Balance of Other ExpenseThe trial balance for Ariel Certified Cleaners appears as follows:Ariel Certified CleanersTrial BalanceSept. 30, 2015DebitCreditCashB117,880Accounts Receivable264,940Prepaid Insurance34,000Cleaning Supplies73,740Land180,000BuildingAccumulated Depreciation - Building1,850,000B456,000Accounts Payable204,000Unearned Cleaning Revenues16,000Mortgage PayableAriel, Capital1,100,000565,600Ariel, Withdrawals100,000Cleaning Revenues1,576,340Salaries Expense1,013,300Cleaning Equipment Rental Expense60,000Delivery Truck Expense43,740Interest Expense110,000Other Expense70,340Total :P3,917,940P3,917,940 Balance of Unearned CleaningRevenuesThe trial balance for Ariel Certified Cleaners appears as follows:Ariel Certified CleanersTrial BalanceSept. 30, 2015DebitCreditCashB117,880Accounts Receivable264,940Prepaid Insurance34,000Cleaning Supplies73,740Land180,0001,850,000BuildingAccumulated Depreciation - BuildingB456,000Accounts Payable204,000Unearned Cleaning Revenues16.000Mortgage Payable1,100,000Ariel, Capital565,600Ariel, Withdrawals100,000Cleaning RevenuesSalaries Expense1,576,3401,013,300Cleaning Equipment Rental Expense60,000Delivery Truck Expense43,740Interest Expense110,000Other Expense70,340Total :P3,917,940P3,917,940

Trial balance is the summary of all general ledger account balances in the business. It says that…

Balance of Other Expense The trial balance for Ariel Certified Cleaners appears as follows: Ariel Certified Cleaners Trial Balance Sept. 30, 2015 Debit Credit Cash B117,880 Accounts Receivable 264,940 Prepaid Insurance 34,000 Cleaning Supplies 73,740 Land 180,000 Building Accumulated Depreciation - Building Accounts Payable 1,850,000 B456,000 204,000 Unearned Cleaning Revenues 16,000 Mortgage Payable Ariel, Capital 1,100,000 565,600 Ariel, Withdrawals 100,000 Cleaning Revenues Salaries Expense 1,576,340 1,013,300 Cleaning Equipment Rental Expense 60,000 Delivery Truck Expense 43,740 Interest Expense 110,000 Other Expense 70,340 Total : P3,917,940 P3,917,940

Balance of Other Expense The trial balance for Ariel Certified Cleaners appears as follows: Ariel Certified Cleaners Trial Balance Sept. 30, 2015 Debit Credit Cash B117,880 Accounts Receivable 264,940 Prepaid Insurance 34,000 Cleaning Supplies 73,740 Land 180,000 Building Accumulated Depreciation - Building Accounts Payable 1,850,000 B456,000 204,000 Unearned Cleaning Revenues 16,000 Mortgage Payable Ariel, Capital 1,100,000 565,600 Ariel, Withdrawals 100,000 Cleaning Revenues Salaries Expense 1,576,340 1,013,300 Cleaning Equipment Rental Expense 60,000 Delivery Truck Expense 43,740 Interest Expense 110,000 Other Expense 70,340 Total : P3,917,940 P3,917,940

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 625,000 $ 407,000 $ 101,000 $ 47,000 $ 29,000 $ 41,000 Percent uncollectible 3 % 4 % 7 % 9 % 12 % Exercise 9-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $13,100 credit.c. Prepare the adjusting entry to record bad debts expense…
Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation. Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals Debit $26,000 48,000 20,900 55,000 19,500 $169,400 January 23 Receive $126,300 from customers on accounts receivable. January 25 Pay $99,000 to inventory suppliers on accounts payable. January 31 Pay cash for monthly salaries, $52,900. Credit During January 2024, the following transactions occur: January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase date. on account. The cost of the units sold is $84,000. $5,100 January 6 Purchase additional inventory on…
FINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201/202) Home Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment > Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION (BACK NEXT Exercise 11-11 a-b (Part Level Submission) Ramirez Company has the following data for the weekly payroll ending January 31. Hours Hourly Rate Federal Income Health Insurance Employee M T. F Tax Withholding L. Helton 8 8. 10 3 $12 $34 $10 R. Kenseth 8 8. 8 8 8 2 14 37 25 8 9 D. Tavaras 10 8. 15 58 25 Employees are paid 1.5 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $127,200 of gross earnings. Ramirez Company is subject to 5.4% state unemployment taxes and 0.8% federal unemployment taxes on the first $7,000 of gross earnings. v (a) Prepare the payroll register for the weekly payroll. (Round answers to 2 decimal places, e.g. 15.25.) RAMIREZ COMPANY Payroll Register For the Week Ending January 31 Earnings…
Quiz: Accounting for Current Liabi... G Saved Help Save & Exit Submit Check my work Required information Cost of warranty program is probable 30s 0:00 / 2:06 XL 目 Knowledge Check 01 Maas, Incorporated, sells washers and dryers that include a maximum one-year warranty covering parts. Past experience shows that warranty expense averages about 2 percent of the selling price of each washer and dryer. Net sales totaled $400,000 during the year ending December 31. Prepare the December 31 adjusting entry for Maas by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet II F3 F4 F5 F7 F8 F10 F12 Finder LL DeX 114 & 3
FINAL EXAM (page T o m sctedu.om/elearning/mod/a TAS - Salalah - ELearning Question 8 E-max sold Dishwashers on credit, worth OMR 55,000 to customers, out of these Dishwashers customers return damaged Dishwashers for OMR 6,000. Record the entry for the Dishwashers returned? Not yet answered Marked out of O a. Debit Sales returns and allowance 6,000; Credit A/c Recelvable 6,000 O b. Debit Accounts recelvable 55,000; Credit Refrigerators 55,000 O c. Debit Bad debts expense 38,000; Credit A/c Receivable 38,000 Od. Debit A/c Receivable 6,000; Credit Sales returns and allowance 6,000 P Flag question Question 9 Not yet answered Dohfar Power Company Issues a cheque of OMR 10,000 to its supplier, but this was not shown on bank statement. How is this OMR 10,000 shown on bank reconciliatian statement? Marked out af O a As an Unpresented cheque added to the bank statement balance o b. As an Uncredited deposit added to the bank statement balance P Flog question O C As an Unpresented cheque…
Journal Entires for transaction June 20 Repaired a damaged steering mechanism for customer Darren O'Malley and also installed a new Hickster Pipe. Mr. O'Malley was billed for 3.25 hours of labor, accessories totaling $430.00, plus sales tax. He paid with a bank credit card. Merchandise listed on the sales invoice: Stock Number....................Item.................Quantity.............Net Cost Per Unit BM102 .......................HICKSTER PIPE............1...........................$215.00 Sales Tax 8% Labor cost $65/hour
From the following facts, Molly Roe has requested you to calculate the average daily balance. The customer believes the average daily balance should be $877.67. Respond to the customer’s concern. Note: Round your final answer to the nearest cent. 28-day billing cycle 3/18 Billing date $ 672 Previous balance 3/24 Payment $ 59 Credit 3/29 Charge: Sears 218 4/5 Payment 17 Credit 4/9 Charge: Macy’s 166 Average daily balance:
Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460
Assume Power LLC sold 500 fans for OMR 40 each. But because of small unidentifiable color damage, the company offered OR 5000 sales allowance to the customer. From the following given options identify the journal entry for recording the allowance expenses in the books of company. a. Dr Accounts receivables OMR 5000 and Cr Cash OMR 5000 b. Dr Accounts receivables OMR 5000 and Cr Sales allowance OMR 5000 c. Dr Sales allowance OMR 5000 and Cr Accounts receivables OMR 5000 d. Dr Cash OMR 5000 and Cr Accounts receivables OMR 5000 Clear my choice
Journalize this transactions for 2024, before starting the company for the journal entries uses the allowance method I added more imformation in the image for the background data and imformation. Transactions for 2024 1-Sales revenue on account, $113,600 (ignore Cost of Goods Sold). 2-Collections on account, $92,895 3-Write-offs of uncollectibles, $760. 4- The Company accepted a 90-day, 9%, $13,500 note receivable from a customer in exchange for 4 his account receivable. a Journalize the issuance of the note. b Journalize the collection of the principal and interest at maturity. (use 360 days) 5 Bad debts expense of $?? was recorded. (Refer to requirement 3)(about the write off) -attached is an image to the context the journal entries should be placed in
bled: Assignment 1 i Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $142,500 and sales of $1,115,000. If uncollectible accounts are estimated to be 0.9% of sales, what is the amount of the bad debts expense adjusting entry? Multiple Choice $10,035 $8,990 $11,080
Use the Adjusted Trial Balance Lion Consulting. (Note: I am including the Adjusted Trial Balance below in this question to use for questions 18-23 and 40-46, but it would be easier if you refer to the separate file I provided.)On the Income Statement, what would the Gross Profit be for Lion Consulting? Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated Depreciation - Office Equip. 58,000 Store Equipment 650,000 Accumulated Depreciation - Store Equip. 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2029)* *140,000 M.T.…