Fill in the blank ledgers using the completed worksheet. ACCOUNT Insurance ExpenseDATEITEMACCOUNT Supplies ExpenseDATEITEMPOST.REF.POST.REF.DEBITDEBITACCOUNT NO.CREDITBALANCECREDITDEBITACCOUNT NO.BALANCEDEBIT520CREDIT540CREDIT Account TitleCashPetty CashAccounts receivableSuppliesInsuranceAccounts payableRay Brown, CapitalRay Brown, DrawingsIncome SummarySalesAdvertising expenseInsurance expenseMiscellaneous expenseSupplies expenseUtilities expenseNet Income$$S$$SSTrial Balance$Debit21,980.00300.006,250.0012,100.003,600.00S 2,530.007,000.00780.005,560.00Credit$ 1,100.00$ 10,000.00$ 49,000.00Browns plumbing and heatingFor the fiscal periodEnding December 31st, 20xx$$DebitAdjustments2,700.006,500.00Credit$6,500.00$ 2,700.00Income StatementDebit$2,530.00$$2,700.00780.00$ 6,500.00S 5,560.00$30,930.00Credit$ 49,000.00$$S$S$Balance SheetDebit21,980.00300.006,250.005,600.00900.007,000.00Credit$ 1,100.00$10,000.00$$ 42,030.00 $30,930.0042,030.00

Accounting ledger refers to the record which is used for the purpose of bookkeeping the entries for…

Answered: ACCOUNT Insurance Expense DATE ITEM…

ACCOUNT Insurance Expense DATE ITEM ACCOUNT Supplies Expense DATE ITEM POST. REF. POST. REF. DEBIT DEBIT ACCOUNT NO. CREDIT BALANCE CREDIT DEBIT ACCOUNT NO. BALANCE DEBIT 520 CREDIT 540 CREDIT

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter8: Receivables

Section: Chapter Questions

Problem 2BE: Allowance method Journalize the following transactions, using the allowance method of accounting for...

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Concept explainers

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.

Question

Fill in the blank ledgers using the completed worksheet.

ACCOUNT Insurance Expense
DATE
ITEM
ACCOUNT Supplies Expense
DATE
ITEM
POST.
REF.
POST.
REF.
DEBIT
DEBIT
ACCOUNT NO.
CREDIT
BALANCE
CREDIT
DEBIT
ACCOUNT NO.
BALANCE
DEBIT
520
CREDIT
540
CREDIT

Account Title
Cash
Petty Cash
Accounts receivable
Supplies
Insurance
Accounts payable
Ray Brown, Capital
Ray Brown, Drawings
Income Summary
Sales
Advertising expense
Insurance expense
Miscellaneous expense
Supplies expense
Utilities expense
Net Income
$
$
S
$
$
S
S
Trial Balance
$
Debit
21,980.00
300.00
6,250.00
12,100.00
3,600.00
S 2,530.00
7,000.00
780.00
5,560.00
Credit
$ 1,100.00
$ 10,000.00
$ 49,000.00
Browns plumbing and heating
For the fiscal period
Ending December 31st, 20xx
$
$
Debit
Adjustments
2,700.00
6,500.00
Credit
$
6,500.00
$ 2,700.00
Income Statement
Debit
$
2,530.00
$
$
2,700.00
780.00
$ 6,500.00
S 5,560.00
$
30,930.00
Credit
$ 49,000.00
$
$
S
$
S
$
Balance Sheet
Debit
21,980.00
300.00
6,250.00
5,600.00
900.00
7,000.00
Credit
$ 1,100.00
$
10,000.00
$
$ 42,030.00 $
30,930.00
42,030.00

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