not use ai please Below is the complete list of accounts of Cobras Incorporated and the related balance at the end of March. All accounts have theirnormal debit or credit balance. Supplies, $1,000; Buildings, $52,000; Salaries Payable, $500; Common Stock, $32,000; AccountsPayable, $2,050; Utilities Expense, $3,400; Prepaid Insurance, $1,200; Service Revenue, $19,200; Accounts Receivable, $3,900; Cash,$3,200; Salaries Expense, $6,100; Retained Earnings, $17,050.Required:Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses.COBRAS INCORPORATEDTrial BalanceAccountsMarch 31DebitCreditTotals$0 $0

Step 1:Trial Balance is the summary list of all Ledger account balances. In the Trial balance,…

Answered: Below is the complete list of accounts…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 6E: On September 30, Cody Companys selected account balances are as follows: In general journal form,...

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For the month of December, the records of ABC Corporation show the following information: Gross sales – 120,000; Cash received on accounts receivable - P 70,000; Cash sales - 60,000; Accounts Receivable, December 1 - 160,000; Accounts Receivable written off as uncollectible - 2,000. The corporation uses the direct write-off method in accounting for uncollectible accounts receivable. What is the balance of accounts receivable as of December 31?
The accounting records and bank statement of Orison Supply Store provide the following information at the end of April. The closing 'Cash' account balance was $28,560, and the bank statement shows a closing balance of $32,000. On reviewing the bank statement it is found an account customer has deposited $2,000 into the bank account for a March sale and the monthly insurance premium of $4,500 was automatically charged to the account. Interest of $5,10 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $1,500 to a supplier has been recorded twice in the accounts. After the ,calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?
As of January 31, Hammond Auto Supply's general ledger balances, listed in alphabetical order of accounts, are as follows: Accounts Balance Accounts Payable $4,738.00 Accounts Receivable 5,486.00 Cash 17,172.64 Employees' Federal Income Tax Payable 876.00 Equipment 3,650.00 Federal Unemployment Tax Payable 50.88 FICA Social Security Tax Payable 788.64 FICA Medicare Tax Payable 184.44 Freight In 251.00 J. Hammond, Capital 38,451.00 J. Hammond, Drawing 980.00 Merchandise Inventory 20,564.00 Miscellaneous Expense 232.00 Payroll Tax Expense 880.86 Prepaid Insurance 385.00 Purchases 7,781.00 Purchases Discounts 70.70 Purchases Returns and Allowances 366.00 Rent Expense 761.00 Salary Expense 6,360.00 Sales 19,395.30 Sales Discounts 32.90 Sales Returns and Allowances 48.00 State Unemployment Tax Payable 343.44 Supplies 680.00 Prepare a trial balance as of January 31, 20--. List all the accounts in the proper order as described and…
The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes occurred dur ing December:Dec 2. Issued Chedc No. 410 for $3,400 to Jay Bank to purchase U5. savings bonds for employees.2. Issued Check Na 411 to Jay Bank for $27,046 in payment of $9,273 of social security tax, $2,318 of Medicare tax, and $15,455 of employees'federal income tax due. Dec. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll.13. Journalized the entry to record payroll taxes on employees' eamings of December 13: social security tax, $4,632; Medicare tax, $1,158; state unemployment tax, $350; federal unemployment tax. $125.16. Issued Check No. 424 to Jay Bank for $27,020, in payment of $9,264 of social security tax. $2316 of Medicare tax. and…
Please answer it properly
Sheridan Company obtains $36,800 in cash by signing a 7%, 6-month, $36,800 note payable to First Bank on July 1. Sheridan's fiscal year ends on September 30. What information should be reported for the note payable in the annual financial statements? In the balance sheet, Notes Payable of $ reported as In the income statement, Interest Expense of $ and Interest Payable of $ should be reported under should be
The company estimates future uncollectible accounts. The company determines $16,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
The following data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated as of the day they are received.)Mar. 8. Received a $33,000, 5%, 60-day note on account.31. Received an $80,000, 7%, 90-day note on account.May 7. Received $33,275 on note of March 8.16. Received a $72,000, 7%, 90-day note on account.June 11. Received a $36,000, 6%, 45-day note on account.29. Received $81,400 on note of March 31.July 26. Received $36,270 on note of June 11.Aug. 4. Received a $48,000, 9%, 120-day note on account.14. Received $73,260 on note of May 16.Dec. 2. Received $49,440 on note of August 4. Instructions Journalize the entries to record the transactions.
At June 1, 2021, Coquehcot Industries had an accounts receivable balance of $12,000. During the month, the company performed credit services of $30,000 and collected accounts receivable of $22,000.What is the balance in accounts receivable at June 30, 2021?
The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash 96, 578 Accounts receivable 452,800 Inventories 376,300 925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts 357,742 Due from employees – current 43,658 Equity in 50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold 50,400 Allowance for doubtful accounts…
Journal Entries for Accounts and Notes ReceivableLancaster, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $18,000, 60 day, eight percent note on account from R. Elliot. Aug.7 Received payment from R. Elliot on her note (principal plus interest). Sep.1 Received a $21,000, 120 day, nine percent note from B. Shore Company on account. Dec.16 Received a $17,000, 45 day, ten percent note from C. Judd on account. Dec.30 B. Shore Company failed to pay its note. Dec.31 Wrote off B. Shore's account as uncollectible. Lancaster, Inc., uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $25,600. An analysis of aged receivables indicates that the desired balance of the allowance account should be $22,500. Dec.31 Made the…
Journal Entries for Accounts and Notes ReceivableLancaster, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $15,000, 60 day, eight percent note on account from R. Elliot. Aug.7 Received payment from R. Elliot on her note (principal plus interest). Sep.1 Received a $18,000, 120 day, nine percent note from B. Shore Company on account. Dec.16 Received a $14,400, 45 day, ten percent note from C. Judd on account. Dec.30 B. Shore Company failed to pay its note. Dec.31 Wrote off B. Shore’s account as uncollectible. Lancaster, Inc., uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $22,600. An analysis of aged receivables indicates that the desired balance of the allowance account should be $19,500. Dec.31 Made the…

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