Do fast answer of this accounting questions A company purchased office supplies worth $4,500 on account. At the endof the month, it determined that $1,200 worth of supplies remained unused.What is the amount that should be recorded as Supplies Expense for themonth?A) $3,300B) $4,500C) $1,200D) $5,700

Step 1: Definition of Supplies ExpenseSupplies Expense refers to the cost of supplies that a…

Answered: A company purchased office supplies…

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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Dauring the year, Kiner Company made an entry to write off a $32,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $400,000 and the balance in the allowance account was $36,000. The accounts receivable amount expected to be collected after write-off entry was.
Renue Spa had the following balances as of December 31, Year 1: Accounts receivable was $85,000, allowance for doubtful accounts was $2,600 and total retained earnings at the end of Year 1 was $82,400. During Year 2 the company experienced the following events: 1. Accounts receivable in the amount of $1,800 were written off as uncollectible. 2. Collected $190 of receivables that had been written off in a previous accounting period. 3. Provided $218,000 worth of services on account during Year 2. 4. Cash collections from receivables were $220,000 during Year 2. 5. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Required a. Organize the information in accounts under an accounting equation. b. Based on the preceding information, compute (after year-end adjustment): 1. Balance of allowance for doubtful accounts at December 31, Year 2. 2. Balance of accounts receivable at December 31, Year 2. 3. Net realizable value of accounts receivable…
Renue Spa had the following balances as of December 31, Year 1: Accounts receivable was $61,000, allowance for doubtful accounts was $3,750 and total retained earnings at the end of Year 1 was $57,250. During Year 2 the company experienced the following events: 1. Accounts receivable in the amount of $2,100 were written off as uncollectible. 2. Collected $500 of receivables that had been written off in a previous accounting period. 3. Provided $215,000 worth of services on account during Year 2. 4. Cash collections from receivables were $218,000 during Year 2. 5. Uncollectible accounts expense was estimated to be 2 percent of the sales on account for the period. Required a. Organize the information in accounts under an accounting equation. b. Based on the preceding information, compute (after year-end adjustment): 1. Balance of allowance for doubtful accounts at December 31, Year 2. 2. Balance of accounts receivable at December 31, Year 2. 3. Net realizable value of accounts receivable…
During the year, Kier Company made an entry to write off a $9,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $315,000 and the balance in the allowance account was $27,000. The net realizable value of accounts receivable after the write-off entry was: A. $200,000. B. $184,000. C. $176,000. D. $288,000.
During the year, Kiner Company made an entry to write off a $9,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $315,000 and the balance in the allowance account was $27,000. The net realizable value of accounts receivable after the write-off entry was: A. $200,000. B. $184,000. C. $176,000. D. $288,000. answer
During the year, Kiner Company made an entry to write off a $9,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $315,000 and the balance in the allowance account was $27,000. The net realizable value of accounts receivable after the write-off entry was: A. $200,000. B. $184,000. C. $176,000. D. $288,000.
mn
During the year
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A company purchased office supplies worth $4,500 on account. At the end of the month, it determined that $1,200 worth of supplies remained unused. What is the amount that should be recorded as Supplies Expense for the month? A) $3,300 B) $4,500 C) $1,200 D) $5,700