The year end adjusted trial balance of the timmons

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4.The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earnings, $310,000; sales revenue, $970,000; cost of goods sold, $670,000; salaries expense, $150,000; rent expense, $47,000; and interest expense, $21,000.Prepare the necessary closing entries.General JournalDebitCreditSales revenueIncome summaryIncome summaryCost of goods sold Salaries expenseRent expenseInterest expenseIncome summaryRetained earnings
5.Newman Consulting Company maintains its records on a cash basis. During 2013 the following cash flows were recorded: cash received from customers, $430,000; and cash paid for salaries, utilities, and advertising, $245,000, $36,000, and $13,000, respectively. You also determine that customers owed the company $56,000 and $61,000 at the beginning and end of the year, respectively, and that the company owed the utility company $4,000 and $2,500 at the beginning and end of the year, respectively.Determine accrual net income for the year.
6.Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the company recently borrowed $150,000 from a local bank and the bank requires S&J to provide annual financial statements prepared on an accrual basis. During 2013, the following cash flows were recorded:Cash collected from customers$ 370,000 Cash paid for:Salaries$185,000Supplies30,000Rent14,000Insurance11,000Miscellaneous25,000265,000 Net operating cash flow$ 105,000 You are able to determine the following information about accounts receivable, prepaid expenses, and accrued liabilities:January 1, 2013December 31, 2013Accounts receivable$37,000$29,500Prepaid insurance0 2,500 Supplies1,500 1,750 Accrued liabilities(for miscellaneous expenses)2,900 3,800In addition, you learn that the bank loan was dated September 30, 2013, with principal and interest at 6% due in one year. Depreciation on the company’s equipment is $15,000 for the year.Required:

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