Please do not give solution in image format thanku TotalsNASH TRAVELER CORPORATIONTrial BalanceDebitCredit 2.3.The following trial balance of Nash Traveler Corporation does not balance.4.Cash5.An examination of the ledger shows these errors.Nash Traveler CorporationTrial BalanceApril 30, 2025Accounts ReceivableSuppliesEquipmentAccounts PayableCommon StockRetained EarningsService RevenueOffice ExpenseDebit$6,2025,3403,0676,2004,420$25,229An examination of the ledger shows these errors.From this information prepare a corrected trial balance.Credit$7,1441. Cash received from a customer on account was recorded (both debit and credit) as $1,280 instead of $1,820.The purchase on account of a computer costing $3,203 was recorded as a debit to Office Expense and a credit to AccountsPayable.8,1002,1005,300$22,644Services were performed on account for a client, $2,350, for which Accounts Receivable was debited $2,350 and ServiceRevenue was credited $235.A payment of $195 for telephone charges was entered as a debit to Office Expense and a debit to Cash.The Service Revenue account was totaled at $5,300 instead of $5,380.

Trial Balance -Trial Balance is a Summarized table form of statement under double entry accounting…

Answered: 2. 3. The following trial balance of…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 46P

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b. Show how the Accounts Receivable account and the Allowance for Doubtful Accounts would appear on the December 31 balance sheet. Note: Do not use negative signs with any of your answers. Balance Sheet (excerpt) Current assets Cash $ XX,XXX Accounts receivable 2$ 560,000 Less Allowance for doubtful accounts + (13,400) Inventory XXX,XXX Other current assets X,XXX Total Current Assets $XXX,XXX
List any errors you can find in the following partial balance sheet: Napa Vino Company Balance Sheet December 31, 20Y9 Assets Current assets: Cash Notes receivable Less interest receivable Accounts receivable Plus allowance for doubtful accounts $ 78,500 $ 300,000 4,500 $1,200,000 11,500 295,500 1,211,500
eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.
(c) What is the balance of accounts receivable on it December 31 balance sheet? Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 180,000 1% 31-60 days past due 40,000 2 61-120 days past due 22,000 5 121-180 12,000 10 Over 180 days past due 8,000 25 Total accounts receivable $ 262,000
The trial balance of Fuzzy Security Services Ltd. as of January 1, Year 9, had the following normal balances:Cash$93,380Petty Cash100Accounts receivable21,390Allowance for doubtful accounts2,485Supplies180Prepaid rent3,000Merchandise inventory (23 @ $280)6,440Equipment9,000Van27,000Accumulated depreciation14,900Salaries payable1,500Common stock50,000Retained earnings91,605During Year 9, Fuzzy Security Services experienced the following transactions:1. Paid the salaries payable from Year 8.2. Paid $9,000 on May 2, Year 9, for one year’s office rent in advance.3. Purchased $425 of supplies on account.4. Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase.5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable.6. Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. (Be sure to compute cost of goods sold using the FIFO cost flow method.)7. Billed $107,000 of monitoring…
27.The ABC Co disclosed the following data at Dec 31, 20X1:Account known to be worthless, P37,500Advance payment to creditors on purchase orders P50,000Customers accounts (credit balance due to returns), P5,000Advances to employees, P34,000Trade receivable, P169,000Other non trade receivables, P4,000The amount of receivables at Dec 31, 20X1 is: 173,000 252,000 257,000 289,500
LO4 E6-34. Reporting Uncollectible Accounts and Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, 2019, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. MBC Chapter 6 Reporting and Analyzing Revenues, Receivables, and Operating Income 31 Cambridge Business Publishers Age Group Accounts Receivable Estimated Loss % Current (not past due) 1-30 days past due 31-60 days past due 61-120 days past due 121-180 days past due Over 180 days past due .. $250,000 0.5% ... 90,000 20,000 2 11,000 6,000 10 4,000 25 Total accounts receivable... $381,000 At the beginning of the fourth quarter of 2019, there was a credit balance of $4,350 in the Allowance for Uncollectible Accounts. During the fourth quarter, LaFond Company wrote off $3,830 in re- ceivables as uncollectible. a. What amount of bad debts expense will LaFond report for 2019? b. What is the balance of accounts receivable that it reports on its December…
A B UD C |7. If bad debts expense is determined by estimating uncollectible accounts receivable, the entry to record the write-off of a specific uncollectible account would decrease: allowance for uncollectible accounts. net income. net book value of accounts receivable. bad debts expense. 8. If management intentionally underestimates bad debts expense, then net income is A overstated and assets are understated. B understated and assets are overstated C understated and assets are understated. D overstated and assets are overstated 9. Which of these items will not appear in the retained earnings statement? A Net Loss B Prior period adjustment, net of taxes с Cumulative effect on prior years of a change in accounting principles, net of tax D Dividends. E All of the above appear in the statement of retained earnings
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $674,914 and Allowance for Doubtful Accounts has a balance of $25,921. What is the net realizable value of accounts receivable? a. $25,921 b. $648,993 c. $674,914 d. $700,835
4 Indicate the classification, presentation and disclosure of Problem 8-12 (IAA) Lucid Company showed the following balances on December 31: Accounts receivable-unassigned Accounts receivable-assigned Allowance for doubtful accounts-January 1 Receivable from factor Note payable-bank 1,000,000 300,000 30,000 40,000 240,000 During the current year, the entity found itself in financial distress and decided to resort to receivable financing. On June 30, the entity factored P200,000 of accounts receivable to a finance entity. The finance entity charged a factoring fee of 5% of the accounts factored and withheld 20% of the amount factored. On December 31, the entity assigned P300,000 of accounts receivable to a bank under a nonnotification basis. The bank advanced 80% less a service fee of 5% of the accounts assigned. The entity signed a promissory note for the loan. On December 31, it is estimated that 5% of the outstanding accounts receivable may prove uncollectible. Required: the accounts…
Shttps://anu.instructure.comytourses/7789/quires/34131/take Question 7 Sps What is the impact on the accounting equatioon when an accunts receivable is collected? both sides increase both sides decrease only the Asset side changes the total of neither side changes Question 8 Spts
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $664,657 and Allowance for Doubtful Accounts has a balance of $21,609. What is the net realizable value of the accounts receivable? a.$21,609 b.$664,657 c.$643,048 d.$686,266

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