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Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable $ Ending balance in Allowance for Doubtful Accounts $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer

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On April 1, Carla Vista Travel Agency, Inc. began operations. The following transactions were completed during the month. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Issued common stock for $21,600 cash. Obtained a bank loan for $6,300 by issuing a note payable. Paid $9,900 cash to buy equipment. Paid $1,100 cash for April office rent. Paid $1,300 for supplies. Purchased $540 of advertising in the Daily Herald, on account. Performed services for $16,200: cash of $1,800 was received from customers, and the balance of $14,400 was billed to customers on account. Paid $360 cash dividend to stockholders. Paid the utility bill for the month, $1,800. Paid Daily Herald the amount due in transaction (6). Paid $40 of interest on the bank loan obtained in transaction (2). Paid employees' salaries, $5,760. Received $10,800 cash from customers billed in transaction (7). Paid income tax, $1,350. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and…

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Nash Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2019, and December 31, 2020. This information is presented below: Cost Lower-of-Cost-or-Market 12/31/19 $317,820 $ 297,230 12/31/20 444,060 427,160 (a) Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit 12/31/19 12/31/20 (b) Prepare journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market under a perpetual system (loss method is used). (Credit account titles are automatically indented when amount is…

Please answer question correctly Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select, “No entry” for the accounts titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem

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ACCT 102 - Please Do Both Subparts.

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Pharoah Corporation issued $420,000 of 5-year bonds on April 1, 2023. Interest is paid semi-annually on April 1 and October 1. Below is a partial amortization schedule for the first few years of the bond issue. Semi-Annual Interest Period Apr 1, 2023 Oct. 1, 2023 Apr. 1.2024 Oct 1, 2024 Apr. 1.2025 Oct. 1, 2025 Apr. 1, 2026 Interest Payment $8,400 $6,591 8,400 6,563 6,536 6,508 6,479 6,451 8,400 Interest Expense 8,400 8,400 8,400 Amortization. $1,809 1,837 1,864 1,892 1,921 1,949 Carrying Amount of Bonds $439,367 437,558 435,721 433,857 431.965 430,044 428,095

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The following transactions involving intangible assets of Oriole Corporation occurred on or near December 31, 2020. 1. Minton paid Grand Company $440,000 for the exclusive right to market a particular product, using the Grand name and logo in promotional material. The franchise runs for as long as Oriole is in business. Oriole spent $600,000 developing a new manufacturing process. It has applied for a patent, and it believes that its application will be successful. 2. In January, 2021, Oriole's application for a patent (#2 above) was granted. Legal and registration costs incurred were $249,900. The patent runs for 20 years. The manufacturing process will be useful to Minton for 10 years. Oriole incurred $180,800 in successfully defending one of its patents in an infringement suit. The patent expires during 3. 4. December, 2024. Oriole incurred $470,400 in an unsuccessful patent defense. As a result of the adverse verdict, the patent, with a remaining unamortized cost of $241,920, is…

Remember , prepare the journal entry to record 2023 depreciation .

Following is a list of credit customers along with their amounts owed and the days past due at December 31. Following that list are five classifications of accounts receivable and estimated bad debts percent for each class. Percent uncollectible Customer BCC Company Lannister Company Mike Properties Ted Reeves Jen Steffens Accounts Receivable $ 4,700 1,700 5,700 850 2,700 0 1% Required 1 Required 2 1 to 30 3% Days Past Due 16 110 73 35 Days Past Due 31 to 60 5% 61 to 90 8% 1. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. Calculate the estimated balance for the Allowance for Doubtful Accounts. 2. Assuming an unadjusted credit balance of $170, record the required adjustment to the Allowance for Doubtful Accounts. Complete this question by entering your answers in the tabs below. Estimated balance for Allowance for Doubtful Accounts Over 90 12% Create an aging of accounts receivable schedule of accounts receivable by age…

On December 31, 2024, Blossom Inc. borrowed $4,380,000 at 12% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: March 1, $525,600; June 1, $876,000; July 1, $2,190,000; December 1, $2,190,000. The building was completed in February 2026. Additional information is provided as follows. 1. 2. Other debt outstanding: 10-year, 13% bond, December 31, 2018, interest payable annually 6-year, 10% note, dated December 31, 2022, interest payable annually March 1, 2025, expenditure included land costs of $219,000. 3. Interest revenue of $71,540 earned in 2025. $5,840,000 2,336,000 Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. The amount of interest $

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Coronado Financial Services performs bookkeeping and tax-reporting services to startup companies in the Oconomowoc area. On January 1, 2020, Coronado entered into a 3-year service contract with Walleye Tech. Walleye promises to pay $9,000 at the beginning of each year, which at contract inception is the standalone selling price for these services. At the end of the second year, the contract is modified and the fee for the third year of services is reduced to $7,000. In addition, Walleye agrees to pay an additional $18,000 at the beginning of the third year to cover the contract for 3 additional years (i.e., 4 years remain after the modification). The extended contract services are similar to those provided in the first 2 years of the contract. (a) Your Answer Correct Answer Your answer is correct. Prepare the jourmal entries for Coronado in 2020 and 2021 related to this service contract. (Credit account titles are automatically indented when the amount is entered. Do not indent…

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On July 15, 2024, the Niche Car Company purchased 2,800 tires from the Treadwell Company for $35 each. The terms of the sale were 2/10, ¹/30 . Niche uses a perpetual inventory system and the net method of accounting for purchase discounts.

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Prepare the journal entries to record interest income and interest received and recognition of fair value at December 31, 2023,

On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. • Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. . The expected useful life of the asset is nine years, and its fair value is $90,000. . Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of…