An analysis of Thrit Corp.'s unadjusted prepald expense account at December 31, 2010,revealed the following:An opening balance of P1,500 for Thrift s comprehensive insurance policy. Thrift hadpaid an annual premium of P3,000 on July 1. 2009.A P3,200 annual insurance premlum payment made July 1. 2010.A P2.000 advance rental payment for a warehouse Thrift leased for one year beginningJanuary 1, 2011.In its December 31, 2010 balance sheet what amount should Thrift report as prepaidexpenses?

The question is based on the concept of Financial Accounting.

Answered: An analysis of Thrift Corp.'s…

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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At the end of the current year, Accounts Receivable has a balance of $675,000; Allowance for Doubtful Accounts has a debit balance of $5,400; and credit sales for the year total $3,000,000. An analysis of the receivables indicates that uncollectible receivables are estimated to be $45,000. a. Determine the amount of the adjusting entry for bad debt expense.fill in the blank 1 of 2$ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Line Item Description Adjusted Balance Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts fill in the blank 3 Bad Debt Expense fill in the blank 4 c. Determine the net realizable value of accounts receivable.fill in the blank 2 of 2$
Before any adjustments, Snow Company had an end of the year accounts receivable balance of $225,000 and the allowance for uncollectible accounts had a $800 credit balance. An analysis of accounts receivable determines that the allowance for uncollectible accounts should be 4% of accounts receivable. The adjusting entry would include a credit to Allowance for Uncollectible Accounts of: O A. $8,000. O B. $9,800. OC. $9,000. $8,200. OD.
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At the end of the current year, Accounts Receivable has a balance of $5,125,000; Allowance for Doubtful Accounts has a debit balance of $32,600; and sales for the year total $105,550,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $263,875 ✓ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts 5,125,000 ✓ $ 5,157,600 X Bad Debt Expense c. Determine the net realizable value of accounts receivable. $
Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) June 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000. 30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $790,000; Allowance for Doubtful Accounts has a debit balance of $7,000; and sales for the year total $3,560,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $37,800. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.

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