### Required Information**[The following information applies to the questions displayed below.]**On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:| Accounts | Debit | Credit ||---------------------------------------|----------|---------|| Cash | $23,280 | || Accounts Receivable | $41,600 | || Allowance for Uncollectible Accounts | | $4,500 || Inventory | $37,000 | || Land | $72,100 | || Accounts Payable | | $32,200 || Notes Payable (6%, due in 3 years) | | $37,000 || Common Stock | | $92,000 || Retained Earnings | | $8,280 || **Totals** | $172,480 | $172,480|The $37,000 beginning balance of inventory consists of 370 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions:- **January 3**: Purchase 1,080 units for $108,000 on account ($100 each).- **January 8**: Purchase 1,580 units for $158,000 on account ($100 each).- **January 12**: Return 280 of the units purchased on January 8 because of defects.- **January 15**: Sell 1,828 units on account for $788,000. The cost of the units sold is determined using a FIFO perpetual inventory system.- **January 19**: Receive $783,800 from customers on accounts receivable.- **January 24**: Pay $528,600 to inventory suppliers on accounts payable.- **January 28**: Write off accounts receivable as uncollectible, $3,200.- **January 31**: Pay cash for salaries during January, $121,800.The following information is available on January 31, 2021:a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each.b. The company estimates future uncollectible accounts. The company determines $4,700 of accounts receivable on January 31 are past due, and 35 ### Recording Inventory Cost in the General Journal#### Instruction:Record the cost of inventory sold.#### Note:Enter debits before credits.#### Journal Entry Template:- **Date:** January 19- **General Journal:** - Four lines available for entry descriptions.- **Debit and Credit Columns:** - Space provided for financial amounts corresponding to each journal entry.#### Options:- **Record entry:** Click to save your journal entries.- **Clear entry:** Click to erase current entries.- **View general journal:** Click to see the compiled entries in the general journal.This section allows you to efficiently track the costs related to inventory sales, ensuring accurate and organized financial records.

Journal entry is a primary entry that records the financial transactions initially.

Answered: Credit Accounts Cash Accounts…

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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Surcharges 30,000.00 170,000.00 Interest from Loans Filling Fee 12,000.00 38,000.00 Service Fee Utilities Expense Representation and Travel Allowance 6,000.00 12,000.00 Taxes and Licenses 1,600.00 1,000.00 Social Services Expenses General Assembly Expenses Interest Earned from Bank Deposits Membership Benefit's Expense Office Supplies Expense Fidelity Bond Premium Repairs and maintenance Depreciation Expenses 19,000.00 58,000.00 18,000.00 10,000.00 900.00 10,000.00 39,000.00 Miscellaneous Expenses 4,000.00 How much is to be allocated for General Reserved Fund?
Action Signs recorded credit sales of $10,000 on the gross method. Terms are 2/20, n/30. How would the entry to this sale be recorded? cash decreases by $3,000 sales discounts increase by $200 sales increases by $9,800 accounts receivable increases by $10,000
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Using the Allowance method supply the journal entries to bring back the written off Account Receivable and the payment for it. Write- off Method cash 15,000 accounts receivable 40,000 less: allowance for doubtful accounts 6,000 36,000 inventory 15,000 total current assets 66,000 before write off after Write off Accounts receivable 50,000 49,000 allowance for DA 3,000 2,0000 cash Realizable value 47,000 47,000
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Logan Sales provides the following information: Net credit sales: $770,000 Beginning net accounts receivable: $45,000.00 Ending net accounts receivable: $22,000 Calculate the accounts receivable turnover ratio. (Round your answer to the nearest whole number.) A. 23 times B. 35 times C. 33 times D. 17 times
Assuming a 360-day year, proceeds of $45,552 were received from discounting a $46,830, 90-day note at a bank. The discount rate used by the bank in computing the proceeds was а. 12.16% b. 12.67% C. 8.92% Od. 10.92%
Based on the information: Credit sales - P 172,000 credit Collections on accounts receivable during the year - P170,000 credit Cash sales - 810,000 credit Unadjusted balance in Allowance for doubtful accounts - 50 debit Sales returns and allowances for credit sales - 4,000 debit Accounts receivable, beginning of the year - 14,000 debit If bad debts are estimated to be 1 1/2% of ending accounts receivable, in the adjusting entry to recognize bad debts, you would debit bad debt expense for: a. P 230 b. P 180 c. P 130 d. P 190
At what amount will accounts receivable for Anderson Company be reported on the balance sheet if the gross receivable balance is $52,000 and the allowance for doubtful accounts is estimated at 4% of gross receivables? Select one: A. $28,200 B. $49,920 C. $52,960 D. $47,000
Entries for discounted note payable A business issued a 60-day note for $48,000 to a bank. The note was discounted at 7%. Assume a 360 days in a year. Question Content Area a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. blank Account Debit Credit - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. blank Account Debit Credit - Select - - Select - - Select - - Select -
QUESTION 3 Presented below are selected accounts for San Marcos Corporation for December 31 of the current year. Debit Credit Accounts Recelvable trade $720 Building and Equipment Cash in bank-operating 1000 Interest Recelvable Installment Receivabies Merchandise Inventory 35 25 Notes Receivable-long term Petty Cash Prepaid Expenses- current 32 Supplies 19 Patent Accounts Payable-rade Accumulated Depreciation 225 Additional Pald-in Capltal Allowance for 600 Uncollectible Accounts Cash Diridends Payable Common Seock-4i par value Income Tax Payable

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Credit Accounts Cash Accounts Receivable Allowance for uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6x, due in 3 years) Debit $ 23, 100 40, 000 $ 4, s00 37,000 72,100 28,900 37,000 63,000 39,000 Comnon Stack Retained tarnings Totals $172,400 $172, 400