An analysis of the accounts shows the following.1. The equipment depreciates $300 per month.2. One-third of the unearned rent revenue was earned during the quarter.3. Interest of $500 is accrued on the notes payable.4. Supplies on hand total $590.5. Insurance expires at the rate of $400 per month. The ledger of Cullumber Rental Agency on March 31 of the current year includes the selected accounts, shown below, beforeadjusting entries have been prepared.DebitCreditPrepaid Insurance$7,200Supplies2,600Equipment18,750Accumulated Depreciation-Equipment$ 8,500Notes Payable20,000Unearned Rent Revenue10,200Rent Revenue62,000Interest ExpenseSalaries and Wages Expense10,000 Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts areDepreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. (Credit account titles are automatically indentedwhen the amount is entered. Do not indent manually.)No.DateAccount Titles and ExplanationDebitCredit1.Mar. 312.Mar. 313.Mar. 31Mar. 315.Mar. 314.

Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

An analysis of the accounts shows the following. 1. The equipment depreciates $300 per month. 2. One-third of the unearned rent revenue was earned during the quarter. 3. Interest of $500 is accrued on the notes payable. 4. Supplies on hand total $590. 5. Insurance expires at the rate of $400 per month.

An analysis of the accounts shows the following. 1. The equipment depreciates $300 per month. 2. One-third of the unearned rent revenue was earned during the quarter. 3. Interest of $500 is accrued on the notes payable. 4. Supplies on hand total $590. 5. Insurance expires at the rate of $400 per month.

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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On January 1, the Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $40,000 and $1,500 respectively. During the year, the company reported $80,000 of credit sales. There were $500 of receivables written off as uncollected during the year. Cash collections of receivables amounted to $78,200. The company estimates that it will be unable to collect 4% of the year-end accounts receivable balance. The net realizable value of receivables appearing on the balance sheet will amount to
During its first year of operations, Fertig Company had credit sales of $3,000,000, of which $400,000 remained uncollected at year- end. The credit manager estimates that $18,000 of these receivables will become uncollectible. The accounts receivable turnover is 10 times and average collection period is 36.5 days. Assume that average net accounts receivable were $300.000. Explain what these measures tell us. BI V T, TI E LE E H I 99 H E à ला 11 A A OWord(s)
At the end of the year, Dahl Enterprises estimates the uncollectible accounts expense to be 0.8 percent of net sales of $7,575,000. The current credit balance of Allowance for Uncollectible Accounts is $12,900. Prepare the entry to record the uncollectible accounts expense. What is the balance of Allowance for Uncollectible Accounts after this adjustment? You must show your computations.
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At 30 September 20X2 a company's allowance for receivables amounted to $38,000, which was equivalent to five per cent of the receivables at that date. At 30 September 20X3 receivables totalled $868,500. It was decided to write off $28,500 of debts as irrecoverable. The allowance for receivables required was to be the equivalent of five per cent of receivables. What should be the charge in the statement of profit or loss for the year ended 30 September 20X3 for receivables expense?
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bartleby, a Learneo, Inc. business

1.		The equipment depreciates $300 per month.
2.		One-third of the unearned rent revenue was earned during the quarter.
3.		Interest of $500 is accrued on the notes payable.
4.		Supplies on hand total $590.
5.		Insurance expires at the rate of $400 per month.