Balances on 28 February 2021 Balance sheet section Vehicles at cost Equipment at cost Inventory Provision for bad debts Nominal accounts section A. R 6 000 OB. R3 600 OC. R600 O D. R3 300 R 90 000 R 50 000 R 100 000 2.000 Clear my choice Bad debts Insurance Adjustment Insurance has been paid for 10 months only. Make an adjustment for the outstanding months. Insurance for the year is: R 500 R 3.000

Balances on 28 February 2021 Balance sheet section Vehicles at cost Equipment at cost Inventory Provision for bad debts Nominal accounts section A. R 6 000 OB. R3 600 OC. R600 O D. R3 300 R 90 000 R 50 000 R 100 000 2.000 Clear my choice Bad debts Insurance Adjustment Insurance has been paid for 10 months only. Make an adjustment for the outstanding months. Insurance for the year is: R 500 R 3.000

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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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.
% of Credit Sales Method Jax, Inc. showed the following account balances on December 31, 2020 and recognizes bad debt at 1% of credit sales. Required 1 Calculate, record, post, and analyze the adjustment to recognize bad debt expense under the following information provided: Account DR CR Accounts receivable Allowance for doubtful accounts 982,000 25,000 Net credit sales 685,000 Page Allowance for Doubtful XA Debit General Ledger Accounts Receivable A Debit Bad Debt Expense E Credit Credit Debit Credit Transaction Analysis ASSETS LIABILITIES EQUITY REVENUES EXPENSES NET INCOME + General Journal DR CR 44 2 What is the net realizable value of Accounts receivable?
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
Required information Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Debit $ 11,700 35,000 152,500 72,300 125,000 Accounts Credit Cash Accounts Receivable Inventory Land Buildings $ 2,300 10, 100 23, 200 205,000 155,900 Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $396,500 $396,500 During January 2021, the following transactions occur: Borrow $105, 000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments Receive $31, 500 from customers on accounts receivable. January $2,030 are required at the end of ead onth for 6e months. January 4 January Pay cash on accounts payable, $16,000. 10 January Pay cash for salaries, $29,400. 15 January…
HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following chronological transactions and a. You sold merchandise on account for $250,000 on account. The products cost $110,000. Your company uses a perpetual inventory system. Your sales included a two-year warranty on the product. You spent $1,400 to repair products in part "a." which were under warranty. On December 31, 2021, you estimated that there would be an additional $8,000 of b. с. repairs on products in part "a." You estimated that $5,000 of the repairs would оссur in 2022. In 2022, you performed $4,800 of repairs on products from part "a." and $1,920 of repairs on products sold in 2022. On December 31, 2022, you estimated that repairs on products sold in 2021 would be an additional $3,500 and for products sold in 2022 would be an additional $9,000. You believe that $5,400 of the $9,000 of repairs would occur d. е. in 2023. II. Based upon the transaction above, determine the amount of current…
! Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11%, $60,000 note payable. _?____Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 8%, $24,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _______ Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A (Algo) Part 3 3.…
QUESTION 1 The schedule of aging accounts for a Company, at the end of the year 2020, appears below: Accounts Receivable $40,000 10,000 5,500 1,800 57,300 Estimate % of Bad Debts Current 1% 1-30 days overdue 31-60 days overdue More than 60 days overdue 5% 10% 20% Total The allowance was estimated by using the schedule of ageing accounts. The allowance account had a debit balance of $600, before the estimate was made. Required: Prepare the adjusting entry to record bad debts expense for 2020.
Past-Due Category 0-30 days 31-90 days Over 90 days Accounts Receivable Total $22,480 36,540 15,330 Percentage Uncollectible 6% 17% 25% Based on the aging schedule above, the total uncollectible estimated bad debt for Growth Markets, LLC is [round your answer to the nearest dollar & include the dollar sign, $, in your answer)
Q9
Book Hint Ask Print References Mc Graw Hill % 5 At December 31, Folgeys Coffee Company reports the following results for its calendar year. $908,000 308,000 Cash sales Credit sales Its year-end unadjusted trial balance includes the following items. T Accounts receivable Allowance for doubtful accounts Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (1) 3% of credit sales, (2) 1 total sales and (3) 6% of year-end accounts receivable. View transaction list Journal entry worksheet prt sc ← ] delete backspace home num lock