Prepare closing entries for Happy Dooty Enterprises as of 12/31of the current year based on the following information from selected accounts from the adjusted trial balance. What is the net income and ending capital balance? Supplies 40,000 Prepaid Rent 7,000 Equipment 90,000 Capital 1/1 106,000 Drawing 4,000 Revenue 84,000 Wages Expense 32,000 Rent Expense 5,000 Depreciation Expense 8,000 Supply Expense 4,000 Insurance Expense 7,000 Cash 24,000 Accts Receivable 12,000 Accum Depreciation - Equipment 16,000 Accts Payable 5,000 Wages Payable 4,000 Note Payable 18,000 The following information pertains to Jooners as of year end on 12/31 Sales during year 800,000 cash sales 1,400,000 credit sales 2,200,000 Total Sales Accts Receivable 12/31 860,000 Allowance for Doubtful Accounts 7,000 credit balance Outstanding Accounts Not due 688,000 1-30 past 86,000 31-60 past 51,600 61-90 past 25,800 Over 90 8,600 % Uncollectible Not due 2% 1-30 past 5% 31-60 past 9% 61-90 past 15% Over 90 25% Prepare the following entries Adjusting entry on 12/31 after doing an aging of accounts receivable assuming the company uses the percentage of receivables approach for bad debt expense Entry to record bad debt of $1200 from Smith Company that has gone bankrupt on 1/30 Assume the company uses % of credit sales and determines that 2% of credit sales are uncollectible prepare the adjusting entry Prepare a bank reconciliation for XYZ on 11/30 Balance per books 11/30 9,920 Balance per bank 11/30 12,170 Deposit in Transit 1,500 Outstanding Checks 1,710 Bank Service Charge 190 Note Collected by bank 2,230 Inventory Question: prepare an income statement using: FIFO perpetual based on the following and LIFO perpetual based on the following and indicate the value of ending inventory under each scenario Date Purch Cost 1-Jan Beg Inven 10 20 1-Mar 10 25 1-Jun 10 28 1-Aug 10 30 1-Dec 10 31 50 Sales 1-Feb 8 1-May 11 15-Sep 8 15-Dec 1 28 All Sales were for $50 each Operating expense was $165