7 Anger Co.'s accounts payable on December 31, 20x1 had abalance of P2,300,000 before any possible adjustment for thefollowing:a) Goods in transit purchased on credit for P23,000 under an FOBdestination term were recorded and included in the inventorycount on December 31, 20x1 as "goods in transit."b) Anger Co. checks, drawn for P32,000, were found in the safe boxduring the Dec. 31, 20x1 securities count.). Goods purchased under an 'FOB destination, freight collect' termwere received and recorded at the invoice cost of P60,000 on Dec.29, 20x1. The cash payment for the related freight of P5,000 wasdebited to the 'Freight-out account.d) Goods worth P90,000 received on consignment from DishonorCo. were recorded as an increase in accounts payable. The goodsremain unsold as of Dec. 31, 20x1.e) The balance of accounts payable includes P64,000 cost of goodspurchased under an FOB shipping point term that were lost intransit. Anger Co. recorded a corresponding claim against thecarrier.How much is the adjusted balance of accounts payable?b. 2,214,000a. 2,150,000c. 2,240,000d. 2,304,000

When goods are delivered by the seller to the common carrier under the FOB shipping point, however,…

- Anger Co.'s accounts payable on December 31, 20x1 h balance of P2,300,000 before any possible adjustment for following: a Goods in transit purchased on credit for P23,000 under ar destination term were recorded and included in the inve count on December 31, 20x1 as "goods in transit." Anger Co. checks, drawn for P32,000, were found in the sa during the Dec. 31, 20x1 securities count. Goods purchased under an 'FOB destination, freight collect

- Anger Co.'s accounts payable on December 31, 20x1 h balance of P2,300,000 before any possible adjustment for following: a Goods in transit purchased on credit for P23,000 under ar destination term were recorded and included in the inve count on December 31, 20x1 as "goods in transit." Anger Co. checks, drawn for P32,000, were found in the sa during the Dec. 31, 20x1 securities count. Goods purchased under an 'FOB destination, freight collect

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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Ee.19.
17.The following information is provided: Unadjusted balance in Allowance for Doubtful Accounts $1,100 (debit)Accounts Receivable, December 31 245,500Sales Returns and Allowances 5,500Sales 850,000Sales Discounts 15,000 Required:1. Prepare the adjusting entry if bad debts are estimated to be 1.5% of net sales.2. Compute the amount of the adjusting entry if bad debts are estimated to be 3% of ending accounts receivable.
The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $ 14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 830,000 Not yet due 1.25 % 254,000 1 to 30 days past due 2.00 86,000 31 to 60 days past due 6.50 38,000 61 to 90 days past due 32.75 12,000 Over 90 days past due 68.00 2. Prepare the adjusting entry to record bad debts expense at December 31. Record the estimated ba debts. Required information 1 Record the estimated bad debts. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal
Required information. [The following information applies to the questions displayed below] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percent Uncollectible 1.15% 1.90 6.40 View transaction list View journal entry worksheet 32.25 67.00 2. Prepare the adjusting entry to record bad debts expense at December 31. Note: Round percentage answers to nearest whole percent. Do not round intermediate calculations.
The net realizable value of the accounts receivable at December 31, 2021 isoverstated (understated) by: Please include solutions. Thank you!
Subject :- Accounting
Subject: acounting
Required information [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11%, $57,000 note payable. note to Locust at the maturity date. Paid the amount due on the Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $33,000 cash fro Fargo Bank by signing a 60-day, 7%, $33,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _____?_ Paid the amount due on the note to Fargo Bank at the maturity date. Required: 1. Determine the maturity date for each of the three notes described. Maturity date Locust NBR Bank Fargo Bank
Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 830,000 Age of Accounts Receivable Not yet due 1 to 30 days past due Expected Percent Uncollectible 1.25% 254,000 2.00 86,000 31 to 60 days past due 6.50 38,000 12,000 61 to 90 days past due Over 90 days past due 32.75 68.00 3. On June 30 of the next year, Jarden concludes that a customer's $4,750 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income? Affects Jarden's net income
FDN Company reported the following on December 31, 2021, before adjustments: Accounts Receivable P13,000,000 Allowance for Doubtful Accounts P300,000 Sales P50,000,000 The entity estimated that 7% of accounts receivable may prove uncollectible. How much should be reported as doubtful accounts expense for the year ended December 31, 2021?