Adjusted Trial Balance December 31, 2020 Debit Credit $ 3,900 2,200 Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Land 220 1,800 2,020 16,000 Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings 4,000 3,800 5,000 10,000 4,400 2,000 Dividends Service Revenue 4,700 Rent Revenue 1,800 600 Supplies Expense Depreciation Expense Rent Expense 2,500 2,900 $33 920 $33. 920

Adjusted Trial Balance December 31, 2020 Debit Credit $ 3,900 2,200 Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Land 220 1,800 2,020 16,000 Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Common Stock Retained Earnings 4,000 3,800 5,000 10,000 4,400 2,000 Dividends Service Revenue 4,700 Rent Revenue 1,800 600 Supplies Expense Depreciation Expense Rent Expense 2,500 2,900 $33 920 $33. 920

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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View Policies Show Attempt History Current Attempt in Progress Sarasota Limited had net sales in 2023 of $2.3 million. At December 31, 2023, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $236,900 debit; Allowance for Expected Credit Losses $2,300 credit. Assuming Sarasota has examined the aging of the accounts receivable and has determined the Allowance for Expected Credit Losses should have a balance of $29,700, prepare the December 31, 2023 journal entry to record the adjustment to Allowance for Expected Credit Losses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation eTextbook and Media Debit Credit
X Company reports these account balances on December 31, 2021 Accounts Payable Accounts Receivable Accumulated depreciation $450,000 150.000 180,000 600,000 80.000 300,000 Cash Drawings Operating Expenses Goodwill 90,000 000 080 Service Revenne Owner's capital Unearmed Service Reventie S00,000 720.000 50,000
uncollectible accounts in each age category are as follows: Age Class Balance Percent Uncollectible Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 $1,420,700 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Estimated Estimated Uncollectible Accounts Uncollectible Accounts Age Class Balance Percent Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 Total $1,420,700 Check My Work Amount
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2019 Ending Balances DEBITS CREDITS Cash 17,000 Marketable Securities 2,000 Accounts Rec. 14,000 Allowance for Bad Debt 2,000 Inventory 15,000 Prepaid Insurance 5,000 Land 30,000 Building 150,000 Accumulated Dep. - Building 45,000 Equipment 100,000 Accumulated Dep. - Equipment 20,000 Accounts Payable 9,000 Salaries Payable Unearned Revenue 2,000 Interest Payable Income Taxes Payable 3,000 Note Payable Bonds 100,000 Common Stock 50,000 Additional Pd-in-Capital 80,000 Retained Earnings 22,000 333,000 333,000 Complete the following jounral entries: Salaries are $2,200 per month (12 months of salaries expense must be booked). It is expected that one-half month will be owed on 12/31/20 because of when payday falls (therefore, 11.5 months of salaries have been paid and ½ month is still owed to the employees at year end). $56,000 in cash is borrowed on 9/30/20 by issuing a Note…
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January 2020 the following trial balance was extracted from the books of Yusiti Credit RM Particulars Debit RM Capital 1 February 2019 Vehicles at cost 101,430 Equipment at cost Purchases and sales 35,000 80,000 284,680 503,520 Provision for depreciation at 1 February 2019: Vehicles 21,000 35,000 650 Equipment Return inward and return outwards 1,340 Finance expenses Stock at 1 February 2019 Vehicles expenses Rent, rates and insurance Office expenses Drawings Petty cash Wages and salaries Bad debts Debtors and creditors Cash at bank 1,220 25,570 4,930 7,420 21,940 23,550 200 95,370 1,240 83,210 14,880 680,550 680,550 18,950 ТОTAL dditional information as at 31 January 2020: RM No. Particulars i. Stock valued at Insurance prepaid iii. Goods taken from stock for own use iv. Wages due Provision for doubtful debt required vj. Provision for depreciation is to be provided as follows: 29,750 C 340 i. 420 2,4009 620 C V. 30% straight line method reducing balance method Vehicles 25% Equipment
Financial Reporting and Analysis Jul22 Y1 S2 Balances on 28 February 2021 Balance sheet section Vehicles at cost Equipment at cost Inventory Provision for bad debts Nominal accounts section Bad debts telephone Adjustment R 90 000 R 50 000 R 100 000 2 000 O A. R103 500 OB. R93 500 O C. R76 500 O D. R13 500 R R 500 1 500 Annual depreciation on equipment vehicles is calculated at 15% p.a. The carrying value of vehicles at the end of the year is:
Cash Accounts receivable Allowance for doubtful accounts Supplies Land Buildings Accumulated depreciation-buildings 1. 2. 3. 4. 5. During 2025, the following transactions occurred. 6. 7. 8. 9. 10. 11. 1. 2. MARIGOLD CORP. Balance Sheet December 31, 2024 $31,980 Adjustment data: 3. 4. 5. 59,150 (1,950) 5,720 52,000 184,600 (28,600) $302,900 Accounts payable Common stock ($10 par) Retained earnings $33,280 104,000 165,620 $302,900 On January 1, Marigold issued 1,560 shares of $40 par, 7% preferred stock for $63,960. On January 1, Marigold also issued 1,170 shares of the $10 par value common stock for $27,300. Marigold performed services for $416,000 on account. On April 1, 2025, Marigold collected fees of $46,800 in advance for services to be performed from April 1, 2025, to March 31, 2026. Marigold collected $358,800 from customers on account. Marigold bought $45,630 of supplies on account. Marigold paid $41,860 on accounts payable. Marigold reacquired 520 shares of its common stock on…
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.
Prepaid rent Accounts receivable Cash Comon stock Retained earnings Current assets Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company's balance sheet. Total assets otal current assets Long-term Investments Current labies BENNETT COMPANY Balance Sheet Long term is Total abilities December 31 Assets Liabilities $ 2,700 Accounts payable 18,500 Allowance for doubtful accounts 29,098 Notes payable (due in 10 years) 13,500 Notes receivable (due in 4 years) 24,200 Equity Total quity Total abilities and equity 5 S 0 0 $ 4,200 1,000 11,400 0
Balances on 28 February 2021 Balance sheet section Vehicles at cost Equipment at cost Inventory Provision for bad debts Nominal accounts section Bad debts Telephone Adjustment R 90 000 R 50 000 R 100 000 2 000 O A. R860 OB. R840 OC. R1 360 OD. R1 860 R R 500 1 500 4 Emma Jacobs was declared insolvent. Her estate will pay 20 cents of every rand she owes us. She owed us R1 700. The rest must be written off. Bad debts at the end of the year will be: