QUESTION #1: GIVE COMPLETE SOLUTIONS
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QUESTION #1: GIVE COMPLETE SOLUTIONS
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- JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.Existence of Accounts ReceivableTo substantiate the existence of the accounts receivable balances as at December 31, 2020 of Guipetacio Company, you have decided to send confirmation requests to customers. Below is a summary of the confirmation replies together with the exceptions and audit findings. Gross profit on sales is 20%. The company is under the perpetual inventory method. Customer Balances per Books (in PHP) Comments from customers Audit Findings Abejo 50,000 P30,000 on January 2,2021. Correct balance is20,000. Returned goods receivedJanuary 5, 2021. Pacturan 10,000 Your credit memorepresenting priceadjustment datedDecember 29. 2020cancels this. The credit memo wastaken up by Pacturan in2021 Badilla 48,000 You have overpriced usby P50. Correct priceshould be P100. The complaint is valid. Villaranda 37,500 We received the goodsonly on January 5, 2021. Term is shipping pointshipped in 2020. Dacer 45,000 Balance was offset by ourDecember shipment ofyour raw…Existence of Accounts ReceivableTo substantiate the existence of the accounts receivable balances as at December 31, 2020 of Guipetacio Company, you have decided to send confirmation requests to customers. Below is a summary of the confirmation replies together with the exceptions and audit findings. Gross profit on sales is 20%. The company is under the perpetual inventory method. Customer Balances per Books (in PHP) Comments from customers Audit Findings Abejo 50,000 P30,000 on January 2,2021. Correct balance is20,000. Returned goods receivedJanuary 5, 2021. Pacturan 10,000 Your credit memorepresenting priceadjustment datedDecember 29. 2020cancels this. The credit memo wastaken up by Pacturan in2021 Badilla 48,000 You have overpriced usby P50. Correct priceshould be P100. The complaint is valid. Villaranda 37,500 We received the goodsonly on January 5, 2021. Term is shipping pointshipped in 2020. Dacer 45,000 Balance was offset by ourDecember shipment ofyour raw…
- Existence of Accounts ReceivableTo substantiate the existence of the accounts receivable balances as at December 31, 2020 of Guipetacio Company, you have decided to send confirmation requests to customers. Below is a summary of the confirmation replies together with the exceptions and audit findings. Gross profit on sales is 20%. The company is under the perpetual inventory method. Customer Balances per Books (in PHP) Comments from customers Audit Findings Abejo 50,000 P30,000 on January 2,2021. Correct balance is20,000. Returned goods receivedJanuary 5, 2021. Pacturan 10,000 Your credit memorepresenting priceadjustment datedDecember 29. 2020cancels this. The credit memo wastaken up by Pacturan in2021 Badilla 48,000 You have overpriced usby P50. Correct priceshould be P100. The complaint is valid. Villaranda 37,500 We received the goodsonly on January 5, 2021. Term is shipping pointshipped in 2020. Dacer 45,000 Balance was offset by ourDecember shipment ofyour raw…Existence of Accounts ReceivableTo substantiate the existence of the accounts receivable balances as at December 31, 2020 of Guipetacio Company, you have decided to send confirmation requests to customers. Below is a summary of the confirmation replies together with the exceptions and audit findings. Gross profit on sales is 20%. The company is under the perpetual inventory method. Customer Balances per Books (in PHP) Comments from customers Audit Findings Abejo 50,000 P30,000 on January 2,2021. Correct balance is20,000. Returned goods receivedJanuary 5, 2021. Pacturan 10,000 Your credit memorepresenting priceadjustment datedDecember 29. 2020cancels this. The credit memo wastaken up by Pacturan in2021 Badilla 48,000 You have overpriced usby P50. Correct priceshould be P100. The complaint is valid. Villaranda 37,500 We received the goodsonly on January 5, 2021. Term is shipping pointshipped in 2020. Dacer 45,000 Balance was offset by ourDecember shipment ofyour raw…Existence of Accounts ReceivableTo substantiate the existence of the accounts receivable balances as at December 31, 2020 of Guipetacio Company, you have decided to send confirmation requests to customers. Below is a summary of the confirmation replies together with the exceptions and audit findings. Gross profit on sales is 20%. The company is under the perpetual inventory method. Customer Balances per Books (in PHP) Comments from customers Audit Findings Abejo 50,000 P30,000 on January 2,2021. Correct balance is20,000. Returned goods receivedJanuary 5, 2021. Pacturan 10,000 Your credit memorepresenting priceadjustment datedDecember 29. 2020cancels this. The credit memo wastaken up by Pacturan in2021 Badilla 48,000 You have overpriced usby P50. Correct priceshould be P100. The complaint is valid. Villaranda 37,500 We received the goodsonly on January 5, 2021. Term is shipping pointshipped in 2020. Dacer 45,000 Balance was offset by ourDecember shipment ofyour raw…
- To substantiate the existence of the accounts receivable balances as at December 31, 2017 of LUKAS COMPANY, you have decided to send confirmation requests to customers. Below is a summary of the confirmation replies together with the exceptions and audit findings. Gross profit on sales is 20%. The company is under the perpetual inventory method. Name of Customer Balance Per BooksComments From Customers Audit Findings Concordia P150,000 P90,000 was returned on December 30, 2017. Correct balance as is P60,000. Returned goods were received December 31, 2017.F Falcon P30,000 Your CM representing price adjustment dated December 28, 2017 cancels this. The CM was taken up by Lukas Company in 2018. Lazaro P144,000 You have overpriced us by P150. Correct price should be P300. The complaint is valid. Silang P112,500 We received the goods only on January 6, 2018. Term is shipping point. Shipped in 2017. Yakal P135,000 Balance was offset by our December shipment of your raw materials. Lukas…You are engaged in the audit of Kaya Co., a new client, on December 31,2018. You review the following accounts in the general ledger: Accounts Receivable Beg.Bal., P200,000 Sales 4,000,000 Total P4,200,000 Loan Receivable Loan granted to a customer, 1/1/2018 P3,600,000 P4,000,000 400,000 Total P4,000,000 P4,000,000 Unearned Interest Income orig. Fees Direct P11,520 Balance 288,480 Total P300,000 in 1/1/2018 P2,596,000 1,484,000 120,000 Accounts receivable Retained earnings b. Sales discount 2018 Loan receivable b. Loan receivable paid end uncollectible P4,200,000 Unearned interest income a. P2,720,000 b. P2,750,000 P300,000 Additional information: A. The beginning balance of the accounts receivable on January 1,2018 was net of the allowance for doubtful accounts in 2017 amounting to P20,000. One of the credits in the accounts receivable was made as a result of cash collections. When receivables were collected, the bookkeeper credited accounts receivable for the cash collected.…A ezto.mheducation.com Data Sales.xlsx: fa21cob204 Computer Information Systems Dashbo Saved Help Sa The fo"owing account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 2,914 Ending Balance $ 3,805 208 104 During the accounting period, Ourso recorded $12,500 of sales revenue on account. The company also wrote off a $177 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash collected from receivables. Collections of accounts receivable K Required A Required B> < Prev 1 of 1 Next MacBook Pro #3 $ & 4 6. 7 8. V くo
- Current Attempt in Progress At December 1, 2022, Tamarisk, Inc. Accounts Receivable balance was $17470. During December, Tamarisk had credit sales of $46800 and collected accounts receivable of $37440. At December 31, 2022, the Accounts Receivable balance is O $64270 debit O $17470 debit O $26830 credit O $26830 debit Save for Later Attempts: 0 of 1 used Submit AnswerActivity 2 Directions: Compute the uncollectible account expense using the percent of accounts receivable method. The following information needed in the computation of uncollectible accounts expense for March 2021 is available for Parkland Enterprises: Sales Cash Sales Accounts Receivable-ending 200,000.00 50,000.00 5,000.00 Assume that the company decided that five percent (5%) of accounts receivable are deemed uncollectible.Prepare journal entries to record the following transactions entered into by the Wildhorse Co.: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 2022 Nov. 1 Sold merchandise on account to Mercer, Inc., for $19,000, terms 2/10, n/30. Nov. 5 Mercer, Inc., returned merchandise worth $1,150. Nov. 9 Received payment in full from Mercer, Inc. Date Account Titles and Explanation Debit Credit Nov. 1Nov. 5Nov. 9 Enter an account title to record sales on account on November 1 Enter a debit amount Enter a credit amount Enter an account title to record sales on account on November 1 Enter a debit amount Enter a credit amount Nov. 1Nov. 5Nov. 9 Enter an account title to record merchandise…