4. You are preparing the monthly bank reconciliation of Core Company for the month ending December 31, 2020. You discovered an erroneous credit to Core's account, representing proceeds of loan granted to another company amounting to P300,000. Prepare the adjusting journal entry.
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![4. You are preparing the monthly bank reconciliation of Core Company for the month ending
December 31, 2020. You discovered an erroneous credit to Core's account, representing
proceeds of loan granted to another company amounting to P300,000. Prepare the
adjusting journal entry.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F53610caf-8151-4d9b-bc07-29b5492d7bba%2Fed48ba19-81a4-4bae-a95a-795ce51cc7ea%2Fu61e3o_processed.png&w=3840&q=75)
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- 3. Grump Computer has credit sales of $400,000 in 2023 and a debit balance of $300 in the Allowance for Doubtful Accounts at year end. As of December 31, 2023, $120,000 of accounts receivable remain uncollected. The credit manager of Grump prepared an aging schedule of accounts receivable and estimates that $5,200 will prove to be uncollectible. On March 4, 2024 the credit manager authorizes a write-off of the $1,000 balance owed by A. Shard. Required (a) Prepare the adjusting entry to record the estimated uncollectible accounts expense in 2023. (b) Show the statement of financial position presentation of accounts receivable on December 31, 2023: (c) On March 4, before the write-off, assume the balance of Accounts Receivable account is $160,000 and the balance of Allowance for Doubtful Accounts is a credit of $4,000. Make the appropriate entry to record the write-off of the Shard account. Also show the statement of financial position presentation of accounts receivable before and after…Accounting for notes receivable and accruing interest Carley Realty loaned money and received the following notes during 2018. Determine the maturity date and maturity value of each note. Journalize the entries to establish each Note Receivable and to record collection of principal and interest at maturity. Include a single adjusting entry on December 31, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar.Perform a bank reconciliation.a) Reconcile Jack Steel’s month end cash balance as of 31 Jul 2019 b) Based on your analysis, propose adjusting entries (if any).Transactions and balances:• 31 Jul 2019 Bank Statement balance $ 58,791• 31 Jul 2019 balance per Jack’s records $ 57,371• Jack received a payment that he has not deposited $ 250• Jack issued a cheque payable to Pandora’s Jewels to pay for a belated Mother’s Day gift to his grandmother that has not been presented to the bank $ 1,612• Bank charges for the month of July were $40• Interest on bank balance credited to Jack’s account $ 98
- On December 31, 2021, Ghani Catering discovered that one of its customers, Vince Suerty, had gone bankrupt. He owes the company $4,600. Prepare the journal entry to write off the amount due from Vince Suerty, assuming the direct method is used. Do not enter dollar signs or commas in the input boxes. Date Dec 31 Account Title and Explanation + To record direct write-off of bad debt from accounts receivable Debit CreditYour friend Steve comes to you for help in preparing his bank reconciliation for his company Steve’s Electronic Shop inc. (“SES”) at the end of the first month of operation in June 2019: He provides you with the following information: Opening Book balance of: $12,423.21 Balance on the June 30th bank statement: $17,743.96 SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145. Steve prepared the June 30th deposit of $1,872 but didn’t make it in time for the bank to record it in June Bank service charge for June was $12.50 Interest earned on checking account for June was $25 and automatically deposited The bank statement shows a deposit of $423 that SES didn’t make. After a call to the Bank Manager, she apologized and told John the error would be corrected in July The following cheques are outstanding as at June 30th: Cheque # Payee Amount 745 Landlord $ 2,100.00 751…18. Tangier Company had a January 1, 2022, balance in Allowance for Doubtful Accounts of $7,000 Cr. The following events required journal entries during 2022: Apr. 15 Diya’s account receivable of $5,700 was deemed uncollectible. July 1 Nitosa paid the full amount of her previously written-off account receivable. The receivable of $2,300 had been written off in 2021. Dec. 31 Bad debts expense was estimated to be 2.0 percent of net credit sales, which had amounted to $375,000. What amount of Allowance for Doubtful Accounts should appear in the December 31, 2022 balance sheet? a. $6,500 b. $11,100 c. $22,500 d. $17,900 e. None of the above. 19. Nguyen Company had $250,000 of Accounts Receivable and a $7,500 credit balance in its Allowance for Doubtful Accounts account just prior to writing off a $2,000 uncollectible account of a customer. After the write-off, the carrying amount (NRV-Net Realizable…
- Okay, I have everything else in the journal entry except for the last one. I'm attaching a picture of what I've got so you don't have to worry about explaining all of that. Here's the original (complete) problem: Weldon Corporation’s fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2018: Mar. 17 Accounts receivable of $1,700 were written off as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2019. May 30 Discounted the $20,000 note at a local bank. The bank’s discount rate is 8%. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $12,000. Terms of the sale are 2/10, n/30. Weldon uses the gross method to account for cash discounts. July 8 The Blankenship Company paid its account in…Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odum Corporation’s cash account showed a balance of $17,198 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,924.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $173.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $951.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March 31: #429 $57.40 #432 $147.50 #433 $214.80 #434 $191.90 A customer check for $149.50 in payment of his account and listed correctly for that amount on the bank state-ment had…On August 1, 2022, Colombo Company’s treasurer signed a note promising to pay $122,700 on December 31, 2022. The proceeds of the note were $116,100. Use the horizontal model to show the effects of recording interest expense for the month of September. Indicate the financial statement effect. What is the discount on notes payable and what is the interest expense?
- (b) assuming Ringo does not make reversing entries, prepare the journal entry to record the payment of the note on April 1. On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the interest to be paid on the maturity date. Prepare journal entries to record the issuance of the note and the related year-end adjusting entry on December 31.Consolidated Paper has just completed its bank reconciliation for the month of Febrruary 2023 as shown below. Balance per bank....... Add: Deposit in transit......... O Less: Outstanding checks... $16,200 2,600 (900) Balance per books...... Add: Interest earned. Less: Bank service charge.... Add: Error in posting payment of accounts receivable Reconciled balance........ $17,900 customer............ $17,400 200 (100) 2 3 Reconciled balance............... 4 5 a. Prepare the adjusting entry (debits and credits) that is needed as a result of the bank reconciliation. 6 b. What cash balance will Consolidated Paper report on its February 28, 2023 financial statements 7 8 9 0 1 400 $17,900Spring Garden Flowers had the following balances at December 31, 2024, before the year-end adjustments: E (Click the icon to view the balances.) The aging of accounts receivable yields the following data: E (Click the icon to view the accounts receivable aging schedule.) Requirements Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. 1. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. 31 Data Table Accounts Receivable Allowance for Bad Debts 66,000 1,615 Requirement 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Allowance for Bad Debts Print Done Data Table Age of Accounts Receivable 0-60 Days Over 60 Days Total…
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