30-60 Days60-120 days120-180 days180-240 days240-300 days300-365 daysOver 365 daysRequirements:5%10%150%25%40%70%100a. With the aid of a spread sheet use the above information to create a debtor's agingschedule with the additional columns if necessary.b. Draft a sample of an appropriate letter which the accountant could sent to KarenWhite to make payment on his accountsShow the entries for the total amount of provisions for bad debt to be created.C. QuestionCarlene Johnson is the Accountant in the Finance Department at Fairway Trading Limited whomanages the company Accounts Receivables. She was given the following information by theFinance Manager which was extracted from the debtor's ledger as at December 31, 2022.Category of Total value ofCustomersSalesTo Customer$KeithGreenKaren WhiteJune HindsJohn Wayne180,0000240,000390,000380,000Paul Gayle 346,000Date of SalesDecember 16, 30 days2021December 10, 60 days2021November15, 202230 daysJune 26, 202230 days30 daysAugust 25,2022TermsPercentage provision tobe createdDate of LastPayment onA/CJanuary 15,2022February14, 2022December 20,2022October 24,2022September24, 2022TotalAmountPaid to Dateon AccountS90,500180,000170,000295,000235,000The Accountant decided that she would age the debt outstanding in the following category andthe percentage to be provided for bad debt in the amount stated beside each categoryaccordingly.Aging CategoryHEART Collegs ofQUET INSTIT

Accounts receivable arise out of the ordinary sale of goods to the customers and the hence regarded…

Answered: Carlene Johnson is the Accountant in…

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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Accompanying a bank statement for Santee Company is a credit memo for $21,600 representing the principal ($20,000) and interest ($1,600) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries.Required:On March 1, journalize the entry that should be made by the company to bring the accounting records up to date. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Infinity Emporium Company received the monthly statement for its bank account, showing a balance of $67,300 on August 31. The balance in the Cash account in the company's accounting system at that date was $72,628. The company's accountant reviewed the statement and the company's accounting records and noted the following. 1. 2. 3. After comparing the cheques written by the company with those deducted from the bank account in August, the accountant determined that all six cheques (totalling $6,180) that had been outstanding at the end of July were processed by the bank in August. However, five cheques written in August, totalling $4,500, were outstanding on August 31. A review of the deposits showed that a deposit made by the company on July 31 for $11,532 was recorded by the bank on August 1, and an August 31 deposit of $13,300 was recorded in the company's accounting system but had not yet been recorded by the bank. The August bank statement also showed: a service fee of $24 a…
ABC Corp has the following items in its receivable and payable accounts: Due from customers, P156,000 Payable to creditors for merchandise, P62,000 Notes Receivable - long term, P80,000 Due from employees, P2,200 Cash dividends payable, P24,000 Claims from a courier company for losses, P4,000 Subscription Receivable, P20,000 The amount to be reported as trade and other receivable is: 156,000 236,000 242,200 262,200
Do it in handwritten
You work as a freelance accounting professional and have been recently engaged by the auditors of Life-Positive Inc. for an assignment. In examining the company’s records, you have extracted the following information: Life-Positive’s Account Balances 2021 ($) 2022 ($) Accounts Payable 24,600.00 21,250.00 Accounts receivable 15,700.00 12,340.00 Cash 23,450.00 28,600.00 Cost of goods sold 19,700.00 23,000.00 Depreciation 3,090.00 4,590.00 Dividends 5,800.00 10,800.00 Interest 2,340.00 2,890.00 Inventory 7,050.00 8,640.00 Long-term debt 28,000.00 30,000.00 Net fixed assets 41,500.00 48,000.00 Other expenses 2,400.00 2,800.00 Sales 58,000.00 62,500.00 Short-term Notes Payable 2,890.00 2,340.00 Shares outstanding 85,000.00 90,000.00 Note: The tax rate is 32% Required: 1. Prepare a balance sheet for 2021 and 2022 for the company, clearly showing information about…
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The Yankee Corporation has recently begun to accept credit cards. On July 7, Year 1, Yankee made a credit card sale of $600. Assume that the credit card fee is recorded on the date of sale and that the credit card company charges a fee of 3% for handling a credit card transaction. Which of the following correctly shows the effects of the sale on July 7? Assets 600 A. B. 582 C. 582 D. 600 Multiple Choice O Balance Sheet Liabilities + 18 ΝΑ ΝΑ ΝΑ Option B Option D Option C Option A Stockholders' Equity 582 582 582 600 Revenue 582 600 600 600 Income Statement Expense = Net Income Statement of Cash Flows ΝΑ ΝΑ 18 582 0A 18 ΝΑ 582 582 582 600 ΝΑ ΝΑ
The Cash account of Lydia reported a balance of RM2, 540 at December 31, 2018. There were outstanding checks totaling $400 and a December 31 deposit in transit of $100. The bank statement, which came from Park Bank, listed the December 31 balance of RM3, 340. Included in the bank balance was a collection of RM510 on account from Bella, a Lydia customer who pays the bank directly. The bank statement also shows a RM30 service charge and RM20 of interest revenue that Lydia earned on its bank balance. Prepare Lydia's bank reconciliation at December 31.
In the statement of financial position at 31 December 20X5, Ken reported net receivables of $12,000. During 20X6 Ken made sales on credit of $125,000 and received cash from credit customers amounting to $ 115,500. At 31 December 20X6, Ken wished to write off debts of $7,100 and increase the allowance for receivables by $950 to $2,100. What is the net receivables figure to include in the statement of financial position at 31 December 20X6?
Given the ledger accounts of Bastoni Company as of January 31, 2020: Cash $40,500 Accounts Payable $11,000 Supplies 5,200 Rent Expense 4,100 Share Capital-Ordinary 33,200 Accounts 8,700 Receivable Notes Payable 3,500 Service Revenue 10,800 Required: Compute the total of the debit side of the trial balance. (show your computation). 1. Compute the total of the credit side of the trial balance. (show your computation). 2.
QUESTION 1 a) You are the accounts executive for BFC Enterprise. You are responsible to prepare the monthly receivables and payables control accounts for the business. Following are balances from the company’s record at 1 February 2020. Dr RM Cr RM Debtor ledger control account 54,000 1,000 Creditor ledger control account 200 43,000 The following information is extracted in February 2020 from the company’s records: RM Credit sales 251,000 Cash sales 34,000 Credit purchases…
Blue Spruce Corp. had the following items to report on its balance sheet: Employee advances Amounts owed by customers for the sale of services (due in 30 days) Refundable income taxes Interest receivable Accepted a formal instrument of credit for services (due in 18 months) A loan to company president Dishonored a note for principal and interest which will eventually be collected $17870 $15650 $20920 $1520 $14270 3190 1300 1050 2380 Based on this information, what amount should appear in the "Other Receivables" category? 10400 1380

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