debit side of the post-closing trial balance is: O a. RO 21,990 O b. RO 22,000 None of the options are correct d. RO 22,950 O e. RO 23,680
Q: 4. If the Estimated outstanding receivable account, what should be the adjusting entry needed?
A: Accounts Receivables are those customer accounts to whom business has made credit sales on account…
Q: for each of the following statements indicate if the statement is true or false. I your answer book…
A: Direct deposits are an example of an adjusting differenceExplanation: An adjusting difference refers…
Q: .All statement are limitations of trial balance Except: OMR 650 collected from customer, is debited…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Physical amount of cash: 50.000 TL and Account Balance: 70.000 TL. What would be the adjusting entry…
A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…
Q: Tots / 20ZZUO mimestery ECG ZUCZUO DUDIZUT ng What is the CLOSING BALANCE for the following account?…
A: Cash at bank account means the amount of cash with access in hand i.e. can be used instantly for…
Q: Which account is to be credited to reinstate an account during a bad debt recovery, using the…
A: Bad debt expense is a number of accounts receivable that the company may not recover from the…
Q: Question 10 of 20: Select the best answer for the question. 10. A trial balance indicates that the…
A: Liabilities + revenue + owners equity Errors in trail balance Clerical error Errors of principles…
Q: semiannual payments must be set aside into a sinking fund to replace the equipment in eight years if…
A: Original cost today = 650000 Salvage value at end of 8th year = 50000 Inflation rate = 2% Cost of…
Q: Debit Beginning Balance (a) (b) Multiple Choice What is the ending balance of the Cash account?…
A: Cash account is an account that includes cash inflow and outflow. All the receipts are debited to…
Q: Unadjusted Adjusted Account Title Trial Balance Adjustments Trial Balance Income Statement Balance…
A: Closing Journal Entries This was doing at the end of the accounting period transfer the balances of…
Q: - cdn.student.uae.examus.net/ridbqn1 ACT101_FEX_2021_2_Male A comp iny failed to post a SR50 debit…
A: Correct Option A i.e. The trial balance will not balance.
Q: Concord Co. sells $451,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and…
A: We solve the by Step by Step as follows collecting Data for the solution Bonds Payable…
Q: What is the meaning of present value of notes receivable.
A: To understand the present value of notes receivable, first we need to understand what note…
Q: Cullumber Corporation's general ledger includes the following account balances: Contributed Surplus…
A: Journal entry records the accounting transactions of a business in a journal book. All the business…
Q: 3. The debit balance of doubtful rec. account is $ 7,000 and the credit balance of allowance for…
A: Doubtful receivables are those receivables on which there is doubt that whether amount will be…
Q: Pearl City Corporation, a publicly traded company, is authorized to issue 207,000 $4 noncumulative…
A: Commercial organizations used journal entries to record their financial transactions in their…
Q: Two transactions are recorded incorrectly in a worksheet. The fi rst error is a transaction of $1000…
A: Accounting Equation :- Assets = Liabilities + Owner's equity It means total of assets is equal to…
Q: G. Transposistion Error. Mr. Schruba paid P 545,000 to Inktech for its accounts payable due. At Dec.…
A: The American rule of accounting states that the balances of all asset accounts and expense accounts…
Q: Marc Pty Ltd has accounts receivable of $92,500 at 31 March 2016. An analysis of the accounts shows…
A: Journal entries are used to record the accounting transactions in chronological order under double…
Q: Following is the alphabetized account information. Assume all accounts have normal balances.…
A: UNADJUSTED TRAIL BALANCE An unadjusted trial balance help to checks whether the sum of all…
Q: Physical amount of cash: 30.000 TL and Account Balance: 40.000 TL. What would be the adjusting entry…
A: Here Physical Cash count = 30.000 TL Where as Account Balance = 40.000 TL Shortage in Cash = 10.000…
Q: P2,900 debit b. P300 debit a. P2,900 credit d. P300 credit C. account to net or net loss? ial…
A: There are two types of accounts maintained in the accounting books. One is temporary accounts, and…
Q: Required: Using the appropriate accounting equation, study the following transactions and identify…
A: The accounting equation is the one used by the organization to determine the financial position of…
Q: An aging-of-accounts receivable indicates that the amount of uncollectible accounts is $3.210 The…
A: Allowance for Doubtful Debt: It implies a contra account that is created by the business to decrease…
Q: Cash Accounts Payable Ca Accounts Payable 820 200 R 1300 R to Cash of
A: Rectification entries correct errors in financial records, ensuring accurate accounting by adjusting…
Q: PA7. LO 5.1 Assume that the first two closing entries have been made and posted. Use the T-accounts…
A: The closing entries are the last and ending entries made in the books of accounts for a given…
Q: Transactions Alex and Hagi decided to open a home cleaning service company, H@L .„. The following…
A: Financial Statement - Financial Statement is formal / written records of the business / financial…
Q: Accounts receivable transactions are provided below for J Sandhill Co. Dec. 31, 2023 Mar. 5, 2024…
A: The allowance for uncollectible has normal credit balance. It is prepared to record the estimated…
Q: d. balance totals to be unequal? a. Cash and a debit of P220 to Accounts Receivable. b. A payment of…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Unadjusted Adjusted Trial Balance Trial Balance Adjustment Petty Cash Bank of Montreal - Chequing…
A: Assumes that Financial ended on 31st December'2020 Interest Earned calculation Short…
Q: December 1 Ritchie sold 14 go-karts on account. The selling price of each go-kart was $1,9003; the…
A: The question is based on the concept of Financial Accounting.
Q: Financial information is presented below: Operating expenses $ 42,000 Sales returns and allowances…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Account: A/R – Manitoba Equipment Co. No. 211 Dater2021) PARTICULARS P.R. DEBIT CREDIT Dr/Cr BALANCE…
A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…
Q: Ck No Date Ck Issued To Amount of Check | Amount of Deposit Balance BALANCE BROUGHT FORWARD $3069.05…
A: A passbook, also known as a bank statement, seems to be a duplicate of the customer's account as it…
Q: Assume that the ABC LLC purchased a machine for OMR 5000 cash. What would be the journal entry? a.…
A: The question is based on the concept of Journal Entry.
Q: 5. Identify three (3) accounts that are most likely in error (not normal balances) in the following…
A: Introduction: Trial balance: All ledger account final balances are posted in Trial balance to check…
Q: PA10. LO 5.2 The following Post-Closing Trial Balance contains errors. Prepare a corrected…
A: Post closing trial balance is the one, which list all the accounts of the balance sheet containing…
Q: ts. Before any year-enc oubtful Accounts had Accounts will be based
A: Calculation of balance of allowance for uncollectible accounts Days account outstanding amount…
Q: unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit…
A: A trial balance is a statement which is prepared by the business organizations so as to conform the…
Q: Unearned Revenue, beg 15,000; Unearned Revenue, end 75,000; Collection of cash from advance paying…
A: Solution: The service performed for advanced paying customers amounted to = Unearned revenue…
Q: Which of the following errors will not affect the Trial balance? a. Wrong totaling of purchase…
A: the errors that do not affect trial balance? Trial balance is prepared when transactions posted into…
Q: Corrected trial balanceThe Lexington Group has the following unadjusted trial balance as ofMay 31.…
A: Trial balance is the one in which all the accounts balance from the ledger accounts is posted to…
Q: (Round average per share cost to 3 decimal places, e.g. 40.355. Round answers to 0 decimal places,…
A: Journal entry records the accounting transactions of a business in a journal books. All the business…
Q: Providing service of $600, receiving $200 cash and the remaining on account is recorded as: Debit…
A: Recording of the transaction in the books of accounting in a chronological order is termed as…
Step by step
Solved in 2 steps
- Ensemble Co. Unadjusted Trial Balance For the Year Ending December 31, 2018 Debit Balances Credit Balances 42,900 123,500 27,000 300,000 52,000 4,800 40,000 137,200 5,000 1,216,000 660,000 275,000 16,600 1,801,500 1,801,500 Trial Balance to be prepared from the above given values? Cash Accounts Receivable. Prepaid Insurance. Equipment... Accounts Payable Salaries Payable. Common Stock Retained Earnings Dividends... Service Revenue Salary Expense... Advertising Expense... Miscellaneous ExpenseTotal value of advances after adjustments will be: a. OMR 145,500 b. OMR 117,000 c. OMR 115,500 d. OMR 130,500 Total non-interest expenses of OMR 69,750 of a bank will be recorded under: a. Note: 15 b. Note: 14 c. Note: 13 d. Note: 16 Outstanding salary of OMR 1,500 will be: a. Added with salaries in income statement and recorded under liability side of the statement of financial position b. Deducted with salaries in income statement and recorded under asset side of the statement of financial position c. Deducted with interest income in income statement and recorded under asset side of the statement of financial position d. Added with interest expenses in income statement and recorded under asset side of the statement of financial positionAnswer the questions ASAP.
- Mc Graw Hill Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 37,000 Accounts receivable Percent uncollectible Req A Req B and C Complete this question by entering your answers in the tabs below. Accounts Receivable X a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,700 credit. Total 0 $575,000 $ 397,000 c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $200 debit. X Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X X Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using…9-Which of the following errors will not affect the Trial balance? a. Omitting Salary account OMR 12,000 and recording Cash account OMR 12,000 b. Cash paid to Mr. Said OMR 7800: Debit Mr. Said OMR 8700 and Credit Cash OMR 7800 c. Omitting Rent account OMR 8,000 and Cash account RO 8,000 d. Wrong totaling of purchase journal OMR 48,000 instead OMR 84,000At December 31, 2021, Skysong, Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. 5. $630,000 41,000 Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,669.000 54,000 2,056,000 41,000 17,000
- Correcting the Trial Balance: Alpha received cash of $300 in advance from a customer that has not yet been earned, but incorrectly recorded it as a credit sale. What corrections, if any, should be made to the trial balance? Debit Column Select] Credit Column (Select]Drill Problem 7-20 (Algo) (LU 7-2 (2)] Complete the following: Note: Do not round intermediate calculations. Round your final answers to the nearest cent. Amount of invoice $ Terms 635 2/10, N/60 Invoice date 7/18 Actual partial payment made $ 435 Date of partial payment 7/27 Amount of payment to be credited Balance outstandingDetermine the ending balance of each of the following T - accounts. \table [[Cash], [180, 130], [380,140], [100, ], [, ], [Supplies], [10, 800, 4, 600], [1, 900, ], [],[],[ ]]\table [[Accounts Payable], [2, 800, 10,400], [4, 100],[, ], [,], [ Accounts Receivable], [1, 000, 230], [, 230], [, 230], [, 180], [, ]]
- Transactions Alex and Hagi decided to open a home cleaning service company, H@L . The following information is a partial list of transactions from H@L Inc. January 1- Alex and Hagi gach donated $ 25.000 in exchange for common stock to start the business. March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately. March 15-The Company purchased $8.000 of supplies on account. April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020. May 1-H@L Inc., purchased a year's worth of advertising in a local newspaper for $ 1.200 cash. September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021. December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3. December 31- The Company earned service revenues of $ 26.225,…Alberta Company accepts a credit card as payment for $450 of services provided for the customer. The credit card company charges a 4% handling charge for its collection services. Select the answer that shows how the entry to record the sale would affect Alberta's financial statements. A. B. C. D. Assets = 432 432 432 450 Multiple Choice O O о о Balance Sheet Liabilities + NA NA ΝΑ NA Option A Option B Option C Option D Stockholders' Equity 432 432 432 450 Income Statement Revenue - 432 450 450 450 Expense = Net Income ΝΑ 18 18 ΝΑ 432 432 432 450 Statement of Cash Flows 432 OA 432 OA NA ΝΑfor the (1)st question: is wrong to make the below journal entry S. No Particulars Debit Amt € Credit amt € 1. Interest expense 500 Loan 500