Alamosa Security Co. offers security services to business clients. After all the accounts have been closed on November 30, 2019, the end of the current fiscal year, the balances of selected accounts from the ledger of Alamosa Security Co. are as follows: Accounts Payable 78,600 Land 355,000 Prepaid Insurance Prepaid Rent Salaries Payable Accounts Receivable 42,581 16,600 Accumulated Depreciation - Equipment 106,800 650 Cash 15,400 3,560 15,000 Equipment 250,000 Supplies John Smith, Capital 650,000 Unearned Fees Prepare a classified balance sheet that includes the correct balance for Cash.
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- Chapter 5 Exercises i Saved 49 Required information Part 4 of 7 (The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit 1 $ 26,100 14,700 Cash points Accounts Receivable Allowance for Uncollectible Accounts $ 3,000 Supplies Notes Receivable (6, due in 2 years) Land Skipped 3,600 15,000 80,000 Accounts Payable Conmon Stock Retained Earnings 7,900 95,000 33,500 eBook Totals $139,400 $139,400 Print During January 2021, the following transactions occur: 2 Provide services to customers for cash, $46,100. 6 Provide services to customers on account, $83,400. January January January 15 write off accounts receivable as uncollectible, $2,500. January 20 Pay cash for salaries, $32, 500. January 22 Receive cash on accounts receivable, $81,000. January 25 Pay cash on accounts payable, $6,600. January 30 Pay cash for utilities during January, $14,800. References…n.com AliExpress Lazada a Agoda.com Open with Google Docs - Intermediate Accounting 1.docx C PI8,000 d. P24,800 For Nos. 28-30 The entity sold P1,500,000 of accounts receivable for cash proceeds of P1,390,000. No bad debt allowance was associated with these accounts. On December 15, 2020, the entity assigned the remalnder of the accounts receivable, P5,000,000 as of that date, as collateral on a P2,500,000, 12% annual interest rate loan. The entity received P2,500,000 less a 2% finance charge. None of the assigned accounts has been collected by the end of the year. Allowance for bad debts before adjustment, 12/31/2020 Estimated uncollectible, 12/31/2020 Accounts receivable not indluding factored and assigned accounts Accounts recelvable - assigned Accounts receivable- factored 100,000 10% of accounts receivable 1,000,000 5,000,000 1,500,000 28. What Is the total amount of cash recelved from the financing of accounts recelvable during the year? a. P1,390,000 b. P3,890,000 P3,540,000 d.…Problem 6-3: The Kissagram Corporation The Kissagram Corporation produced the following summary of its Accounts Receivable on October 31, 2021: Customer Total $ Notes Aniston 9000 25% over 30-60 days; Remainder 90. Leblanc 9000 100% > 90 days outstanding. Required 1. Prepare an aged schedule of Accounts Receivable. Use the following categories: 90 days (delinquent). 2. Compute the balance for the Allowance for Doubtful accounts (rounded to the nearest $). Assume bad debt percentages for each category of 0.7%, 7%, 12% and 22%. Upon completion, enter the following data here: Allowance for Doubtful Accounts submit
- Problem 5-3A Record transactions related to accounts receivable (LO5-3, 5-4, 5-5) [The following information applies to the questions displayed below.]The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021 Provide services to customers on account for $41,000. September 17, 2021 Receive $25,000 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received. March 4, 2022 Provide services to customers on account for $56,000. May 20, 2022 Receive $10,000 from customers for services provided in 2021. July 2, 2022 Write off the remaining amounts owed from services provided in 2021. October 19, 2022 Receive $45,000 from customers for services provided in 2022. December 31, 2022 Estimate that 45% of accounts receivable at the end of the year will not be received. Problem 5-3A…Problem 1On December 31, 2020, the “Receivables” account of MG Company shows a debit balance of P2,000,000. Theallowance for doubtful accounts shows a credit balance of P50,000. The subsidiary ledger shows the followingdetails:Trade accounts receivable P775,000Trade notes receivable 100,000Installment receivable, due 1-2 years 300,000Customer’s account reporting credit balancesarising from sales returns (30,000)Advance payments for purchase of merchandise 150,000Customer’s account reporting credit balancesarising from advance payments (20,000)Advances to subsidiary 400,000Claim from insurance company 15,000Subscription receivable, due in 60 days 300,000Accrued interest receivable 10,000REQUIRED:1. Compound entry to reclassify the receivable account:2. The amount to be presented as “Trade and other receivables” under current assets_____________ Problem 2At the end of the year before making any adjustments, the trial balance of Kate Company include the followingitems among…Problem 7: Purple Company showed the following balances on December 31, 2019: 2,000,000 (60,000) Accounts receivable Allowance for doubtful accounts The following transactions transpired during the year 2020: a. On May 1, received a P300,000, six month, 12% interest bearing note from MN, a customer, in settlement of account. b. On June 30, Purple Company factored P400,000, of its accounts receivable to a finance company. The finance company charged a factoring fee of 5% of the accounts factored and withheld 20% of the amounts factored. c. On August 1, discounted the MN note at the bank at 15%. d. On November 1, MN defaulted on the P300,000 note. Purple Company paid the bank the total amount due plus a P12,000. protest fee and other bank charges. e. On December 31, Purple Company assigned P600,000 of its accounts receivable to a bank under a non-notification basis. The bank advanced 80% less a service fee of 5% of the accounts assigned. Purple Company signed a promissory note for the…
- Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.Write-Off of Uncollectible Accounts King Enterprises had 27 customers utilizing its financial planning services in 2019. Each customer paid King $25,000 for receiving Kings assistance. King estimates that 2% of its $675,000 credit sales in 2019 will be uncollectible. During 2020, King wrote off $2,700 related to services performed in 2019. Required: 1. Prepare the journal entry to record the defaulted balance. 2. Prepare the adjusting entry to record the bad debt expense for 2019.SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.
- Problem 20 On December 31, 2020, the accounts receivable control account of Eddie Company had a balance of PS,200,000. An analysis of the accounts receivable account showed the following: Subscription receivable due in 30 days Advance payments to creditors on purchase orders Advances to affiliated companies Interest receivable on bonds Trade accounts receivable - unassigned Customers' accounts reporting credit balances arising from sales returns Trade accounts receivable - assigned (Finance Company's equity in assigned accounts is P500,000) OMNA Trade installments receivable due 1-18 months, including unearned finance charge of P50,000 Trade accounts receivable from officers, due currently Trade accounts on which post-dated checks are held (no entries were made on receipt of checks) Accounts known to be worthless Total 2,200,000 400,000 1,000,000 400,000 2,000,000 ( 600,000) 1,500,000 850,000 150,000 200,000 100,000 8,200,000 The correct balance of trade accounts receivable on December…Problem 7. Single-entry bookkeeping (sales revenue during the year) The December 31, 2020 statement of financial position of YOYO Company showed accounts receivable of P50,270. During 2021, accounts were written off in the amount of P6,200 and an account for P4,200, which was written off in 2020, was collected and recorded as a regular collection of accounts receivable in 2021. Unpaid sales slips showed that the customers owed P64,320 as of December 31, 2021. Sales returns from charge sales during the year amounting to P750. Also, YOYO received P584,190 from customers after deducting P3,630 discounts. How much is YOYO’s net sales for the year ended December 31, 2021?Brief Exercise 8-03 a-b At the end of 2021, Larkspur Co. has accounts receivable of $675,100 and an allowance for doubtful accounts of $24,370. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,127.(a)Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (b)What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value $Enter a dollar amount $Enter a dollar amount