3. CBA Co.'s adjusted trial balance at December 31, 2020 included the following expense accounts: Advertising Loss on sale of trading securities Loss on sale of store equipment Rent for office space Freight out P500,000 30,000 20,000 360,000 150,000 400,000 Sales salaries and commissions Transportation in The sales department occupies one-half of the office space. Total selling expenses for 2020 must be 15,000

3. CBA Co.'s adjusted trial balance at December 31, 2020 included the following expense accounts: Advertising Loss on sale of trading securities Loss on sale of store equipment Rent for office space Freight out P500,000 30,000 20,000 360,000 150,000 400,000 Sales salaries and commissions Transportation in The sales department occupies one-half of the office space. Total selling expenses for 2020 must be 15,000

Name: Total selling expenses for 2020 must be:A. P900,000B. P1,050,000C. P1,
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Description: Total selling expenses for 2020 must be:A. P900,000B. P1,050,000C. P1,080,000D. P1,230,000E. Answer not given 3. CBA Co.'s adjusted trial balance at December 31, 2020included the following expense accounts:AdvertisingLoss on sale of trading securitie

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

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Current Attempt in Progress The ledger of Cullumber Company at the end of the current year shows Accounts Receivable $68,000, Credit Sales $810,000, and Sales Returns and Allowances $38,000. Prepare journal entries for each separate scenario below. If Cullumber Company uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Cullumber Company determines that Matisse's $500 balance is uncollectible. (a) If Allowance for Doubtful Accounts has a credit balance of $900 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. (b) If Allowance for Doubtful Accounts has a debit balance of $490 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 7% of accounts receivable. (c) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles…