70.2K

Verified Solution

Link Copied!

record the closing entry for the expense accounts

Check my work (Together Everyone Achieves More) Tony knows that most people are not familiar with these types of activities, so to encourage business he allows groups to participate in the event before paying. He offers a 4% quick-payment discount to those that pay within 10 days after the event. He also guarantees that at least eight hours of outdoor activities will be provided or the customer will receive a 20% discount. For the first six months of the year, the following activities occur for TEAM operations Jan. 24 Great Adventures purchases outdoor gear such as ropes, Selmuts, harnesses, compasses, and other miscellaneous equipment for $5,100 cash. Feb. 25 Mr. Kendall's Boy Scout troop participates in one-day TEAM adventure. Normally, Tony would charge a group of this size 53,600, but he wants to encourage kids to exereise more and enjoy the outdoors so he charges the group only $3,100. Great Adventures provides these services on account. Feb. 28 The Boy Scout troop pays the fall amount owed, less the 41 quick-payment discount. Mar. 19 Reynolds Management has its employees participate in a one-day TEAM adventure. Great Adventures provides services on account for $4,100, and Reynold's agrees to pay within 30 days. Mar. 27 Reynolds pays the full amount oved, less the 4t quick-payment discount. Apr. 7 Several men from the Elks Lodge decide to participate in a TEM adventure. They pay $7,600, and the event is scheduled for the following week. Apr. 14 The TEA adventure is held for members of the Elks Lodge. Apr. 30 Hyere Manufacturing participates in a TEM adventure. Great Adventures provides services on account for 58,400, and Myers agrees to pay within 30 days. May 31 Myers Manufacturing fails to pay the amount oved within the specified period and agree to sign a three-sonth, 61 note receivable to replace the existing account receivable. Jun. 15 Beveral MBA groupe participate in TIAM adventures. Great Adventures provides services on account for $24,500 to these groups, with payment doe in July. Consider the following information as of June 30, 2022 Suzie estimates uncollectible accounts to be 8% of accounts receivable (which does not include the $8,400 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. Accrue one month of interest on the note receivable from Myers Manufacturing 3 nes + 9 10 11 12 13 14 eBook Record the closing entry for the expense accounts. AK Note: Enter debits before credits References Date Debit Credit Jun 30 Account Title Retained Earnings Depreciation Expense +2 Salaries Expense Bad Debt Expense Rent Expense Insurance Expense Supplies Expense Interest Expense 1,960 Record entry Clear entry View general journal

Answer & Explanation Solved by verified expert

See Answer