Assume the following adjustment data.1.Supplies on hand at October 31 total $300.2.Expired insurance for the month is $100.3.Depreciation for the month is $70.4.Services related to unearned service revenue in October worth $600 were performed.5.Services performed but not recorded at October 31 are $200.6.Interest to be accrued at October 31 is $80.7.Salaries to be accrued at October 31 are $1,700.Prepare the adjusting entries for the items above. (Credit account titles are automatically indented when the amount is entered. Do notindent manually.)No.DateAccount Titles and Explanation1.Oct. 312.Oct. 313.Oct. 31DebitCredit

Step 1: Here's how it should look:Oct. 31 | Supplies Expense | 300 | | Supplies | | 300Oct. 31 |…

Answered: Assume the following adjustment data.…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1CP

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At the end of the year a company has the following accounts receivable and estimates of uncollectible accounts: 1 Accounts not yet due = $72,000; estimated uncollectible = 3%. 2. Accounts 1-30 days past due $37,000; estimated uncollectible = 20%. 3. Accounts more than 30 days past due = $8,000; estimated uncollectible = 45%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1100 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the bad debt expense. Note: Enter debits before credits. Event General Journal Debit Credit 1 Bad Debt Expense Allowance for Uncollectible Accounts Record entry Clear entry View general journal
At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $81,000; estimated uncollectible = 5%. Accounts 1-30 days past due = $27,000; estimated uncollectible = 25%. Accounts more than 30 days past due = $7,000; estimated uncollectible = 50%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $830 (credit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $74,000; estimated uncollectible = 6%. Accounts 1-30 days past due = $40,000; estimated uncollectible = 30%. Accounts more than 30 days past due = $7,000; estimated uncollectible = 40%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,100 (debit).
At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $752. During the year, previously written off accounts of $141 are reinstated and accounts totaling $710 are written off as uncollectible. The end-of-year balance (before adjustment) in Allowance for Doubtful Accounts should be a.$183 b.$710 c.$141 d.$752
At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $559. During the year, $349 of previously written off accounts were reinstated and accounts totaling $837 are written off as uncollectible. The end-of-year balance (before adjustment) in the Allowance for Doubtful Accounts should be the one listed below. a.$349 b.$71 c.$559 d.$837
During the year ended 30 September 20X9, H recorded the following cash transactions: (1) A payment of an annual insurance premium of $6,000. This covered the period to 31 December 20X9. (2) Receipt of $3,000 in respect of rent from a tenant covering the three-month period to 30 November 20X9. What is the impact on profit and net assets of making the year-end adjustments for deferred income and prepayments at 30 September 20X9? Profit Net assets A. Decrease of $500 Increase of $500 B. Decrease of $1,000 Increase of $1,000 C. Decrease of $500 Decrease of $500 D. Increase of $1,000 Increase of $1,000
Olney Cleaning Company had the following items that require adjustment at year end. For one cleaning contract, $11,100 cash was received in advance. The cash was credited to Unearned Service Revenue upon receipt. At year end, $260 of the service revenue was still unearned. For another cleaning contract, $8,700 cash was received in advance and credited to Unearned Service Revenue upon receipt. At year end, $3,000 of the services had been provided. Required: 1. Prepare the adjusting journal entries needed at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Unearned Service Revenue fill in the blank 02e1a8f7d03afe9_2 fill in the blank 02e1a8f7d03afe9_3 Service Revenue fill in the blank 02e1a8f7d03afe9_5 fill in the blank 02e1a8f7d03afe9_6 Dec. 31 Unearned Service Revenue fill in the blank 02e1a8f7d03afe9_8 fill in the blank 02e1a8f7d03afe9_9 Service Revenue fill in the blank 02e1a8f7d03afe9_11 fill in the blank 02e1a8f7d03afe9_12…
A company has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $11,200. Of the $11,200 of receivables, $2,600 are within a 3% discount period, and the company expects buyers to take $78 in future discounts arising from this period's sales. Required: 1. Prepare the December 31 year-end adjusting journal entry for future sales discounts.
Van Hise Company’s Accounts Receivable balance at December 31 was $600,000, and there was a debit balance of $3,600 in the Allowance for Doubtful Accounts. Van Hise estimates that 3% of the Accounts Receivable will prove to be uncollectible. After the appropriate adjusting entry is made for credit losses, what is the net amount of accounts receivable included in the current assets at year-end? Select one: A. $540,000 B. $527,400 C. $582,000 D. $520,200
On December 31, the end of the accounting period, Maricall Center has an outstanding Accounts Receivable of Php 72,000 and an Allowance for Impairment Loss balance of Php 600 prior to the year-end adjustments. Bad debts are estimated at 2% of the accounts receivable. How much are the bad debts expense to be charged to the Impairment Loss account? Prepare the adjusting journal entry.
The company estimates future uncollectible accounts. The company determines $4,400 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Record the adjusting entry for uncollectible accounts. Note: I really need to see full calculations because I don't understand how to get these numbers.
The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Income Summary, 33; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense-Trucks, 56; Insurance Expense, 57. The data needed to determine year-end adjustments are as follows: Supplies on hand at January 31 are $2,850. Insurance premiums expired during the year are $3,150. Depreciation of equipment during the year is $5,250. Depreciation of trucks during the year is $4,000. Wages accrued but not paid at January 31 are $900. Required: 1. Prepare an income statement. 2. Prepare a Statement of Owner's Equity (no additional investments were made during the year.) 3. Prepare a balance sheet.

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