ABM CompanyPOST - CLOSING TRIAL BALANCEDec. 31, 2016AccountsDebitCreditCash in BankPetty Cash FundAccount Receivable123,15310,000659,340Allowance for Bad debtsP15,000Notes ReceivableMerchandise InventoryPrepaid ExpensesFurniture132,200774,3073,200900,000Acc. Dep. – FurnitureTransportation Equipment45,0001,400,000 Acc. Dep. – Transpo EquipmentAccounts PayableNotes Payable-Non CurrentssS, Philhealth, HDMF PayableWithholding Taxes PayableAccrued ExpensesPinky Ramos, Capital140,000960,300234,0004,0002,6001,3002,600,000ТОTALP4,002,200P4,002,200Requirement 1: Compute the accounting equation for the above post-closing trial balance ofPinklane Company as of Dec. 31, 2016.AssetsLiabilitiesEquityRequirement 2: Prepare Statement of Financial Position as of Dec. 31, 2016.A. Account FormB. Report Form

Accounting Equation: A company's sum of assets is equal to the sum of its liabilities and equity…

Answered: ABM Company POST - CLOSING TRIAL…

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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The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Date Checks Deposits Other Balance $ 48, 000 40, 380 67,830 53,930 ৪9,938 88,970 88,470 88,520 88,370 Dec. 1 $ 7,620 550 $28,000 13,900 6. 11 17 23 36, e00 26 960 30 19, 200 19,000 NSF* $300 31 Interest earned 50 31 Service charge 150 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance Deposits Dec. 11 23 48, 000 28, e0e 36, eee Checks written during December: 7,620 550 30 13,900 960 19, e00 31 13,e00 150 19, 200 4,500 Dec. 31 Balance 97,120 There were no deposits in transit or outstanding checks at November 30. 3. Prepare a bank reconciliation for December. STEWART COMPANY Bank Reconciliation At December 31 Bank Statement Company's Books Ending Balance Per Bank Statement Ending Balance Per Cash Account Additions: Additions: Deductions: Deductions: Up-to-Date Cash Balance Up-to-Date Cash Balance
Dr. Cr. Accounts Receivable $ 165,800 Allowance for Doubtful Accounts $ 3,730 Sales Revenue (all on credit) 840,900 Sales Returns and Allowances 52,650 Prepare the journal entry to record bad debt expense assuming Novak Company estimates bad debts at (a) 5% of accounts receivable and (b) 5% of accounts receivable but Allowance for Doubtful Accounts had a $ 1,380 debit balance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) enter an account title ? ? Allowance for doubtful accounts ? ? (b) enter an account title ? ? enter an account title ? ?
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
1 2 3 A co 4 567 8 9 10 11 DATE GENERAL JOURNAL DESCRIPTION 20-- May 16 Accounts Payable-Sunshine Suppliers Cash in Bank Check 111 20 Cash in Bank 23 Advertising Expense Cash in Bank Check 112 Accounts Rec.-Tim McGraw, Inc. Receipt 54 POST. REF. DEBIT 79500 52500 65.00 PAGE CREDIT 3 79500 52 500 6500 IN 2 3 4 5 6 7 co loo 9 10 11 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.
QUESTION 3 Presented below are selected accounts for San Marcos Corporation for December 31 of the current year. Debit Credit Accounts Recelvable trade $720 Building and Equipment Cash in bank-operating 1000 Interest Recelvable Installment Receivabies Merchandise Inventory 35 25 Notes Receivable-long term Petty Cash Prepaid Expenses- current 32 Supplies 19 Patent Accounts Payable-rade Accumulated Depreciation 225 Additional Pald-in Capltal Allowance for 600 Uncollectible Accounts Cash Diridends Payable Common Seock-4i par value Income Tax Payable
Cash Accounts Receivables Allowance for Bad Debts Office Supplies Prepaid Insurance Merchandise Inventory, June 1, 2012 Office Equipment Accumulated Depreciation- Office Equipment Store Equipment Accumulated Depreciation - Store Equipment Accounts Payable Salaries Payable Note Payable (final payment due 2025) Rayne Sison, Capital, June 1, 2012 Rayne Sison, Drawing Sales Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Purchase Returns and Allowances 757,500 Interest Income Gain from Sale of Office 396,000 Equipment 33,000 Advertising Expense 16,800 Office Egg't Depreciation Expense- 10,200 525,000 255,000 Freight-Out 138,400 Depreciation Expense- Store Egoit Freight-In Miscellaneous 759,000 Administrative Expense Miscellaneous Selling 166,800 7,200 102,600 Expense 168,000 1,307,500 Insurance Expense Office Equipment Repair Expense Office Salaries Expense Office Supplies Expense Rent Expense 105,000 Sales Salaries Expense 3,850,000 Store Equipment Repair Expense…
Entry for cash sales; cash short Instructions Chart of Accounts Journal Instructions The actual cash received from cash sales was $37,650, and the amount indicated by the cash register total was $37,653. Journalize the entry to record the cash receipts and cash sales. Refer to the Chart of Accounts for exact wording of account titles. T41 Merthandise nvemory 516 Cash Short and Over 145 Office Supplies Check My Work
Jervis sels $4,300 of its accounts receivable to Northem Bank in order to obtain necessary cash. Northem Bank charges 2 tactoing fee Wmat entry should Jervis make to record the transaction? Multiple Choice Debir Accounts Receivable $4,300; credit Factoring Fee Expense $86; credit Cash $4214 Debit Accounts Receivable $4,214; debit Factoring Fee Expense $86; credit Cash $4,300. Debit Cash $4,300; credit Factoring Fee Expense $86; credit Accounts Receivable $4,300
Which account are cash receipts are recorded into as a debit entry by default? A Undeposited Funds B Bank Chequing C Funds for Deposit D Cash in Bank Which form should be used to record credit card purchases? A Enter Purchase Orders B Enter Bills C Enter Credit Card Charges D Credit Card Purchases What is the default aging interval for customer accounts? A 60 days B 180 days C 90 days D 30 days
"A Sticky Patch: Completing the Accounting Cycle for ROYAL JELLY TRADING" ROYAL JELLY TRADING, which follows GAAP and uses the periodic inventory system, is a merchandising business that buys and sells various kinds of jelly candies. Its trial balance as of fiscal year-end September 30, 2020, before any adjustments, can be found on the next page: Information for adjusting entries are as follows: 1. Interest has accrued on the customer's P20,000 60-day 12% note dated August 21, 2020 and this remained unrecorded as of year-end. 2. Rent for the month of September amounting to P15,000 has not been received as at year-end. 3. The company pays its employees their salaries every Friday for work done Monday to Friday of that week. Weekly pay is P10,000 for office salaries and P15,000 for store salaries. September 30, 2020 falls on a Wednesday. 4. At year-end, unused office supplies were P18,000, while unused store supplies amounted to P12,000. 5. One-fourth of the Prepaid Insurance Expense…
D l. 3:56 Done a1961caa318d9983..._¿JWIÇ̟IJI Q2- Expand Furniture Store has credit sales of $400,000 in 2016 and a debit balance of $600 in the Allowance for Doubtful Accounts at year end. As of December 31, 2016, $130,000 of accounts receivable remain uncollected. The credit manager prepared an aging schedule of accounts receivable and estimates that $7,000 will prove to be uncollectible. On March 4, 2017, the credit manager authorizes a write-off of the $1,200 balance owed by Ahmad Instructions (а) Prepare the adjusting entry to record the estimated uncollectible accounts expense in 2016. (b) Show the balance sheet presentation of accounts receivable on December 31, 2016. (c) On March 4, before the write-off, assume the balance of Accounts Receivable account is $160,000 and the balance of Allowance for Doubtful Accounts is a credit of $3,000. Make the appropriate entry to record the write-off of the Ahmad account. Also show the balance sheet presentation of accounts receivable before…
PROBLEM 2 Fleming Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 6% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2017, and December 31, 2018, appear below: 12/31/17 12/31/18 Net Credit Sales $400,000 $500,000 Accounts Receivable 60,000 80,000 Allowance for Doubtful Accounts 5,200 ? Instructions (a) Record the following events in 2018. Aug. 10 Determined that the account of Sue King for $800 is uncollectible. Sept. 12 Determined that the account of Tom Young for $3,700 is uncollectible. Oct. 10 Received a check for $500 as payment on account from Sue King, whose account had previously been written off as uncollectible. She indicated the remainder of her account would be paid in November. Nov. 15 Received a check for $300 from Sue King as payment on her account. (b) Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2018.…

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