Date Account Titles and Explanation July 31 July 31 (To close revenue accounts) July 31 (To close expense accounts) (To close net income/(loss)) I Debit Credit
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- Blue Company had the following Shareholders' Equity accounts as of May 1, 2020: Share capital: Preferred shares, 50,000 issued and outstanding Class A common shares, 250,000 issued and outstanding Class B common shares, 460,000 issued and outstanding Retained earnings Total shareholders' equity $617,500 1,362,500 2,438,000 3,290,000 $7,708,000 On June 10, Blue reacquired and cancelled 2,000 Class A common shares at a cost of $4.65 per share. On August 26, 2020, Blue issued 4,000 Class A common shares for $8.60 each. On September 30, the company reacquired and cancelled another 2,000 Class A common shares at $8.60 per share. Prepare the journal entries required to record these transactions. (Round per share value to 4 decimal places, e.g. 1.2512 and final answer to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.…Compu//te General Ledger: Account: Salaries ExpenseCORRECT ANSWER✅
- UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.(a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12(b) On March 1, journalize the entry to record the write-off, assuming that the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12Question Content Area After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $702,763 and Allowance for Doubtful Accounts has a balance of $22,123. What is the net realizable value of the accounts receivable? a. $702,763 b. $680,640 c. $724,886 d. $22,123
- Using the allowance method, the effect on the current year’s financial statements of writing off an account receivable generally is to a. Decrease total assets.b. Decrease net income.c. Both a. and b.d. Neither a. nor b.Sandhill Company issued $2,400,000 of 10%, 10-year bonds on January 1, 2017, at 103. Interest is payable semiannually on July 1 and January 1. Sandhill Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.5281%. Prepare the journal entries to record the following. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) The issuance of the bonds. (b) The payment of interest and related amortization on July 1, 2017. (c) The accrual of interest and the related amortization on December 31, 2017.A edugen.wileyplus.com W WileyPLUS Bb Return to Blackboard US US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Commun Help | System Announcements Problem 9-01A a-d (Video) At December 31, 2019, Ayayai Co. reported the following information on its balance sheet. Accounts receivable $965,100 Less: Allowance for doubtful accounts 79,700 During 2020, the company had the following transactions related to receivables. 1. Sales on account $3,692,700 2. Sales returns and allowances 49,600 3. Collections of accounts receivable 2,817,800 4. Write-offs of accounts receivable deemed uncollectible 89,600 5. Recovery of bad debts previously written off as uncollectible 27,350 Your answer is correct. Aceur me thatne neh diecouınte w ers Prepare the journal entries to record onch of tho0o fuo trnnanotiono
- Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $50,100; (2) up to 180 days past due, $15,300; and (3) more than 180 days past due, $4,500. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 4 percent, (2) 12 percent, and (3) 30 percent, respectively. At December 31, the end of the current year, the Allowance for Doubtful Accounts balance is $400 (credit) before the end-of-period adjusting entry is made. Required: 1. Prepare the appropriate bad debt expense adjusting entry for the current year. 2. Show how the various accounts related to accounts receivable should be shown on the December 31, current year, balance sheet Complete this question by entering your answers in the tabs below.Tony and Suzie are ready to expand Great Adventures even further in 2022. Tony believes that many groups in the community (for example, Boy Scouts, church groups, civic groups, and local businesses) would like to hold one-day outings for their members. Groups would engage in outdoor activities such as rock climbing, fishing, capture the flag, paintball, treasure hunts, scavenger hunts, nature hikes, and so on. The purpose of these one-day events would be for each member of the group to learn the importance of TEAM (Together Everyone Achieves More). Tony knows that most people are not familiar with these types of activities, so to encourage business he allows groups to participate in the event before paying. He offers a 5% quick-payment discount to those that pay within 10 days after the event. He also guarantees that at least eight hours of outdoor activities will be provided or the customer will receive a 20% discount. For the first six months of the year, the following activities…Crane Tools uses the allowance method to account for uncollectible accounts. May Aug. Dec. 20 The account of Barack Obama for $1,567 was deemed to be uncollectible and is written off as a bad debt. 7 Received a check for $378 from Barack Obama whose account had previously been written off as uncollectible. 31 Use the following information for the year-end adjusting entry: The balances of Accounts Receivable and Allowance for Doubtful Accounts at year-end are $142,800 and $142, respectively, both with debit balances. It is estimated that bad debts will be 1.5% of accounts receivable. Prepare the appropriate journal entries to record the above transactions during 2014. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
