a. Interest on notes payable should be accruedb. Services performed but unbilledC. Salaries earned by employees have not been recorded orpaid3001,700780DateDebitCreditDec. 313131%24

Under accrual basis of accounting transactions need to be recorded as and when they occur.

Answered: a. Interest on notes payable should be…

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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Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectible
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Problem 6 Tantrum Company provided the following information in relation to accounts receivable at year-end: Days Outstanding % Uncollectible Estimated Amount 1,200,000 0-60 1% 2% 61-120 900,000 Over 120 1,000,000 6% During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?
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Dengar
1.) How much is adjusted Interest Expense on December 31, 2021? - 37,500 2.) How much is adjusted Notes Receivable on December 31, 2021?
4 Indicate the classification, presentation and disclosure of Problem 8-12 (IAA) Lucid Company showed the following balances on December 31: Accounts receivable-unassigned Accounts receivable-assigned Allowance for doubtful accounts-January 1 Receivable from factor Note payable-bank 1,000,000 300,000 30,000 40,000 240,000 During the current year, the entity found itself in financial distress and decided to resort to receivable financing. On June 30, the entity factored P200,000 of accounts receivable to a finance entity. The finance entity charged a factoring fee of 5% of the accounts factored and withheld 20% of the amount factored. On December 31, the entity assigned P300,000 of accounts receivable to a bank under a nonnotification basis. The bank advanced 80% less a service fee of 5% of the accounts assigned. The entity signed a promissory note for the loan. On December 31, it is estimated that 5% of the outstanding accounts receivable may prove uncollectible. Required: the accounts…
Question 16 of 16 If company records show a balance of $1,500, not including a $35 bank service fee and a $250 NSF cheque that the company did not receive the funds for, what would be the reconciled amount? Adjusted Balance: $
18 A company understated its income and accounts receivable last year by $5,000 Which entry should be made in the current year to correct this material error? O Debit Sales for $5,000; Credit Retained Earnings for $5,000 O Debit Accounts Receivable for $5,000; Credit Retained Earnings for $5,000 Debit Retained Earnings for $5,000; Credit Accounts Receivable for $5,000 Debit Retained Earnings for $5,000; Debit Sales for $5,000
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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.
Chapter 8 Questions to practice BE8-1 Presented below are three recei\ailes transactions. Indicate whether these recei\. ables are reported as accounts recei\able, notes recei\-able, or other receivables on a state- ment of6nancial position. (a) Sold merchandise on account forW64,000,000 to a customer. (b) Received a promissory note ofW57,000,000 for senicn perfonned. (c) Ad\-anced W8,000,000 to an employee.

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a. Interest on notes payable should be accrued b. Services performed but unbilled C. Salaries earned by employees have not been recorded or paid 300 1,700 780 Date Debit Credit Dec. 31 31 31 %24