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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- CORRECT 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 EQUITY12
- 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.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.)A summary of Klugman Company's December 31, 2021. accounts receivable aging schedule is presented below along with the: estimáted percent uncollectible for each age group: Age Group 0-69 days 61-98 days 01 123 days Dver 128 days Amount $55,000 19,500 2,500 1, 000 0.5 1.0 10.0 50.0 The allowance fer uncollectible accounts had a balance of $1,350 on January 1, 20211. During the year, bad debts of $700 were. written of: Required: Prepare all joumal entries for 2021 with respect to bad debts and the aflowance for uncollectible accounts. (f no entry is required fain a transaction/event, select "No journat entry requirEG" in the first account fielld.) w transaCtion ist Journal entry worksheet Record the entry to write-off specific accounts.
- The income statement for the Splish Brothers Inc. for the month ended July 31 shows Service Revenue $ 17,350, Salaries and Wages Expense $ 9,000, Maintenance and Repairs Expense $ 2,850, and Income Tax Expense $ 1,290. The statement of retained earnings shows an opening balance for Retained Earnings of $ 22,070 and Dividends $ 1,990.The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31. No. Account Title Debit Credit 101 Cash $18,000 9,900 2,000 23,000 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 301 A. Cruz, Capital 302 A. Cruz, Withdrawals 404 Services revenue $ 6,500 42,465 6,000 43,400 612 Depreciation expense-Equipment 622 Salaries expense 2,000 25,302 1,823 2,908 637 Insurance expense 640 Rent expense 652 Supplies expense 1,432 Totals $92,365 $92,365 1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901. 2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: A. Cruz, Capital was $42,465 on December 31 of the prior year. Complete this questions by entering your answers in the tabs below.Journal entry: If a company uses the ALLOWANCE method for valuing Accounts Receivable on the balance sheet, what will the journal entry be (with out amounts) at the end of the accounting period. Journal: Debit Account Credit Account
- a. Journalize the entry to record the payroll for the week of April 29.* b. Journalize the entry to record the payroll tax expense incurred for the week of April 29.*nku.3On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. • Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. . The expected useful life of the asset is nine years, and its fair value is $90,000. . Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of…
