CuachAccounts receivablePrepaid insuranceEquipmentDepreciation expenseDividendsAdvertising expenseRent expenseSalary expenseInsurance expenseDate$19,70020.000Account tite15.00035.0007.0005,5001,4008001,000$100.000Accounts payableNotes payabAccumulated depreciationequipmentService revenueCommon stockRetained earningsUneamed service revenuePrepare closing entries for the revenues accounts only for December 31, 2003.$ 15,0009.00014,00030,00016,0009.00016,000$108.000pr.General JoumalCr.

Closing Entries - Closing entries are required to close the temporary accounts after making…

Accounts receivable Prepaid insurance Equipment Depreciation expense Dividends Advertising expense Rent expense Salary expense Insurance expense Date $ 19,700 20.000 Account the 16.000 35.000 7.000 5,500 1,400 800 1,000 2.600 $100.000 Notes payab Accumulated depreciation equipment Service revenue Common stock Retained earnings Uneamed service revenue Prepare closing entries for the revenues accounts only for December 31, 2003. $ 15,000 9.000 14,000 30,000 15,000 9.000 16,000 $106.000 pr. General Journal Cr.

Accounts receivable Prepaid insurance Equipment Depreciation expense Dividends Advertising expense Rent expense Salary expense Insurance expense Date $ 19,700 20.000 Account the 16.000 35.000 7.000 5,500 1,400 800 1,000 2.600 $100.000 Notes payab Accumulated depreciation equipment Service revenue Common stock Retained earnings Uneamed service revenue Prepare closing entries for the revenues accounts only for December 31, 2003. $ 15,000 9.000 14,000 30,000 15,000 9.000 16,000 $106.000 pr. General Journal Cr.

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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Simons Industries reported net income of $69,000 for the current year. The balances and activity in its accounts receivable accounts follow. In addition, the company recorded $3,400 of bad debt expense and wrote off $2,500 of uncollectible accounts. E (Click the icon to view the balances and activity in accounts receivable accounts.) Prepare the operating section of the cash flow statement under the indirect method. (Use a minus sign or parentheses for any amounts to be subtracted. If an input field is not used in the statement, leave the field empty; do not select a label or enter a zero.) Simons Industries Partial Statement of Cash Flows (Indirect Method) Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Net Cash Provided (Used) by Operating Activities
Subject: acounting
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QUESTION 2: | Accounts Receivable 100,000 2,000 Allowance for Uncollectible Accounts The company uses the "aging method" for determining its Doubtful accounts. The adjustment is made only once a year at the end of December. The aging analysis is as follows: Aging Category Not yet due 30 days past due 60 days past due Over 90 days past due Estimated Doubtful % Amount $40,000 $30,000 $20,000 $10,000 2% 3% 4% 5% Required: a) Prepare the adjustment in journal entry format. b) Show the balances of the accounts that will be reported in the balance sheet.
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
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?
Answer all subparts A B C
Complete the aging schedule. Number of Days Accounts Outstanding Receivable Estimated % Uncollectible 0-45 days $ $734,000 2% 46-90 days 265,000 5% Over 90 days 106,000 15% Total $1,105,000 +A $ Total Estimated Uncollectible Acco
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bled: Assignment 1 i Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $142,500 and sales of $1,115,000. If uncollectible accounts are estimated to be 0.9% of sales, what is the amount of the bad debts expense adjusting entry? Multiple Choice $10,035 $8,990 $11,080
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.