Current Attempt in ProgressAn inexperienced bookkeeper prepared the following trial balance.CashCONCORD COMPANYTrial BalanceDecember 31, 2022Prepaid InsuranceAccounts PayableUnearned Service RevenueOwner's CapitalOwner's DrawingsService RevenueSalaries and Wages ExpenseRent ExpenseDebit$13,8005,20021,600$40,600Credit$3,50012,0007,50028,6005,400$63,000 Prepare a correct trial balance, assuming all account balances are normal.TotalsCONCORD COMPANYTrial BalanceDebit$$Credit700

Answered: Current Attempt in Progress An…

Business

Accounting

Current Attempt in Progress An inexperienced bookkeeper prepared the fo CONCORD COMPANY Trial Balance December 31, 2022

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 71E: Collection of Amounts Previously Written Off Customer Rob Hufnagel owes Kellman Corp. $1,250....

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Collection of Amounts Previously Written Off Customer Rob Hufnagel owes Kellman Corp. $1,250. Kellman determines that the total amount is uncollectible and writes off all of Hufnagels debt. Hufnagel later pays $350 to Kellman. Required: Make the appropriate journal entries (if any) to record the receipt of $350 by Kellman.
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Name: Time: Queen City Vidadape Trial Balance December 31, 2019 Accaunt Titles Debit Credit Cashin Bank 125,000 30,000 Accounts Receivable Allowance for Uhcollectibe Accaurts Unused Supplies Videdtape Inventory Fumiture and Fixtures 10,000 105,000 80,000 Accumlated Depreciation-Fumiture and Fixtures Notes Payable Accaunts Payabe 50,000 35,000 Accrued Interest Edgar Datbya, Captal Edgar Detoya, Withdrawels Rental Income 162,000 180,000 18000 Other Income Uncallectible Accounts Depreciation Expense InterestExpeanse Damaged Videctape Suplies Used Salaries Expense 95,000 445,000 Tdal 445,000 The following errors and omissions were discovered at year-end prior to closing of the books: a. Uncollectible accounts should be provided at 1% of the outstanding receivable balance. b. Actual cost of supplies used amounted to P6,000. Physical inventory conducted on December 31, 2019 were found to have P15,000 cost of videotapes to have been damaged. Furniture was acquired on October 1, 2019 with an…
Problem 4-10 (AICPA Adapted) Rapture Company had the following information for eurrent year relating to accounta receivable: 13000 50000 4.750.000 125.000 Accounts receivable, January 1 Credit eales Collectiona from customers, excluding recovery Accounta written off Collection of accounta written off in prior year. customer credit waa not reestablished Eatimated uncollectible receivables per aging at December 31 25.000 165 000 What is the balance of accounta receivable, before allowane for doubtful accounts, on December 317 a. 1,825,000 b. 1,850,000 c. 1,950,000 d. 1,990,000
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Mr Required information PA8-4 (Algo) Accounting for Accounts and Notes Receivable Transactions [LO 8-2, LO 8-3] [The following information applies to the questions displayed below.] Web Wizard, Incorporated, has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $47,000 on credit. b. On January 31, the company estimated bad debts using 2 percent of credit sales. c. On February 4, the company collected $23,500 of accounts receivable. d. On February 15, the company wrote off $150 account receivable. e. During February, the company provided services for $37,000 on credit. f. On February 28, the company estimated…
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