3. Below are the subledger accounts receivable for Emilio Company:Anthony..MalayaMekhi.Omari.Kaytana.Total.$ 7,2009,70018,20037,000900$73,000There is no balance in the Allowance for Doubtful accounts.Instructionsa. Prepare the appropriate journal entries given the following transactions:i.the controller would like you the write off the following accounts as uncollectible:7,20018,200Anthony.Mekhi..Кaytana.900ii. received payment from Malaya for $2,600iii. collected $7,200 from the Anthony accountiv. write off the balance in the Malaya accountv. collected $18,000 from Mekhi, the remainder will not be collectiblevi. the controller estimates that 2% of the total accounts receivable balance will beuncollectibleb. What is the net realizable value of the accounts receivable after all adjustments?DateAccount Titles and ExplanationPRDebitCredit

Accounts receivable represents the accounts from which company has yet to recover the due amount…

3. Below are the subledger accounts receivable for Emilio Company: $ 7,200 9,700 18,200 37,000 Anthony. Malaya Mekhi Omari. Kaytana. Total. 006 $73,000 There is no balance in the Allowance for Doubtful accounts. Instructions a. Prepare the appropriate journal entries given the following transactions: i. the controller would like you the write off the following accounts as uncollectible: Anthony. Mekhi. 7,200 18,200 900 Kaytana. ii. received payment from Malaya for $2,600 i. collected $7,200 from the Anthony account iv. write off the balance in the Malaya account v. collected $18,000 from Mekhi, the remainder will not be collectible vi. the controller estimates that 2% of the total accounts receivable balance will be uncollectible b. What is the net realizable value of the accounts receivable after all adjustments?

3. Below are the subledger accounts receivable for Emilio Company: $ 7,200 9,700 18,200 37,000 Anthony. Malaya Mekhi Omari. Kaytana. Total. 006 $73,000 There is no balance in the Allowance for Doubtful accounts. Instructions a. Prepare the appropriate journal entries given the following transactions: i. the controller would like you the write off the following accounts as uncollectible: Anthony. Mekhi. 7,200 18,200 900 Kaytana. ii. received payment from Malaya for $2,600 i. collected $7,200 from the Anthony account iv. write off the balance in the Malaya account v. collected $18,000 from Mekhi, the remainder will not be collectible vi. the controller estimates that 2% of the total accounts receivable balance will be uncollectible b. What is the net realizable value of the accounts receivable after all adjustments?

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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Nn.195. Subject:- Account
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The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 8, had the following normal balances: $93,708 100 22,540 1,334 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Cash Petty cash Accounts receivable Allowance for doubtful accounts Supplies Prepaid rent Merchandise inventory (18@ $285) 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. Land Salaries payable Common stock Retained earnings During Year 8, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 7. 2. Purchased equipment and a van for a lump sum of $36,000 cash on January 2, Year 8. The equipment was appraised for $10,000 and the van was appraised for $30,000. Requirement 3. Paid $9,000 on May 1, Year 8, for one year's office rent in advance. 4. Purchased $300 of supplies on account 5. Purchased 120 alarm systems at a cost of $280 each. Pald cash for the purchase. 6. After numerous attempts to collect from customers, wrote off $2,350 of uncollectible accounts…
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