Determine the missing amounts in each of these four separate situations a through d. a b Supplies available-prior year-end $ 225 1,193 $ 1,014 $ 1,375 Supplies purchased during current year 1,575 4,056 5,594 4,656 Total supplies available 1,800 5,249 6,608 6,031 Supplies available-current year-end (675) 4,356 (1,494) (800) Supplies expense for current year 1,125 893 6,608 5,231

Determine the missing amounts in each of these four separate situations a through d. a b Supplies available-prior year-end $ 225 1,193 $ 1,014 $ 1,375 Supplies purchased during current year 1,575 4,056 5,594 4,656 Total supplies available 1,800 5,249 6,608 6,031 Supplies available-current year-end (675) 4,356 (1,494) (800) Supplies expense for current year 1,125 893 6,608 5,231

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter16: Advanced Topics Concerning Complex Auditing Judgments

Section: Chapter Questions

Problem 36RSCQ

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Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation. Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals Debit $26,000 48,000 20,900 55,000 19,500 $169,400 January 23 Receive $126,300 from customers on accounts receivable. January 25 Pay $99,000 to inventory suppliers on accounts payable. January 31 Pay cash for monthly salaries, $52,900. Credit During January 2024, the following transactions occur: January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase date. on account. The cost of the units sold is $84,000. $5,100 January 6 Purchase additional inventory on…
Chapter : Adjustment financial statements
Question Content Area Allowance for Doubtful Accounts has a credit balance of $1,065 at the end of the year (before adjustment), and an analysis of the receivables indicates uncollectible accounts of $11,265. Which of the following entries journalizes the proper adjustment for bad debt expense? a. debit Bad Debt Expense for $12,330; credit Allowance for Doubtful Accounts for $12,330 b. debit Bad Debt Expense for $10,200; credit Allowance for Doubtful Accounts for $10,200 c. debit Allowance for Doubtful Accounts for $12,330; credit Bad Debt Expense for $12,330 d. debit Allowance for Doubtful Accounts for $10,200; credit Bad Debt Expense for $10,200
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C7
Problem 5-20 (AICPA Adapted) Sky Company provided the following information at year-end: 2020 2019 Accounts receivable Allowance for doubtful accounts Allowance for sales returns 880,000 ( 10,000) ( 20,000) 800,000 ( 15,000) ( 25,000) Net realizable value 850,000 760,000 The entity reported doubtful accounts expense in 2020 of P30,000 and had products returned for credits totaling P15,000 at sale price. Gross sales for 2020 amounted to P6,150,000. 4. What anmount was reported as net sales for 2020? a. 6,150,000 b. 6,140,000 c. 6,100,000 d. 6,135,000
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At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $743. During the year, $344 of previously written off accounts were reinstated and accounts totaling $756 are written off as uncollectible. The end-of-year balance (before adjustment) in the Allowance for Doubtful Accounts should be the one listed below. a.$331 b.$756 c.$344 d.$743
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--.