Assuming the following Adjusted Trial Balance: Adjusted Trial Balance Debit Credit Cash $17,900 Accounts Receivable 10,900 Supplies 1,800 Prepaid Insurance 2,300 Salaries Payable $8,600 Common Stock 12,000 Retained Earnings 2,800 Dividends 4,000 Service Fee Revenue 35,650 Salaries Expense 16,500 Supplies Expense 4,200 Insurance Expense 1,450 $59,050 $59,050 Recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted. If an amount box does not require an entry, leave it blank. Post-Closing Trial Balance Debit Credit Cash Prepaid Insurance Retained Earnings Supplies Expense Supplies

Assuming the following Adjusted Trial Balance: Adjusted Trial Balance Debit Credit Cash $17,900 Accounts Receivable 10,900 Supplies 1,800 Prepaid Insurance 2,300 Salaries Payable $8,600 Common Stock 12,000 Retained Earnings 2,800 Dividends 4,000 Service Fee Revenue 35,650 Salaries Expense 16,500 Supplies Expense 4,200 Insurance Expense 1,450 $59,050 $59,050 Recreate the Post-Closing Trial Balance that would result after all closing journal entries were made and posted. If an amount box does not require an entry, leave it blank. Post-Closing Trial Balance Debit Credit Cash Prepaid Insurance Retained Earnings Supplies Expense Supplies

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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d) Golden Music Company uses the allowance method to estimate uncollectible accounts receivable. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $17,000 $1,500 $1,200 $500 $900 $21,100 1% 1-30 days past due 31–60 days past due 61–90 days past due Over 90 days past due Total Accounts Receivable 3% 6% 12% 25% On 31 December 2021, the company has found out that a customer went bankrupt and management agreed that the accounts receivable of $900 included above which is past due for over 90 days can be written off. i) Compute the total estimated uncollectible accounts receivable as at 31 December 2021. ii) Prepare the journal entry year-end to write off the accounts receivable of $900 and the adjusting journal entry to record the bad debts for the year ended 31 December 2021.
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Complete the aging schedule. Number of Days Accounts Outstanding Receivable Estimated % Uncollectible 0-45 days $ $734,000 2% 46-90 days 265,000 5% Over 90 days 106,000 15% Total $1,105,000 +A $ Total Estimated Uncollectible Acco
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $8,710. Line Item Description Amount Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $973,000 for the year. Line Item Description Amount Amount added $fill in the blank 3 Ending balance $fill in the blank 4
As Perry Materials Supply was preparing for the year-end close, their balances were as follows: Accounts Receivable - $146000 (dr) Allowance for uncollectible accounts - $6200 (dr) Uncollected Account Expense - $0 Perry Materials uses the aging method and has completed the following analysis of the accounts receivable: Customer 1-30 Days 31-60 Days 61-90 Days Over 90 Days Total Balance Johnson $4,600 $3,200 $7,800 Hot Pots, Inc. 800 1,000 1,800 Potter 40,000 550 40,550 Harrison 3,600 900 4,500 Marx 2,000 50 2,050 Younger 65,000 65,000 Merry Maids 5,900 5,900 Acher 12,000 6,400 18,400 Totals $127,500 $13,750 $3,700 $1,050 $146,000 Uncollectible percentage 2% 10% 20% 40% Estimated uncollectible amount $2,550 $1,375 $740 $420 $5,085 Required: How much will the…
Instructions 1 Record entry to write off the $15,000 receivable which is over 75 days outstanding 2 Calculate the desired credit balance in the Allowance for Doubtful Account using the chart above 3 Assuming prior to any adjusting entries the balance in the Allowance for Doubtful Accounts had a credit balance of $40,000, record the year ending adjusting entry for bad debts.
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $3,190 from Paula Spitler and wrote off the remainder owed of $5,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 fill in the blank e83d81f48fed021_2 fill in the blank e83d81f48fed021_3 fill in the blank e83d81f48fed021_5 fill in the blank e83d81f48fed021_6 fill in the blank e83d81f48fed021_8 fill in the blank e83d81f48fed021_9 July 29: Reinstated the account of Paula Spitler and received $5,900 cash in full payment. July 29 fill in the blank cf28d0043fd3fb7_2 fill in the blank cf28d0043fd3fb7_3 fill in the blank cf28d0043fd3fb7_5 fill in the blank cf28d0043fd3fb7_6 July 29 fill in the blank cf28d0043fd3fb7_8 fill in the blank cf28d0043fd3fb7_9 fill in the blank cf28d0043fd3fb7_11 fill in the blank cf28d0043fd3fb7_12
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Using the table, what is the average daily balance of the credit card for the December 1 - December 31 billing period? Round your answer to the nearest cent. Day Activity Adjustment Closing Balance 1 -- -- 9,500 6 Purchase +500 10,000 16 Purchase +1,250 11,250 21 Purchase +3,000 14,250
Selected accounts from Bennett Company's adjusted trial balance for the year ended December 31 follow. Prepaid rent $ 1,100 Accounts payable $ 2,600 Accounts receivable 10,500 Allowance for doubtful accounts 600 Cash 13,000 Notes payable (due in 10 years) 6,100 Common stock 5,500 Notes receivable (due in 4 years) 4,100 Retained earnings 13,900 Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company's balance sheet.
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