On January 1, 2022, the ledger of Vaughn Company contains these liability accounts.Accounts PayableSales Taxes PayableUnearned Service RevenueJan. 5During January, these selected transactions occurred.12Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue.)Paid state revenue department for sales taxes collected in December 2021 ($8,400).Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-yeawarranty.21 Borrowed $22,500 from Girard Bank on a 3-month, 8%, $22,500 note.Sold merchandise for cash totaling $9,288, which includes 8% sales taxes.14$57,000208,4002516,500 (a)Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do notindent manually. Record journal entries in the order presented in the problem.)DateㅁㅁAccount Titles and ExplanationDebitCredit

Journal entries are the accounting treatment done in the books of accounts for all the transactions…

Accounts Payable Sales Taxes Payable Unearned Service Revenue Jan. 5 $57,000 12 8,400 During January, these selected transactions occurred. 16,500 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. Performed services for customers who had made advance payments of $10,500. (Credit Service Revenu-

Accounts Payable Sales Taxes Payable Unearned Service Revenue Jan. 5 $57,000 12 8,400 During January, these selected transactions occurred. 16,500 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. Performed services for customers who had made advance payments of $10,500. (Credit Service Revenu-

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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summarizing the transactions affecting the accounts receivable Credible Company provided the following T-account Problem 4-2 (IAA) for the current year: Accounts Receivable 600,000 Collections from customers 5,300.000 6,000,000 Writeoff Jan. 1 balance 35,000 Charge sales Shareholders' - subscriptions Deposit on contract Claims against common 40,000 Merchandise returns 200,000 Allowances to customer for shipping damages Collections on carrier claims 40,000 25,000 120,000 100,000 Collection on subscriptions 10,000 50,000 carrier for damages IOUS from employees Cash advance to affiliates 100,000 Advances to a supplier 50,000| Required: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the accounts receivable. c. Compute the amount to be presented as "trade and other receivables" under current assets. d. Indicate the classification and presentation of the other items.
Account answer
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
Please help with the following question Q3: Shafer Company has the following accounts in its general ledger atJuly 31: Accounts Receivable $49,000 and Allowance for Doubtful Accounts $3,400. During August, the following transactions occurred. Aug.15Sold $30,000 of accounts receivable to More Factors, Inc. who assesses a 2% finance charge. 25Made sales of $2,500 on Visa credit cards. The credit card service charge is 3%. 28Made sales of $4,000 on Shafer credit cards. Instructions (a)Journalize the transactions. (b)Indicate the statement presentation of service charges. BR,
Replace all taxes given in the question with HST of 13%
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Current Attempt in Progress Crane Company has the following accounts in its general ledger at July 31: Accounts Receivable $32,800 and Allowance for Doubtful Accounts $2,050. During October, the following transactions occurred. Oct. 15 Sold $13,100 of accounts receivable to Nelson Factors, Inc. who assesses a 4% finance charge. 25 Made sales of $800 on VISA credit cards. The credit card service charge is 3%. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
On January 15, Tundra Co. sold merchandise to customers for cash of $45,000 (cost $30,600). Merchandise costing $11,400 was sold to customers for $17,000 on January 17; terms 2/10, n/30. Sales totalling $321,500 (cost $216,000) were recorded on January 20 to customers using MasterCard; assume the credit card charges a 2% fee. On January 25, sales of $78,600 (cost $52,700) were made to debit card customers. The bank charges Tundra a flat fee of 0.5% on all debit card transactions. Required: Prepare journal entries for each of the transactions described (assume a perpetual inventory system). View transaction list Journal entry worksheet Record the sale of merchandise on terms 2/10, n/30.
Accounts Receivable Balance Beginning accounts receivable were $135,720 and ending accounts receivable were $128,640. All sales were on credit and totalled $1,682,480. Required: Determine how much cash was collected from customers.
At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 80,000 $ 200,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 108,000 debit $ 1,100 debit Problem 7-2A (Algo) Part 2 2. Bad debts are estimated to be 3% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. Current assets:
Use the following to answer questions 8 – 11 The following information pertains to RC, Inc. for the month of December: $900,000 38,500 Credit sales Accounts payable 55,400 400 credit Accounts receivable Allowance for Uncollectible accounts Cash sales 300,000 RC uses the percent of receivables method and estimates it will not collect 5% of accounts receivable. Chapter 5 Page 5-1 8. $ Determine the ending balance for the Allowance for Uncollectible Accounts 9. $ Determine the appropriate amount to record for Bad Debt expense 10. $ amount to record for Bad Debt expense Assuming the Allowance for Uncollectible accounts had a $700 debit balance, determine the
Notes Receivable Entries J. K. Pratt Co. had the following transactions: 20-1 July 20 Received a $800, 30-day, 4% note from J. Akita in payment for sale of merchandise. Aug. 19 J. Akita paid note issued July 20 plus interest. 25 Sold merchandise on account to L. Beene, $1,200. Sept. 5 L. Beene paid $100 and gave a $1,100, 30-day, 4% note to extend time for payment. Oct. 5 L. Beene paid note issued September 5, plus interest. 10 Sold merchandise to R. Harris for $750: $50 plus a $700, 30-day, 4% note. Nov. 9 R. Harris paid $140 plus interest on note issued October 10 and extended the note ($560) for 30 days. Dec. 9 R. Harris paid note extended on November 9, plus interest. 10 Sold merchandise on account to B. Kraus, $1,500. 15 B. Kraus paid $120 on merchandise purchased on account, and gave a $1,380, 30-day, 6% note to extend time for payment. 20-2 Jan. 14 B. Kraus's note of December 15 is dishonored. Feb. 13 Collected B. Kraus's dishonored note, plus…