A) B) "Flower Moon" Company's accounting records have been destroyed by fire. However, all the balances have been reconstructed at the end of the year and listed in random order (not differentiated as to debits and credits), as follows: Accounts Payable Accounts Receivable Wages Payable Paid in Captital Capital Stock Prepaid Insurance Building and Equipment Accumulated depreciation Cash Note Payable Cost of Goods Sold Inventory Depreciation Expense Miscellaneous Expense Sales Selling and Administrative Expense Commission revenue Commission Deposits payable Wage Expense Retained Earnings Insurance Expense What is Net Income? What is TOTAL owners equity? 10 000 12 000 2 000 14 000 1 000 6 000 50 000 10 000 5 000 6 000 99 000 12 000 2 000 4 000 137 000 17 000 20 000 5 000 14 000 ? 3 000

A) B) "Flower Moon" Company's accounting records have been destroyed by fire. However, all the balances have been reconstructed at the end of the year and listed in random order (not differentiated as to debits and credits), as follows: Accounts Payable Accounts Receivable Wages Payable Paid in Captital Capital Stock Prepaid Insurance Building and Equipment Accumulated depreciation Cash Note Payable Cost of Goods Sold Inventory Depreciation Expense Miscellaneous Expense Sales Selling and Administrative Expense Commission revenue Commission Deposits payable Wage Expense Retained Earnings Insurance Expense What is Net Income? What is TOTAL owners equity? 10 000 12 000 2 000 14 000 1 000 6 000 50 000 10 000 5 000 6 000 99 000 12 000 2 000 4 000 137 000 17 000 20 000 5 000 14 000 ? 3 000

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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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 uncollectible the…
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Kindly help me solve no. 4 and 5 with clear solution please. Thank you so much
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 uncollectible the…
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