Account Code Account Titles Cash Notes Receivable Accounts Receivable Allowance for bad debts Supplies Furniture Accumulated Depreciation-furniture Equipment Accumulated Depreciation-Equipment Accounts Payable F. Serrano, Capital F. Serrano, drawing Service Income Helper's Salaries Supplies used Rent Expense Light and Power Telephone Expense Debit 1,500.00 750.00 1,250.00 2,300.00 4,600.00 5,000.00 500.00 1,750.00 850.00 900.00 250.00 350.00 Credit 125.00 350.00 1,000.00 550.00 ######## 5,525.00 ######## ######## Required: Prepare Income Statement, Statement of Changes in Owner's Equity and Balance Sheet

Account Code Account Titles Cash Notes Receivable Accounts Receivable Allowance for bad debts Supplies Furniture Accumulated Depreciation-furniture Equipment Accumulated Depreciation-Equipment Accounts Payable F. Serrano, Capital F. Serrano, drawing Service Income Helper's Salaries Supplies used Rent Expense Light and Power Telephone Expense Debit 1,500.00 750.00 1,250.00 2,300.00 4,600.00 5,000.00 500.00 1,750.00 850.00 900.00 250.00 350.00 Credit 125.00 350.00 1,000.00 550.00 ######## 5,525.00 ######## ######## Required: Prepare Income Statement, Statement of Changes in Owner's Equity and Balance Sheet

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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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…
CHART OF ACCOUNTS Kirchhoff Industries General Ledger Assets 110 Cash 111 Petty Cash 120 Accounts Receivable 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense…
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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…
Record the Note: Any expenses less than $500 should be classified as Miscellaneous. 2/1 Paid rent, $2,000. 2/2 Made loan payments of $300 and $1,000. 2/3 Cash received from debtors (accounts receivable), $12,800. 2/4 Bought inventory worth $3,500 and paid cash. 2/5 Paid for payroll amounted to $1,500. 2/6 Purchased additional equipment for $10,000; paid $2,000 cash and the rest on 2/6 Cash sales recorded at $16,800 and $12,300 on credit sales. 2/8 Bought office supplies, $400. 2/9 Paid creditors, $3,000. 2/10 Mr. Adams decided to invest in the business and he contributed $35,000. 2/11 Joe Withdrew $2,000 from the business. 2/13 Cash sales for the week, $15,900. 2/13 Credit sales for the week, $11,700. 2/15 Purchased additional furniture on account, $3,000. 2/17 Payroll amounted to $1,500 was paid. 2/18 Purchased inventory worth $6,800 on account. 2/18 Paid creditors, $6,000. 2/19 Paid advertising expense, $1,200. 2/20 Sales recorded at $24,000; of which $15,000 were cash and the rest…
The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
Do the posting t-accounts
Do its Trial Balance
Instructions (X) Chart of Accounts (X) General Journal 3a. Prepare the journal entry on June 30 to record Cowen's estimated uncollectibles, assuming the balance in Allowance for Doubtful Accounts Cowen's, a large department store located in a metropolitan area, has been prior to adjustment is $0. CHART OF ACCOUNTS experiencing difficulty in estimating its bad debts. The company has decided to prepare an aging schedule for its outstanding accounts receivable and estimate bad Cowen's General Journal Instructions debts by the due dates of its receivables. This analysis discloses the following General Ledger information: ASSETS REVENUE PAGE 1 Balance Age of Receivable Estimated Percentage Uncollectible 111 Cash 411 Sales Revenue GENERAL JOURNAL $194,000 Under 30 days 0.8% 121 Accounts DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Receivable EXPENSES 119,000 30-60 days 2.0% 1 122 Allowance for 500 Cost of Goods 73,000 61-120 days 5.0% 2 Doubtful Accounts Sold 41,000 121-240 days 20.0% 141…
Calculation of Net Realizable Value K. L. Dearborn owns a department store that has a $45,500 balance in Accounts Receivable and a $3,000 credit balance in Allowance for Doubtful Accounts. 1. Determine the net realizable value of the accounts receivable? 2. Assume that an account receivable in the amount of $500 was written off using the allowance method. Determine the net realizable value of the accounts receivable after the write-off?
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eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.