Accounts Receivable Subsidiary LedgerThe debits and credits from two transactions are presented in the following customer account:NAMEHorizon EntertainmentADDRESS125 Wycoff Ave.DebitCreditDateItemPost. Ref.BalanceFeb. 1Balance280Feb. 22Invoice No. 422CR106120160Feb. 27Invoice No. 445R92170330Select the choice that describes each transaction and the source of each posting.Journal pageDateActionInvoice No.Posted FromFeb. 22Feb. 27

Following are the description of given transactions and source of each posting:

Answered: Accounts Receivable Subsidiary Ledger…

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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A summary of Klugman Company's December 31, 2021. accounts receivable aging schedule is presented below along with the: estimáted percent uncollectible for each age group: Age Group 0-69 days 61-98 days 01 123 days Dver 128 days Amount $55,000 19,500 2,500 1, 000 0.5 1.0 10.0 50.0 The allowance fer uncollectible accounts had a balance of $1,350 on January 1, 20211. During the year, bad debts of $700 were. written of: Required: Prepare all joumal entries for 2021 with respect to bad debts and the aflowance for uncollectible accounts. (f no entry is required fain a transaction/event, select "No journat entry requirEG" in the first account fielld.) w transaCtion ist Journal entry worksheet Record the entry to write-off specific accounts.
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The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title Debit Credit 101 Cash $18,000 9,900 2,000 23,000 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 404 Services revenue $ 6,500 42,465 6,000 43,400 612 Depreciation expense-Equipment 622 Salaries expense 2,000 25,302 1,823 2,908 637 Insurance expense 640 Rent expense 652 Supplies expense 1,432 Totals $92,365 $92,365 1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. 2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: A. Cruz, Capital was $42,465 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below.
Brief Exercise 9-12 (Algo) Record bond issue at a discount and related annual interest (LO9-5) Pretzelmania, Incorporated, issues 5%, 20-year bonds with a face amount of $68,000 for $60,200 on January 1, 2024. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid annually on December 31. Required: 1. & 2. Record the bond issue on January 1, 2024 and first interest payment on December 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Round final answers to the nearest whole dollar.) View transaction list Journal entry worksheet
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions:
Using the following revenue journal for Bowman Cleaners Inc., identify each of the postingreferences, indicated by a letter, as representing (1) posting to general ledger accounts or(2) posting to subsidiary ledger accounts:
MUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 search
Required information Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 [The following information applies to the questions displayed below.] Fresh Foods established a petty cash fund of $350 on January 2. On January 31, the fund contained cash of $166.00 and vouchers for the following cash payments. Maintenance expense Office supplies Transportation expense $72.00 72.00 37.00 The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment.
answer the balance column of the general ledger (periodic method)
Bank Reconciliation and Related Journal Entries The book balance in the checking account of Lyle's Salon as of November 30 is $3,277.77. The bank statement shows an ending balance of $2,109.00. By examining last month's bank reconciliation, comparing the deposits and checks written per books and per bank in November, an noting the service charges and other debit and credit memos shown on the bank statement, the following were found: a. An ATM withdrawal of $150.00 on November 18 by Lyle for personal use was not recorded on the books. b. A bank debit memo issued for an NSF check from a customer of $19.20. c. A bank credit memo issued for interest of $20.00 earned during the month. d. On November 30, a deposit of $1,186.00 was made, which is not shown on the bank statement. e. A bank debit memo issued for $16.80 for bank service charges. f. Checks No. 549, 561, and 562 for the anounts of $181.00, $24.00, and $9.50, respectively, were written during November but have not yet been received…

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