D Chapter 9 Homework > C O ezto.mheducation.com/hm.tpx?--0.274240996604483315100
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Question
D Chapter 9 Homework > C O ezto.mheducation.com/hm.tpx?--0.27424099660448331510088506840 Exercise 9-19 Complete the accounting cycle (LO9-2,9-8) The tollowing informaion applies to the questions displayed below On January 1, 2018, the general ledger of Freedom Fireworks Includes the following account balances Debit Credit $ 12,700 Cash Accounts Receivable 37,000 153,500 82,300 135,000 Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings $ 3,300 11,100 34.200 215,000 156,900 Totals $420,500 $420,500 During January 2018, the following transactions occur: January 1 Borrow $115,000 trom Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2130 are required at the end of each month for 60 months. January 4 Receive $32,500 from customers on accounts receivable January 10 Pay cash on accounts payable, $26,000 January 15 Pay cash for salaries, $30,400 January 30 Flrework sales for the month total $210,000. Sales Include $66,500 for cash and $143,500 on account. The cost of the units sold is $120,000 January 31 Pay the first monthly installment of $2,130 related to the $115,000 borrowed on January 1. Round your Interest calculation to the nearest dollar. 1:04 PM O Type here to search 11/7/2017Explanation / Answer
Required information is as prepared below:
working for Bad debt Expense:
Closing entries
Freedom Fireworks Adjusted Trial Balance January 31, 2018 Debit Balances Credit balances Cash 168,170 Account Receivable 148,000 Allowance for doubtful accounts 6,555 Inventory 33,500 Land 82,300 Building 135,000 Accumulated depreciation 12,000 Accounts Payable 8,200 Notes Payable 113,445 Income tax payable 9,500 Salaries payable 27,600 Common Stock 215,000 Retained Earnings 156,900 Salaries expense 58,000 Sales 210,000 Cost of sales 120,000 Depreciation Expense 900 Bad debt expense 3,255 Interest Expense 575 Income tax expense 9,500 Total 759,200 759,200Related Questions
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