A bill received for the telephone service used by Joseph & Co. during the past month does not affect the total assets of Joseph & Co. True False
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- Do not give answer in imageEe.19.Question no. 02 (b) (07)Wilson Corporation uses an income statement approach to estimate credit losses. Its Accounts Receivable of $5,000,000 at the beginning of the period had a net realizable value of $4,225,000.During year 2019 company wrote off all of its uncollectible accounts. Of these accounts 35% were subsequently collected. Prepare the entries to record write off using allowance for doubtful account and direct write off approaches. Draft Entry to record the accounts receivable that were subsequently collected. Allowance for doubtful account is treated as an expense or as a liability in general journal. Give reasons for your answer. Moreover explain the treatment of these in balance sheet. What is the characteristic common to all current assets? Many retail stores regularly sell merchandise on installment plans, calling for payments over a period of 24 or 36 months. Do such receivables qualify as current assets? Explain.
- Can i get help with the attached image?None4) Accrued taxes payable of $150,000 were not recorded at December 31, 2020. Office supplies on hand of $95,000 at December 31, 2021 were erroneously treated as expense instead of supplies inventory. Neither of these errors was discovered nor corrected. The effect of these two errors would cause retained earnings at December 31, 2021 to be in error by what amount?
- The unadjusted balance at the end of the month of the Branch Current is P567,980. The following information is provided to you. (see image below) Compute for the unadjusted balance of the Home Office Current account.The trial balance of Sam’s Deli Inc. at October 31, 2020, does not balance: The accounting records contain the following errors: -Recorded a $1,000 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct. -Posted a $1,000 credit to Accounts Payable as $100. -Did not record utilities expense or the related account payable in the amount of $200. -Understated Share Capital by $1,100. -Omitted insurance expense of $1,000 from the trial balance. Q1: Prepare the correct trial balance at October 31, 2020, complete with a heading. Journal entries are not required but will be helpful in correcting the trial balance. Q2: Organize the elements of the trial balance in a way that would assist a bank manager who has to decide whether to loan money to Sam’s Deli.The estimated loss from uncollectible accounts can be based on the net credit sales for the year or the ____________________ balance at the end of the year.
- What is the offence associated with the following. Total is December 17 2016 and the accountant of New love ltd is going to pay the PAYE deducted from staff salaries for the month of november 2016. a. Aiding or abetting b. Failure to pay taxes on due date c. Making false and misleading statements d. Failure to comply with the ActDexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect $8,700 of its accounts receivable from Leer Company. March 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above transactions.The following errors were discovered in the course of examination of the Kamuning Company's financial records: *Year 2020 wages payable for P34,000 was not recorded. *Accrued vacation pay for the year 2020 for P62,500 was not recorded because the bookkeeper "never learned that you had to do it". *Insurance for a 12-month period purchased on November 1, 2020 was charged to expense in the amount of P37,200 because "the amount of the check is about the same every year". What is the net effect of the above errors on the January 1, 2021 accumulated profits? A P127,500 over B P59,300 over P65,500 over P96,500 over