Exercise 4 – 2 (257AP) LESS TRUCKING SERVICE Trial Balance December 31, 20CY Debit Ассounts Credit Cash 35,600 REQUIREMENTS: Accounts Receivable 7,900 1. 10-column worksheet Allowance for Bad Debts 600 Office Supplies 3,200 2. Income Statement Prepaid Insurance Land 5,140 3. Balance Sheet 1,000,000 3,950,000 4. Closing Entries 5. Post-closing Trial Building Accumulated Depreciation – Bldg. Service Trucks Accumulated Depreciation – Serv. Trucks Office Equipment Accumulated Depreciation – off. Equip. Accounts Payable Mortgage Payable Penny Less, Capital Penny Less, Drawing Income from Trucking Service 50,000 Balance 1,400,000 100,000 165,000 5,000 8,900 200,000 25,000 4,000 5 Office Salaries Truck Driver's Wages | Gas, oil and repairs 53,000 195,000 26,000 Adjustment Data: 1. The allowance for bad debts should be increased to 10% of accounts receivable. 2. Office supplies still on hand is Pl, 200. 3. Prepaid insurance is an insurance policy for 5 years taken on October 1 this уear. 4. Building is depreciated at 10% and so does service truck; office equipment shall be depreciated P500 more. 5. Accrued office salaries P1, 300 and truck driver's wages P2, 000. 6. Gas, oil and repairs used are P21, 000.

Exercise 4 – 2 (257AP) LESS TRUCKING SERVICE Trial Balance December 31, 20CY Debit Ассounts Credit Cash 35,600 REQUIREMENTS: Accounts Receivable 7,900 1. 10-column worksheet Allowance for Bad Debts 600 Office Supplies 3,200 2. Income Statement Prepaid Insurance Land 5,140 3. Balance Sheet 1,000,000 3,950,000 4. Closing Entries 5. Post-closing Trial Building Accumulated Depreciation – Bldg. Service Trucks Accumulated Depreciation – Serv. Trucks Office Equipment Accumulated Depreciation – off. Equip. Accounts Payable Mortgage Payable Penny Less, Capital Penny Less, Drawing Income from Trucking Service 50,000 Balance 1,400,000 100,000 165,000 5,000 8,900 200,000 25,000 4,000 5 Office Salaries Truck Driver's Wages | Gas, oil and repairs 53,000 195,000 26,000 Adjustment Data: 1. The allowance for bad debts should be increased to 10% of accounts receivable. 2. Office supplies still on hand is Pl, 200. 3. Prepaid insurance is an insurance policy for 5 years taken on October 1 this уear. 4. Building is depreciated at 10% and so does service truck; office equipment shall be depreciated P500 more. 5. Accrued office salaries P1, 300 and truck driver's wages P2, 000. 6. Gas, oil and repairs used are P21, 000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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OkyOTcw/a/MjUwNDEyNDM20TEx/details Particulars Credit (RM) 48,400 Debit (RM) Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases retums Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank TOTAL 330 14,800 102.050 102.050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and Others Comprehensive Income for the year…
Kimmel, Financial Accounting, 8e Help | System Announcerments Practice Question 40 Which one of the following is the correct presentation of Accounts Receivable and its contra account on the balance sheet? Accounts Receivable $642,000 Less: Bad Debt Expense (17,000) (2,000) Less: Allowance for Doubtful Accounts $623,000 Accounts Receivable $642,000 Less: Allowance for Doubtful Accounts (2,000) $640,000 Accounts Receivable $642,000 Plus: Allowance for Doubtful Accounts 2,000 $644,000 Accounts Receivable $642,000 Less: Bad Debt Expense (17,000) $625,000 lick if you would like to Show Work for this question: Open Show Work
Mr Required information PA8-4 (Algo) Accounting for Accounts and Notes Receivable Transactions [LO 8-2, LO 8-3] [The following information applies to the questions displayed below.] Web Wizard, Incorporated, has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $47,000 on credit. b. On January 31, the company estimated bad debts using 2 percent of credit sales. c. On February 4, the company collected $23,500 of accounts receivable. d. On February 15, the company wrote off $150 account receivable. e. During February, the company provided services for $37,000 on credit. f. On February 28, the company estimated…
be Preview File Edit View V Go mgt120h-a17.pdf Page 3 of 10 DOLAY Tools Window Help risinin D .. .. .. ... ... O V C. For an amount that the company estimates it will not collect. d. Several times during the accounting period. ܐ. . .. . . Search (Cª 5. Under the allowance method for uncollectible accounts, Bad Debts Expense is recorded a. When an individual account is written off. b. When the loss amount is known. Sat Apr 15 3:04 PM 6. A company sells an asset that originally cost $150,000 for $50,000 on December 31, 2016. The accumulated depreciation account had a balance of $60.000 after the current year'e Cost-Volume-Profit Analysis The Effect Of Prepaid Taxes On Assets Debenture Valuation And Liabili... 90 77
buisness k210 Google Docs canvas 0 work i ! Outlook Calendar A ALEKS Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 Required information Problem 7-3A (Algo) Aging accounts receivable and accounting for bad debts LO P2, P3 [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Affects Jarden's net income Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Saved Expected Percent New Tab ab Quickbooks Uncollectible 1.30% 2.05 6.55 33.00 69.00 Problem 7-3A (Algo) Part 3 3. On June 30 of the next year, Jarden concludes that a customer's $4,650 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income?
Balance LO5-3 EXERCIS Adequate Disclosure 05-2, L05-4 KERCISE 5.7 sing Entries of a fitable Company a. Best Buy. The following information was taken directly from the roo customer-facing. 1. "A gift card liability is initially established for the value of gift cards when they are sold. We recognize revenue from gift cards when the cards are redeemed by customers." 2. "Advertising costs, which are included in SG&A, are expensed when the advertisement is Th are di balance ha C. 3. a. the assets. Discuss what is meant by each of the above footnote items. "We compute depreciation using the straight-line method over the estimated useful lives of b. As noted, Best Buy establishes a liability to record the sale of gift cards. Assume that you current year. 99 ** a entries made by Best Buy to record (1) your purchase of the gift card and (2) the use of the gift card by your friend to purchase a $100 set of headphones. Discuss how the matching principle relates to Best Buy's treatment of…
Chapter 8 Questions to practice BE8-1 Presented below are three recei\ailes transactions. Indicate whether these recei\. ables are reported as accounts recei\able, notes recei\-able, or other receivables on a state- ment of6nancial position. (a) Sold merchandise on account forW64,000,000 to a customer. (b) Received a promissory note ofW57,000,000 for senicn perfonned. (c) Ad\-anced W8,000,000 to an employee.
Final) Chapters 8-9-10-11 & Ratios A Saved Help Total $ 600,000 1 to 30 $ 96,000 31 to 60 $ 42,000 Over 90 $ 36,000 61 to 90 Accounts receivable Percent uncollectible $ 402,000 $ 24,000 18 28 58 78 108 a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,200 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $700 debit. Complete this question by entering your answers in the tabs below. Req A Reg B and C b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,200 credit. c. Prepare the adjusting entry to record…
4G Vo) .l i 15:42 u. ♡ LTE2 7, 15% 40 แบบฝึกหัดท้ายบท 3. H : Required 1. Use the preceding analysis to compute the estimated amount of uncollectible receivables. 2. Prepare the journal entry to record Nana Company estimated uncollectibles, assuming the balance in the Allowance for Doubtful Accounts prior to adjustment is: a. 0 b. $3,000 (Debit) c. $2,800 (Credit) da 8 (Estimating Bad Debts from Receivables Balances) The following information is extracted from the accounting records of the Shelton Corporation at the beginning of 2012: Accounts Receivable $63,000 Allowance for Doubtful Accounts 1,400 (Credit) During 2012 sales on credit amounted to $575,000, $557,400 was collected on outstanding receivables, and $2,600 of receivables were written off as uncollectible. On December 31, 2012, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance. Required 1. Prepare the journal entry to record Shelton's estimate of bad debt expense for 2012. 2.…
PROGRAMS v SELF-DEVELOPMENT E-LIBRARY ZAIN HANDBOOKS 11 12 13 14 15 When recording bad debt expense under the allowance method, at the end of the accounting period? is credited, and is debited O a accounts receivable; bad debt expense. O b. allowance for doubtfut accounts accounts receivable O c. bad debt expense; allowance for doubtful accounts O d. allowance for doubtful accounts: bad debtexpense. Hc POCOPHONE SHOT ON POCOPHONE F1 10:04 11/2/7 10
Required information Problem 9-3A (Algo) Aging accounts receivable and accounting for bad debts LO P2, P3 [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percent Does this write-off directly affect Jarden's net income? Uncollectible 1.25% 2.00 6.50 32.75 68.00 Problem 9-3A (Algo) Part 3 3. On June 30 of the next year, Jarden concludes that a customer's $4,700 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income?
Exercise 7-16 (Static) Uncollectible accounts; allowance method; balance sheet approach; financial statement effects [LO7-5, 7-6] Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2024, accounts receivable totaled $625,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $32,000 at the beginning of 2024 and $21,000 in receivables were written off during the year as uncollectible. Also, $1,200 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 10% to accounts receivable at the end of the year. Required: 1. Prepare journal entries to record the write-off of receivables, the collection of $1,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense. 2. How would accounts receivable be shown in the 2024 year-end balance sheet?…