Adjusted Trial Balance December 31 Account Debit Credit No. Balances Balances Cash 11 8,130 Accounts Receivable 12 3,300 Prepaid Expenses 13 2,750 Equipment 18 10,400 Accumulated Depreciation 19 2,200 Accounts Payable 21 2,700 Notes Payable 22 1,000 Diane Miller, Capital 31 11,200 Diane Miller, Drawing 32 4,870 Fees Earned 41 36,600 Wages Expense 51 12,450 Rent Expense 52 4,900 Utilities Expense 53 3,475 Depreciation Expense 54 2,150 Miscellaneous Expense 59 1,275 53,700 53,700 Prepare closing entries. If an amount box does not require an entry, leave it blank.

Adjusted Trial Balance December 31 Account Debit Credit No. Balances Balances Cash 11 8,130 Accounts Receivable 12 3,300 Prepaid Expenses 13 2,750 Equipment 18 10,400 Accumulated Depreciation 19 2,200 Accounts Payable 21 2,700 Notes Payable 22 1,000 Diane Miller, Capital 31 11,200 Diane Miller, Drawing 32 4,870 Fees Earned 41 36,600 Wages Expense 51 12,450 Rent Expense 52 4,900 Utilities Expense 53 3,475 Depreciation Expense 54 2,150 Miscellaneous Expense 59 1,275 53,700 53,700 Prepare closing entries. If an amount box does not require an entry, leave it blank.

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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Accounts Receivable Ledger The following revenue journal is for Westside Cleaners Inc. Assume that the beginning balances for the customer accounts were zero, except for Jordan Inc., which had a $490 beginning balance. In addition, there were no collections during the period. REVENUE JOURNAL Date InvoiceNo. Account Debited Post.Ref. Accounts Rec. Dr.Fees Earned Cr. 20Y3 May 1 112 Hazmat Safety Co. (a) $2,425 10 113 Masco Co. (b) 905 20 114 Alpha GenCorp (c) 1,480 27 115 Jordan Inc. (d) 1,635 31 (e) $6,445 a. The T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger are below. b. Post to the T accounts. c. Determine the balance in the accounts. d. Prepare a listing of the accounts receivable customer balances as of May 31, 20Y3. Westside Cleaners Inc. Accounts Receivable Customer Balances May 31, 20Y3 Alpha GenCorp $fill in the blank…
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Book Hint Ask Print References Mc Graw Hill % 5 At December 31, Folgeys Coffee Company reports the following results for its calendar year. $908,000 308,000 Cash sales Credit sales Its year-end unadjusted trial balance includes the following items. T Accounts receivable Allowance for doubtful accounts Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (1) 3% of credit sales, (2) 1 total sales and (3) 6% of year-end accounts receivable. View transaction list Journal entry worksheet prt sc ← ] delete backspace home num lock
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Required information Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Total Days Past Due 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 645,000 $ 411,000 $ 105,000 $ 51,000 $ 33,000 $ 45,000 Percent uncollectible 1% 2% 5% 7% 10% a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,100 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,600 debit.
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