I 2 91% 1 6:39 PMA review of insurance policiesshowed that P6,800 is unexpired atthe year-end. (Asset Method) Debit:The tral balance for Ariel Certifled Cieaners appears as folowsAriel Certified CleanersTrial BalanceSept. 30, 2015DebtCreditCashAccounts ReceivableD117 880264.940Prepaid InsuranceCleaning Supclies34.00073,740Land180.000BuildingAccumulated Depreciation Building1,850.000Accounts PayableUneamed Cleaning Revenues204.00016.0001.100 000Mortgage PayableAriel, CaptalArel Withdrawals565.600100.000Cleaning RevenuesSalaries Expense1.5763401.013.30060.000Cleaning Equioment Rental ExpenseDelivery Truck ExpenseInterest ExpenseOher ExpenseTotal:43,740110.00070.340P3917.940 P3917.940Insurance ExpenseO BuildingO Depreciation Expense-BuildingO Salaries ExpenseO Accumulated Depreciation - BuildingO Unearned Cleaning RevenuesO Delivery Truck ExpenseO Accounts ReceivableO CashO Cleaning RevenuesO Prepaid InsuranceO Salaries PayableO Interest ExpenseO Accounts PayableO LandO Mortgage PayableO Interest PayableCleaning Equipment Rental ExpenseO Cleaning SuppliesAriel, WithdrawalsO Ariel, CapitalООО О о I a La91% i 6:39 PMAccrued interest on the mortgagepayable is P10,000. Debit:The trial balance for Ariel Certfied Cleanera appears as followsAriel Certified CleanersTrial BalanceSept. 30. 201sDebitCreditCashD117.880Accounts Recevable264.940Prepaid insurance34.000Cleaning Supples73,740Land180.000BuildingAccumulated Depreciation - BuildingAccounts PayableLnearned Cleaning RevenesMorigage PayableAriel. CapitalAriel Wthdrawals1,850,000S6.000204.00016,0001,100.000565,600100.000Cleaning Revenues1,576340Salaries Expense1,013.30060.00043.740110,000Cleaning Equipment Rental ExpenseDelivery Truck ExpenseInterest ExpenseOther Expense70.340Total:P3917940P3,917,940Unearned Cleaning RevenuesO Insurance ExpenseO Depreciation Expense-BuildingO Interest PayableCashO Prepaid InsuranceCleaning SuppliesO Interest ExpenseO Cleaning Supplies ExpenseCleaning Equipment Rental ExpenseO Accumulated Depreciation - BuildingAriel, CapitalO Salaries ExpenseO Delivery Truck ExpenseBuildingMortgage PayableO Accounts PayableAriel, WithdrawalsLandAccounts ReceivableCleaning RevenuesO Salaries PayableO O O

Unexpired Insurance is also known as prepaid insurance. It is an current asset that has been been…

a . La 91% i 6:39 PM A review of insurance policies showed that P6,800 is unexpired at the year-end. (Asset Method) Debit: The trai balance for Áriel Cesfed Cieaners appears as folows Ariel Certifed Cleaners Trial Balance Sept. 30, 2015 Debit Credt Cash Accounts Receivable Prepad insurance Cleaning Supplies 264 940 34.000 73,740 Land 100.000 Bulding Accumulated Depreciation Building Accounts Payabie Uneamed Cieaning Revenues Mortgage Payable Arel. Captal Arel, Wndrawal Cleaning Revenes Salaries Expense Cieaning Equoment Rental Expense Deivery Truck Epense Interest Espense Oher Espene Total 1.650.000 AS6.000 204.000 16.000 1.100.000 545.600 100.000 1.576.340 1.013.300 60 000 40.740 110.000 70.340 PA917.940 P3917.940 Insurance Expense O Building

a . La 91% i 6:39 PM A review of insurance policies showed that P6,800 is unexpired at the year-end. (Asset Method) Debit: The trai balance for Áriel Cesfed Cieaners appears as folows Ariel Certifed Cleaners Trial Balance Sept. 30, 2015 Debit Credt Cash Accounts Receivable Prepad insurance Cleaning Supplies 264 940 34.000 73,740 Land 100.000 Bulding Accumulated Depreciation Building Accounts Payabie Uneamed Cieaning Revenues Mortgage Payable Arel. Captal Arel, Wndrawal Cleaning Revenes Salaries Expense Cieaning Equoment Rental Expense Deivery Truck Epense Interest Espense Oher Espene Total 1.650.000 AS6.000 204.000 16.000 1.100.000 545.600 100.000 1.576.340 1.013.300 60 000 40.740 110.000 70.340 PA917.940 P3917.940 Insurance Expense O Building

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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Question Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as…
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9:28 AM 0 0.1KB/s ll 86 PP - A:R_-106493777 目 At December 31, Banana Company reports the following results for its calendar year from the adjusted trial balance. I. Credit sales Cash sales Accounts Receivable Allowance for doubtful accounts (credit balance) Php 8,100,00o 2,350,000 412.000 13,000 Required: Prepare the adjusting entry to record Bad Debts Expense using the following independent methods: a. Sales Method, assuming estimated bad debts is 1% b. Accounts Receivable Method, assuming bad debts is 18% c. Aging of Accounts Receivable, assume the following: 50% are current accounts, estimated uncollectible for current accounts is 1% 30% are over 31 days to 90 days, estimated uncollectible accounts is 20% 20% are over 90 days, estimated uncollectible accounts is 50% 111. Lemon Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales are recorded at the gross price. Other customers can use a bank credit card where the bank…
Required information Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Debit $ 11,700 35,000 152,500 72,300 125,000 Accounts Credit Cash Accounts Receivable Inventory Land Buildings $ 2,300 10, 100 23, 200 205,000 155,900 Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $396,500 $396,500 During January 2021, the following transactions occur: Borrow $105, 000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments Receive $31, 500 from customers on accounts receivable. January $2,030 are required at the end of ead onth for 6e months. January 4 January Pay cash on accounts payable, $16,000. 10 January Pay cash for salaries, $29,400. 15 January…
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QS 9-7 (Algo) Reporting allowance for doubtful accounts LO P2 On December 31 of Swift Company’s first year, $51,000 of accounts receivable was not yet collected. Swift estimated that $2,100 of its accounts receivable was uncollectible and recorded the year-end adjusting entry.1. Compute the realizable value of accounts receivable reported on Swift’s year-end balance sheet.2. On January 1 of Swift’s second year, it writes off a customer’s account for $400. Compute the realizable value of accounts receivable on January 1 after the write-off.
Book Hint Ask Print References Mc Graw Hill % 5 At December 31, Folgeys Coffee Company reports the following results for its calendar year. $908,000 308,000 Cash sales Credit sales Its year-end unadjusted trial balance includes the following items. T Accounts receivable Allowance for doubtful accounts Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (1) 3% of credit sales, (2) 1 total sales and (3) 6% of year-end accounts receivable. View transaction list Journal entry worksheet prt sc ← ] delete backspace home num lock
Balances on 28 February 2021 Balance sheet section Vehicles at cost Equipment at cost Inventory Provision for bad debts Nominal accounts section Bad debts Telephone Adjustment R 90 000 R 50 000 R 100 000 2 000 O A. R860 OB. R840 OC. R1 360 OD. R1 860 R R 500 1 500 4 Emma Jacobs was declared insolvent. Her estate will pay 20 cents of every rand she owes us. She owed us R1 700. The rest must be written off. Bad debts at the end of the year will be: