College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
thumb_up100%
Chapter 5, Problem 6E
After all revenue and expenses have been closed at the end of the fiscal period ended December 31, Income Summary has a debit of $45,550 and a credit of $36,520. On the same date, D. Mau, Drawing has a debit balance of $12,000 and D. Mau, Capital had a beginning credit balance of $63,410.
- a.
Journalize the entries to close the remaining temporary accounts. - b. What is the new balance of D. Mau, Capital after closing the remaining temporary accounts? Show your calculations.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
The following transactions were completed by Irvine Company during the current fiscal year ended December 31:
Required: 1. Record the January 1 credit balance of $25,685 in a T-account for Allowance for Doubtful Accounts.
2.A. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
B. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense.
3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).
4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of ¼ of 1% of the net sales of $17,710,000 for the year, determine the following:
A. Bad debt expense for the year.
B. Balance in the allowance account after the adjustment of…
At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $764. During the year, previously written off accounts of $140 are reinstated and accounts totaling $736 are written off as uncollectible. The end-of-year balance (before adjustment) in Allowance for Doubtful Accounts should be
a.$736
b.$764
c.$168
d.$140
company’s accounting records provide the following information concerning certain account balances and changes in the account balances during the current year. Transaction information is missing from each of the below. Prepare the journal entry to record the information for each account. b. Allowance for Doubtful Accounts: Jan. 1 balance, $1,500; Dec. 31 balance, $2,200; adjusting entry increasing allowance on Dec. 31, $4,800. Record write-off uncollectible accounts receivable. c. Inventory of office supplies: Jan. 1 balance, $1,500; Dec. 31 balance, $1,350; office supplies expense for the year, $9,500. Record purchase of office supplies. d. Equipment: Jan. 1 balance, $20,500; Dec. 31 balance, $18,000; equipment costing $8,000 was sold during the year. Record purchase of equipment. e. Accounts Payable: Jan. 1 balance $9,000; Dec. 31 balance, $11,500; purchases on - account for the year, $48,000. Record cash payments.
Please dont provide solution in image thnx
Chapter 5 Solutions
College Accounting (Book Only): A Career Approach
Ch. 5 - What is the third step in the accounting cycle?...Ch. 5 - Which of the following accounts would be closed...Ch. 5 - If Income from Services had a 20,400 credit...Ch. 5 - Which of the following accounts would appear on a...Ch. 5 - Under the cash basis of accounting, which of the...Ch. 5 - Prob. 6QYCh. 5 - Number in order the following steps in the...Ch. 5 - List the steps in the closing procedure in the...Ch. 5 - What is the purpose of closing entries? What is a...Ch. 5 - What are real accounts? What are nominal accounts?...
Ch. 5 - What is the purpose of the Income Summary account?...Ch. 5 - What is the purpose of the post-closing trial...Ch. 5 - Write the third closing entry to transfer the net...Ch. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Classify the following accounts as real...Ch. 5 - The ledger accounts after adjusting entries for...Ch. 5 - As of December 31, the end of the current year,...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - After all revenue and expenses have been closed at...Ch. 5 - Identify whether the following accounts would be...Ch. 5 - Considering the following events, determine which...Ch. 5 - Indicate with an X whether each of the following...Ch. 5 - Prepare a statement of owners equity for The...Ch. 5 - Prob. 1PACh. 5 - The partial work sheet for Ho Consulting for May...Ch. 5 - The account balances of Bryan Company as of June...Ch. 5 - Williams Mechanic Services prepared the following...Ch. 5 - Prob. 1PBCh. 5 - The partial work sheet for Emil Consulting for...Ch. 5 - The account balances of Miss Beverlys Tutoring...Ch. 5 - Toms Catering Services prepared the following work...Ch. 5 - Rather than going directly to college, some...Ch. 5 - Prob. 2ACh. 5 - The post-closing trial balance submitted to you by...Ch. 5 - You are preparing a post-closing trial balance for...Ch. 5 - The bookkeeper has completed a work sheet and has...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - After the adjusting entries are recorded and...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Interest-bearing notes payable with year-end adjustments P1 Keesha Co. borrows $200,000 cash on November 1, 201...
Financial Accounting: Information for Decisions
Ravenna Candles recently purchased candleholders for resale in its shops. Which of the following costs would be...
Financial Accounting (12th Edition) (What's New in Accounting)
What are assets limited as to use and how do they differ from restricted assets?
Accounting For Governmental & Nonprofit Entities
Preparing Financial Statements from a Trial Balance The following accounts are taken from Equilibrium Riding, I...
Fundamentals Of Financial Accounting
Determine the estimated cost of the work performed each week given the tasks—with their associated costs and sc...
Construction Accounting And Financial Management (4th Edition)
Place the letter of the appropriate accounting cost in Column 2 in the blank next to each decision category in ...
Fundamentals of Cost Accounting
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
- At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $743. During the year, $344 of previously written off accounts were reinstated and accounts totaling $756 are written off as uncollectible. The end-of-year balance (before adjustment) in the Allowance for Doubtful Accounts should be the one listed below. a.$331 b.$756 c.$344 d.$743arrow_forwardAfter the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $664,657 and Allowance for Doubtful Accounts has a balance of $21,609. What is the net realizable value of the accounts receivable? a.$21,609 b.$664,657 c.$643,048 d.$686,266arrow_forwardMorry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount J. Jackson $10,000 L. Stanton 9,500 C. Barton 13,100 S. Fenton 2,400 Total $35,000 a. Journalize the write-offs for the current year under the direct write-off method. If an amount box does not require an entry, leave it blank. b. Journalize the write-offs for the current year under the allowance method. Also, journalize the adjusting entry for uncollectible receivables assuming the company made $2,400,000 of credit sales during the year and, based on the industry average, the company expects uncollectible receivables to be 1.5% of credit sales. c. How much higher or lower would Morry Company's net income have been under the direct write-off method than under the allowance method?arrow_forward
- From the partial worksheet, journalize the closing entries for December 31 for A. Slow Co. Start by journalizing the closing entry for revenues. (See attached images for clearer info) Journal Entry Date Accounts PR Dr. Cr. Dec. 31 Journalize the closing entry for the expense and contra-revenue accounts. Journal Entry Date Accounts PR Dr. Cr. Dec. 31 Journalize the closing entry for the Income Summary account. Journal Entry Date Accounts PR…arrow_forwardUse the following to answer questions 20 – 22 At the beginning of the year; MB, Inc.'s allowance for uncollectible accounts had a beginning balance of $6,500. On January 22nd, MB wrote off the A/R from customer C for $340 20. Record the entry for write-off 2$ 31st); total accounts written off were $5,540 (including the write off for customer C). What is the balance in the allowance for uncollectible accounts after all the write-offs? 21. By the end of the year (December 22. $ How much did bad debt expense change when the company wrote off the accounts receivables?arrow_forwardRequirement 1. Journalize Kellerman Photography's closing entries at December 31, 202 Start by closing revenues. Date Dec. 31 Clos. (1) Accounts and Explanation Depreciation Expense-Building Depreciation Expense-Furniture Income Summary Kellerman, Capital Kellerman, Withdrawals Salaries Expense Service Revenue Supplies Expense Delarrow_forward
- The December 31, 2021, ledger of accounts receivable has a balance of 24,000,000. On this date, the company estimates 1,200,000 to be uncollectible , whereas 2,000,000 have to be written off.Required:1. Carry out any necessary journal entries.2. Present the accounts receivable extract as it has to appear in the statement of financial position of December 31,2021.arrow_forwardMorry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount J. Jackson $10,000 L. Stanton 9,500 C. Barton 13,100 S. Fenton 7,400 Total $40,000 Required: a. Journalize the write-offs for the current year under the direct write-off method. If an amount box does not require an entry, leave it blank. Bad Debt Expense Bad Debt Expense Accounts Receivable-J. Jackson Accounts Receivable-J. Jackson Accounts Receivable-L. Stanton Accounts Receivable-L. Stanton Accounts Receivable-C. Barton Accounts Receivable-C. Barton Accounts Receivable-S. Fenton Accounts Receivable-S. Fenton b. Journalize the write-offs for the current year under the allowance method. Also, journalize the adjusting entry for uncollectible receivables assuming the company made $2,400,000 of credit sales during the year and the industry average for…arrow_forwardUNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.arrow_forward
- Refer 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_forwardUNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--. REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
- Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:CengageIntermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY