2. Calculate the ending balance of Retained Earnings.Retained earnings3. Prepare a post-closing trial balanceLAKER INCORPORATEDPost-Closing Trial BalanceDecember 31, 2021AccountsDebitCreditTotals Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31.AccountsDebitCredit$ 11,40036,00027,000CashSuppliesPrepaid RentAccounts PayableNotes Payable2,40024,00037,000Common StockRetained EarningsDividends8,4003,400Service Revenue54,600Salaries ExpenseAdvertising Expense19,40012,4009,400Rent ExpenseUtilities Expense7,400Totals$126,400$126,400Required:1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal EntryRequired" in the first account field.)View transaction listJournal entry worksheet123>Record the entry to close the revenue accounts.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31,2021Record entryClear entryView general journal

Closing entries are the entries passed at the end of the reporting period to close the temporary…

Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 11,400 36,000 27,000 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock $ 2,400 24,000 37,000 8,400 Retained Earnings Dividends 3,400 Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense 54,600 19,400 12,400 9,400 7,400 Totals $126,400 $126,400 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Laker Incorporated's fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Credit Debit $ 11,400 36,000 27,000 Accounts Cash Supplies Prepaid Rent Accounts Payable Notes Payable Common Stock $ 2,400 24,000 37,000 8,400 Retained Earnings Dividends 3,400 Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense 54,600 19,400 12,400 9,400 7,400 Totals $126,400 $126,400 Required: 1. Prepare the necessary closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

See similar textbooks

Similar questions

On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $ 41,500Accounts Receivable 25,700Land 110,800Accounts Payable $ 15,300Notes Payable (due in 2 years) 30,000Common Stock 100,000Retained Earnings 32,700Totals $178,000 $178,000The following is a summary of the transactions for the year:1. January 12 Provide services to customers on account, $62,400.2. February 25 Provide services to customers for cash, $75,300.3 March 19 Collect on accounts receivable, $45,700.4. April 30 Issue shares of common stock in exchange for $30,000 cash.5. June 16 Purchase supplies on account, $12,100.6. July 7 Pay on accounts payable, $11,300.7. September 30 Pay salaries for employee work in the current year,…
At December 31, 2020, end of the annual reporting period, the accounts of ABC company showed the following: a. Sales Revenue for 2020, P 180,000 of which one-sixth was on credit b. Allowance for doubtful accounts, balance January 1, 2020, P900 credit c. Account Receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2019), P18,050 d. Uncollectible accounts to be written off, December 31, 2020, P1,050 e. Aging Schedule at December 31, 2020, showing the following breakdown of total accounts receivable: Status Amount Not past Due P10,000 Past Due 1-60 days 4,000 Past Due over 60 days 3,000 Required:1. Give the 2020 entry to write off the uncollectible accounts2. Give the 2020 adjusting entry to record bad debt expense for each of the following independent assumptions concerning bad debt loss rates:a. On total receivables at year-end, 2.5 percentb. On aging schedule: not past due, 0.5 percent; past due 1-60 days, 1 percent;…
At December 31, 2020, end of the annual reporting period, the accounts of ABC company showed the following: a. Sales Revenue for 2020, P 180,000 of which one-sixth was on credit b. Allowance for doubtful accounts, balance January 1, 2020, P900 credit c. Account Receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2019), P18,050 d. Uncollectible accounts to be written off, December 31, 2020, P1,050 e. Aging Schedule at December 31, 2020, showing the following breakdown of total accounts receivable: Status Amount Not past Due P10,000 Past Due 1-60 days 4,000 Past Due over 60 days 3,000 Required:1. Give the 2020 entry to write off the uncollectible accounts.2. Give the 2020 adjusting entry to record bad debt expense for each of the following independent assumptions concerning bad debt loss rates:a. On total receivables at year-end, 2.5 percentb. On aging schedule: not past due, 0.5 percent; past due 1-60 days, 1 percent;…
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:Accounts Debit CreditCash $ 58,700Accounts Receivable 25,000Allowance for Uncollectible Accounts $ 2,200Inventory 36,300Notes Receivable (5%, due in 2 years) 12,000Land 155,000Accounts Payable 14,800Common Stock 220,000Retained Earnings 50,000Totals $ 287,000 $ 287,000During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The company estimates a residual value of $1,500…
Taylor R incorporation reported the following balances after adjustment at the end of 2020 and 2019. total accounts receivable 2020 100,000 2019 95,000 net accounts receivable 2020 75,000 2019 85,000 During 2020 Taylor road of customer accounts, totaling 3000 and collected 750 on accounts written off In previous years, tailors doubtful accounts expense for the year ending December 3120 20 Is
Emmanuel, Inc. reported the following items in its December 31, 2021 trial balance: Accounts payable – P1,000,000; Accounts receivable – 45,000; Unearned rent revenue – P288,000; Withholding tax payable – P258,000; Reserves – P75,000; Bonds payable due in 2025 – P5,000,000; Accrued interest expense - P225,000; Trademark – P390,000. How much should Emmanuel report as total liabilities in its December 31, 2021 statement of financial position? A. 6,771,000 B. 6,891,000 C. 6,846,000 D. 6,666,000
allowance for doubtful accounts was P1,000,000 at December 31, and P900,000 at January 1, 2020. For the year ended December 31, 2020, the entity reported doubtful accounts expense of P160,000 in the income statement. What amount was debited to the allowance for doubtful account to write off uncollectible accounts in 2020?
At December 31, 2019, SoundMaster Company reported this informationon its balance sheet.Accounts receivable $960,000Less: Allowance for doubtful accounts 78,000During 2019, the company had the following transactions related to receivables.1. Sales on account $3,600,0002. Sales returns and allowances 150,0003. Collections of accounts receivable 3,100,0004. Write-offs of accounts receivable deemed uncollectible 92,0005. Recovery of bad debts previously written off as uncollectible 28,000 Instructionsa) Prepare the journal entries to record each of these five transactions. Assumethat no cash discounts were taken on the collections of accounts receivable.(Omit cost of goods sold entries.)b) Enter the January 1, 2019, balances in Accounts Receivable andAllowance for Doubtful Accounts, post the entries to the two accounts(use T-accounts), and determine the balances.c) Prepare the journal entry to record bad debt expense for 2019, assumingthat aging the accounts receivable indicates that…
SM Company prepared an aging of its accounts receivable at December 31, 2021 and determined that the estimated uncollectibles on that date was P74,300. During 2021, some customers’ accounts were written off. Additional information is available as follows:Allow. for Uncollectible Accts, Dec. 31, 2020 - P63,000Uncollectible accounts expense reported in the statement of comprehensive income - P18,000Accounts Receivable, Dec. 31, 2021 - P607,500Recovery during 2021 of accounts previously written off - P12,000How much were the accounts written off during 2021?
The allowance for doubtful accounts of Beta Care Limited had a credit balance of $1,500 at December 31, 2019, before the current year provision for uncollectible accounts. Based on historical data, the Accountant prepared the following schedule: Period $ % Estimated CollectibleCurrent 200,000.00 99%1-30 days 50,000.00 97%31-60 days 20,000.00 94%61-90 days 10,000.00 90%Over 90 days 5,000.00 80%Total Accounts Receivable 285,000.00 Required:3. Assume that the Allowance for doubtful account had a $1,500 debit balance. Prepare the journal entry for the current year provision.