounts receivable. 3) Accrues general expenses of $100. 4) Pays off 90% of beginning accounts payable. Instruction: Complete the light orange color filled cells in this Excel sheet for the following (1) Prepare the income statement and the statement of retained earnings for the month and unclassified balance sheet as of March 31, 2024. (2) Calculate the amount of operating cash flow for the month using the indirect method. (3) Prepare journal entries for these 4 transactions. General Expenses (1) XYZ COMPANY INCOME STATEMENT FOR THE MONTH ENDING MARCH 31, 2024 Gross profit Net income XYZ COMPANY RETAINED EARNINGS STATEMENT FOR THE MONTH ENDING MARCH 31, 2024 Beginning Retained Earnings Ending Retained Earnings Assets $ Liabilities & Equity $ $…arrow_forward
- The following data were taken from the records of Millet Corporation for the year ended December 31: Sales on account, P7,200,000; Accounts receivable written off as a result of permanentimpairment, P50,000; Notes receivable to settle accounts, P800,000; Purchases on account,P7,800,000; Payments to creditors, P6,400,000; Purchase discounts, P520,000; Sales returns,P30,000; Collections received to settle accounts, P4,900,000; Notes given to settle accounts, P500,000; Purchase returns, P140,000; Payments of notes, P200,000; Discounts taken bycustomers, P80,000; Collection on notes receivable, P360,000. What is the carrying value of the accounts receivable on December 31?arrow_forwardFinancial statement data for the years ended December 31 for Parker Corporation are as follows: Sales Accounts receivable: Beginning of year End of year Current Year Current Year $2,595,600 Current Year 390,000 434,000 a. Determine the accounts receivable turnover for each year. Round your answers to one decimal place. Accounts Receivable Turnover times times Prior Year $2,409,500 400,000 390,000 Prior Year b. Determine the days' sales in receivables for each year. Round your answers to nearest day. Assume 365 days per year. Number of Days' Sales in Receivables days days Prior Year c. Does the change in accounts receivable turnover and days' sales in receivables from the first year to the second year indicate a favorable or unfavorable change?arrow_forwardcan someone help me with journal entry with the following entries? Prepare journal entries for the following: Beginning Balance in Accounts Receivable: 12,000 Beginning Balance in Allowance: credit of 1,000 On March 31, customers were billed $25,000. On June 15, cash collections from transaction (a) totaled $20,000. On 10/31, a customer balance of $1500 from a prior year was written off. On 12/15, a customer paid an old balance of $900 that had been written off in a previous year. On 12/31, bad debts were estimated at 2% of credit sales.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeIntermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY