5. Identify three (3) accounts that are most likely in error (not normal balances) in the followingС.rdentiny three (3) accounts that are most likely in error (not normal balances) in the followingtrial balance.5.d.Trial BalanceAs of September 30, 2020e.CreditDebitChase Checking52,597.00958.00)Accounts Receivable (A/R)f.Prepaid Insurance1,800.000.00Undeposited Funds15,000.00Equipment181.00Accounts Payable (A/P)70,000.00Owner's Investment1,230.00Service Revenue.338.002 Automobile Expense500.00Marketing Expense350.00Taxes & Licenses71,477.0071,477.00 $$TOTAL

Introduction: Trial balance: All ledger account final balances are posted in Trial balance to check…

5. Identify three (3) accounts that are most likely in error (not normal balances) in the following trial balance. Trial Balance As of September 30, 2020 Debit Credit Chase Checking 52,597.00 )Accounts Receivable (AR) 958.00 Prepaid Insurance 1,800.00 Undeposited Funds 0.00 Equipment 15,000.00 181.00 Accounts Payable (A/P) Owner's Investment 70,000.00 Service Revenue 1,230.00 338.00 2 Automobile Expense 500.00 Marketing Expense 350.00 Rlicenses 71.477.99

5. Identify three (3) accounts that are most likely in error (not normal balances) in the following trial balance. Trial Balance As of September 30, 2020 Debit Credit Chase Checking 52,597.00 )Accounts Receivable (AR) 958.00 Prepaid Insurance 1,800.00 Undeposited Funds 0.00 Equipment 15,000.00 181.00 Accounts Payable (A/P) Owner's Investment 70,000.00 Service Revenue 1,230.00 338.00 2 Automobile Expense 500.00 Marketing Expense 350.00 Rlicenses 71.477.99

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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Oo.151. Subject :- Account
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TB Problem 7-170 (Algo) Cordova, Incorporated, reported the following... Cordova, Incorporated, reported the following receivables in its December 31, 2023, year-end balance sheet: Current assets: Accounts receivable, net of $50,000 in allowance for uncollectible accounts Interest receivable Notes receivable Additional information: 1. The notes receivable account consists of two notes, a $100,000 note and a $280,000 note. The $100,000 note is dated October 31, 2023, with principal and interest payable on October 31, 2024. The $280,000 note is dated March 31, 2023, with principal and 8% interest payable on March 31, 2024. 2. During 2024, sales revenue totaled $2,100,000, $1,960,000 cash was collected from customers, and $39,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 8% of year-end gross accounts receivable. Required: 1. In addition to sales revenue,…
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Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Expected Percent Uncollectible 1.25% 2.00 6.50 Accounts Receivable Age of Accounts Receivable $ 830,000 Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due 254,000 86,000 38,000 12,000 Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Accounts Receivable Percent Uncollectible (#.##%) Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X = = = |||| 32.75 68.00 Estimated Uncollectible $ 0
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