Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $28,500 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $770 of interest earned from s investments in, government bonds. c. Accounts Receivable. A painting company bills customers when jobs are complete. The work for one job is now complete The customer has not yet been billed for the $2,060 of work. View transaction list Journal entry worksheet < 1 2 At year-end, the L. Cole Company has completed services of $28,500 for a client, but the client has not yet been billed for those services. Transaction a. 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal

Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $28,500 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $770 of interest earned from s investments in, government bonds. c. Accounts Receivable. A painting company bills customers when jobs are complete. The work for one job is now complete The customer has not yet been billed for the $2,060 of work. View transaction list Journal entry worksheet < 1 2 At year-end, the L. Cole Company has completed services of $28,500 for a client, but the client has not yet been billed for those services. Transaction a. 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal

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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Casper Company uses its receivables in estimating uncollectible accounts (Bad Debt) expense. The company prepares an adjusting entry to recognize this expense at theend of the month. The beginning credit balance in the Allowance for Doubtful Accounts at July 1 was $64,000. During the month of July, the company wrote of 9,000 in Accounts Receivable but also collected a receivable of 3,000 that had been written off back in April. An aging analysis at July 31 indicated that the new credit balance in the Allowance for Doubful Accounts should be $69,000. On the adjusting entry on July 31, the debt to the Bad Debt Expense would be:
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After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $450,000 and Allowance for Doubtful Accounts has a balance of $25,000. What is the net expected realizable value of the accounts receivable? $25,000 O $450,000 O $455,000 $425,000
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