Solving all problems for Nash with preparing entries and solving the rest of the problems.

Presented below are selected account balances for Nash Co. as of December 31, 2017. Inventory 12/31/17 Common Stock Retained Earnings Dividends Sales Returns and Allowances Sales Discounts Sales Revenue $60,770 74,170 45,080 17,873 11,908 15,070 408,750 Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense $229,017 16,133 37,525 30,300 Prepare closing entries for Nash Co. on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No Account Titles and Explanation . 1. (To close accounts with credit balances) 2. (To close accounts with debit balances) 3. Debit Credit (To close net income / (loss)) 4. (To close dividends) Pearl, M.D., maintains the accounting records of Pearl Clinic on a cash basis. During 2017, Dr. Pearl collected $139,849 from her patients and paid $50,290 in expenses. At January 1, 2017, and December 31, 2017, she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All long-lived assets are rented.) Accounts receivable Unearned service revenue Accrued expenses Prepaid expenses January 1, 2017 $9,545 2,641 3,345 1,861 December 31, 2017 $16,822 3,952 1,973 3,145 Prepare a schedule that converts Dr. Pearl's "excess of cash collected over cash disbursed" for the year 2017 to net income on an accrual basis for the year 2017. PEARL, M.D. Conversion of Cash Basis to Accrual Basis For the Year 2017 $ : : : : $ A review of the ledger of Marin Company at December 31, 2017, produces the following data pertaining to the preparation of annual adjusting entries. 1 . 2 . Salaries and Wages Payable $0. There are eight employees. Salaries and wages are paid every Friday for the current week. Five employees receive $730 each per week, and three employees earn $470 each per week. December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December. Unearned Rent Revenue $407,430. The company began subleasing office space in its new building on November 1. Each tenant is required to make a $5,230 security deposit that is not refundable until occupancy is terminated. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease. Date Nov. 1 Dec. 1 3 . Term (in months) 6 6 Monthly Rent $6,540 $6,840 Number of Leases 5 4 Prepaid Advertising $10,800. This balance consists of payments on two advertising contracts. The contracts provide for monthly advertising in two trade magazines. The terms of the contracts are as shown below. Contract A650 B974 Date May 1 Oct. 1 Amount $4,800 6,000 Number of Magazine Issues 12 24 The first advertisement runs in the month in which the contract is signed. 4 . Notes Payable $60,600. This balance consists of a note for one year at an annual interest rate of 12%, dated June 1. Prepare the adjusting entries at December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 2,520.) No Account Titles and Debit Credit . 1. 2. 3. 4. Explanation