B. An inexperienced bookkeeper prepared the following which contains several errors:Trial Balance as at 2021 December 31CreditDebit$$50 000Stock (2021 December 31)Stock (2021 January (1)Purchases8 765Sales1 250Return inwardsReturn outwardsElectricity875Carriage inwards1 230Carriage outwardsCommission receivedInsurance480AdvertisingDebtors2 345CreditorsRent6 000Office equipment12 000Discount receivedDiscount allowed265Motor vehiclesWages8 000CashBank (overdraft)3 200LoansDrawingsCapital38 00082 410Redraft the trial balance as at 2021 December 31.9 50012 3455009001 4503 450591540025 0001 15020 00060081 810

A trial balance is a statement that contains ledger balances. The sum of debit and credit of the…

B. An inexperienced bookkeeper prepared the following which contains several errors: Trial Balance as at 2021 December 31 Credit Debit $ S 50 000 Stock (2021 December 31) Stock (2021 January 01) Purchases Sales 8765 1 250 Return inwards Return outwards Electricity 875 Carriage inwards Carriage outwards Commission received 1230 Insurance 480 Advertising Debtors 2345 Creditors Rent 6 000 12 000 Office equipment Discount received Discount allowed 265 Motor vehicles Wages 8 000 Cash Bank (overdraft) 3 200 Loans Drawings Capital 38 000 82 410 Redraft the trial balance as at 2021 December 31. 9 500 12345 500 900 1 450 3 450 5915 400 25 000 1 150 20 000 600 81 810

B. An inexperienced bookkeeper prepared the following which contains several errors: Trial Balance as at 2021 December 31 Credit Debit $ S 50 000 Stock (2021 December 31) Stock (2021 January 01) Purchases Sales 8765 1 250 Return inwards Return outwards Electricity 875 Carriage inwards Carriage outwards Commission received 1230 Insurance 480 Advertising Debtors 2345 Creditors Rent 6 000 12 000 Office equipment Discount received Discount allowed 265 Motor vehicles Wages 8 000 Cash Bank (overdraft) 3 200 Loans Drawings Capital 38 000 82 410 Redraft the trial balance as at 2021 December 31. 9 500 12345 500 900 1 450 3 450 5915 400 25 000 1 150 20 000 600 81 810

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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An excerpt from the trial balance of ABC Company shows the following: Accounts Receivable $1,000,000Allowance for Bad debts $10,000Sales $5,000,000Sales discount $3,000Sales returns and allowances $30,000 It is the companys policy to provide 1% of net credit sales as bad debts Cash sales amounted to $2,000,000 Questions: 1) Adjusting entries on December 312) Balance of Bad debts expense as of December 313) Balance of Allowance for Bad debts as of December 314) Should the adjustment was not made, what would be the effect on current assets?
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The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
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ment/chec Show Me How Print Item Estimating Doubtful Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31, and a historical añalysis of the percentage of uncollectible accounts in each age category are as follows: Percent Age Class Balance Uncollectible Not past due $782,000 1/2 % 1-30 days past due 86,000 4 31-60 days past due 39,100 7 61-90 days past due 28,200 18 91-180 days past due 20,300 41 Over 180 days past due 14,900 80 $970,500 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Percent Estimated Uncollectible Age Class Balance Uncollectible Accounts Amount Not past due $782,000 1/2% 1-30 days past due 86,000 4 31-60 days past due 39,100 7
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eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.
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QUESTION Caviler Company determines that it cannot collect a total of $500 from a customer. Using the allowance method, the journal entry to write off the amount would be: ANSWER Date Date Date Date Accounts Accounts Receivable Allowance for Bad Debts Accounts Bad Debts Expense Accounts Receivable Accounts Accounts Receivable Bad Debts Expense Accounts Debit Credit 500 500 Debit Credit 500 Debit Credit 500 500 500 Debit Credit 11:35 PM
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