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- General ledger accountsGolden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: November 30 Debit CreditSupplies $2,000Prepaid Insurance 8,000Salaries Payable $11,000Deferred Revenue 3,000The following information is known for the month of December:1. Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500.2. No insurance payments are made in December. Insurance cost is $2,000 per month.3. November salaries payable of $11,000 were paid to employees in December. Additional salaries for December owed at the end of the year are $16,000.4. On November 1, a tenant paid Golden Eagle $4,500 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount.Required:Show the adjusting entries that…H
- The following information is available from the annual reports of Pharoah Company and Novak Corp. Companies. Sales Beginning receivables, net Ending receivables, net 1. 2. 1. (In millions) 2. Pharoah Company $128,000 Based on the preceding information, compute the following for each company: (Round answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) 23,300 Accounts receivable turnover 16,300 Average collection period Novak Corp. $43,000 4,000 Accounts receivable turnover. (Assume all sales were credit sales.) Average collection period. 4,800 Pharoah Company times. days Novak Corp. times days.Journal Entries for Accounts and Notes ReceivablePittsburgh, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $33,000, 60 day, eight percent note on account from J. Albert. Aug.7 Received payment from J. Albert on her note (principal plus interest). Sep.1 Received an $39,000, 120 day, nine percent note from R.T. Matthews Company on account. Dec.16 Received a $31,800, 45 day, ten percent note from D. Leroy on account. Dec.30 R.T. Matthews Company failed to pay its note. Dec.31 Wrote off R.T. Matthews account as uncollectible. Pittsburgh, Inc. uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $48,200. An analysis of aged receivables indicates that the desired balance of the allowance account should be $43,000.…Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Ending Accounts Receivable $2,722 6,494 625 WalCo TarMart CostGet Receivable $1,775 5,966 589 Net Sales $318,427 63,878 64,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. 2. Which company appears most efficient in collecting cash from sales?
- At the end of the first year of operations, mayberry advertising had accounts receivable of $21100. Management of the company estimates that 8% of the accounts will not be collected What adjutment would mayberry advertising record to established allowance for uncollectible accounts Do the journal entry worksheetA company reports the following: Sales $1,057,770 Average accounts receivable (net) 83,950 Determine the (a) accounts receivable turnover, and (b) number of days' sales in receivables. When required, round your answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables daysRecord the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
- can someone help me with journal entry with the following entries? Prepare journal entries for the following: Beginning Balance in Accounts Receivable: 12,000 Beginning Balance in Allowance: credit of 1,000 On March 31, customers were billed $25,000. On June 15, cash collections from transaction (a) totaled $20,000. On 10/31, a customer balance of $1500 from a prior year was written off. On 12/15, a customer paid an old balance of $900 that had been written off in a previous year. On 12/31, bad debts were estimated at 2% of credit sales.Grover Incorporated uses the allowance method to account for uncollectible accounts expense. Grover Incorporated experienced the following four accounting events in Year 1: 1. Recognized $71,000 of revenue on account. 2. Collected $65,000 cash from accounts receivable. 3. Wrote off uncollectible accounts of $650. 4. Recognized uncollectible accounts expense. Grover estimated that uncollectible accounts expense will be 2 percent of sales on account. Required a. Show the effect of each event on the elements of the financial statements, using a horizontal statements model. Use + for increase, - for decrease, and blank for not affected. In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), financing activity (FA), or not affected (blank). The first transaction is entered as an example. b. Record the previous transactions in general journal form.The following data are taken from the financial statements of Outdoor Patio Inc. Terms of all sales are 2/10, n/60. Year 3 Year 2 Year 1 Accounts receivable, end of year $190,200 $204,000 $219,400 Sales 1,084,050 994,990 a. For Years 2 and 3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Year 3 Year 2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days
