Business, 12.01.2021 17:30 alize123213
On January 1, 2018, the general ledger of TNT Fireworks Includes the following account balance:
Accounts Debit Credit
Cash 60,600
Accounts Receivable 28,800
Allowance for Uncollectible Accounts 4100
Inventory 38,200
Notes Receivable (5% due in 2 years) 34,800
Lend 174,000
Accounts Payable 16,700
common Stock 239,000
Retained Earning 76,600
Totals 336,400 336,400
During January 2018, the following transactions occur.
January 1. Purchase equipment for $21.400. The company estimates value of $3,400 end five-year life.
January 4. Pty cash on accounts payable, $11,400
January 8 Purchase additional Inventory on account, $101,900
January 15. Receive cash on accounts receivable. $23,900
January 19. pay cash on salaries. $31,700
January 28. pay January utilities. 58,400.
January 30. Firework sales for January total $239,000. All of these sales are on account. The cost of the units sold $124,500.
Information for adjusting entries:
1. Depreciation on the equipment for the month or January calculated using the straight-line method.
2. At the end of January. $4,900 of accounts post due, and the company estimates that of these accounts will not be collected. Of the remaining accounts the company estimates that will not be collected. The note receivable of $34,800 Is considered fully collectible and therefore Is not Included In the estimate of uncollectible accounts.
3. Accrued Interest revenue on notes receivable tor January
4. Unpaid salaries at the end of January are $34.500
5. Accrued Income taxes at the end of January are $10,900
Required:
a. Record the entry to close the company's revenue account(s).
b. Record the entry to close the company's expense account(s).
Answers: 3
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On January 1, 2018, the general ledger of TNT Fireworks Includes the following account balance:
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