not use ai please Cortina Company accumulates the following adjustment data at December 31.Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before adjustment(for example, "assets understated and revenues understated"). (Enter your answers in alphabetical order.)Item(1)Type of Adjustment(2)Accounts BeforeAdjustment(a)Supplies of $400 are on hand. Supplies account shows $1,600balance.Accrued ExpensesAssets UnderstatedExpenses Overstated(b) Services performed but unbilled total $700.Accrued RevenuesLiabilities UnderstatedRevenues Overstated(c)Interest of $300 has accumulated on a note payable.Accrued ExpensesAssets OverstatedExpenses Understated(d) Rental services related to rent collected in advance totaling$1,100 have been provided.Accrued RevenuesAssets OverstatedRevenues Overstated

Part a:The ending balance of the supplies account is $1,600 which should be $400. This results in an…

Answered: Cortina Company accumulates the…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1CP

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Assume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer allowances b. Estimated customer returns
At the beginning of 20X3, W7w Tax Prep Company reported Accounts Receivable $11500 and Allowance for Uncollectible Accounts $1000 (debit). During 20X3, before recording the year-end adjusting entries, the Company recorded credit service revenue $27000 and wrote off accounts receivable $200. The following balance was reported on December 31, 20X3, before any adjustment Accounts Receivable $23000. The Company estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Not yet due 0-30 days past due Amount Receivable Estimated Percent Uncollectible 18,000 10% 3,000 30% More than 30 days past due Total 2,000 60% 23,000 Required: Please choose the best answer to the following questions based on the above information. On December 31, 20X3, what is the amount of accounts receivable that the Company expects to collect from customers? O $19100 $21800 O $10500 O $23000 What is the amount of bad debt expense that the Company recorded in its December 31,…
For each of the above independent situations, prepare the adjusting entries that must be made on the December 31, 20X1, worksheet.
On December 31, journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $89,000 and the company uses the analysis of receivables method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
The ledger of Metlock, Inc. at the end of the current year shows Accounts Receivable $85,700; Credit Sales $845,580; and Sales Returns and Allowances $42,390. (a) If Metlock, Inc. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Metlock, Inc. determines that Matisse’s $883 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,191 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $450 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) enter an account title enter a…
Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $10,112 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31.
The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000; Sales Revenue $832,000; and Sales Returns and Allowances $18,100. If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at (a) December 31, assuming Pina Colada determines that L. Dole's $1,000 balance is uncollectible. If Allowance for Doubtful Accounts has a credit balance of $2,000 in the trial balance, journalize the adjusting entry at (b) December 31, assuming bad debts are expected to be 11% of accounts receivable. If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry (c) December 31, assuming bad debts are expected to be 8% of accounts receivable.
A company has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $11,200. Of the $11,200 of receivables, $2,600 are within a 3% discount period, and the company expects buyers to take $78 in future discounts arising from this period's sales. Required: 1. Prepare the December 31 year-end adjusting journal entry for future sales discounts.
At the end of the year, a company's balance of Allowance for Uncollectible Accounts is $2,800 (debit) before adjustment. The company estimates future uncollectible accounts to be $14,000. What is the adjustment would the company record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
The ledger of Sheffield Corp. at the end of the current year shows Accounts Receivable $80,300; Credit Sales $769,390; and Sales Returns and Allowances $41,700. If Sheffield Corp. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sheffield Corp. determines that Matisse's $820 balance is (a) uncollectible. If Allowance for Doubtful Accounts has a credit balance of $1,112 in the trial balance, journalize the adjusting entry at December 3L, assuming bad debts are expected to be 11% of accounts receivable. (b) If Allowance for Doubtful Accounts has a debit balance of $450 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. (c) (Credit account titles are automatically Indented when amount s entered. Do not Indent manually.) No. Account Titles and Explanation Debit Credit (a) VA 3:00
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Uncollectible Accounts—Percentage of Sales and Percentage of Receivables At the end of the current year, the accounts receivable account of Malik's Lanscaping Service has a debit balance of $390,000. Credit sales are $2,880,000. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has a credit balance of $1,840. a. The percentage of sales method is used and bad debt expense is estimated to be 1% of credit sales.

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