The trial balance for Nash's Trading Post, LLC appears as follows:Nash's Trading Post, LLCTrial BalanceDecember 31, 2022Cash$220Accounts Receivable386Prepaid Insurance61Supplies133Equipment2960Accumulated Depreciation, Equipment$440Accounts Payable284Common Stock890Retained Earnings1040Service Revenue2216Salaries and Wages Expense740Rent Expense370$4870$4870 $4870$4870If as of December 31, 2022, rent of $111 for December had not been recorded or paid, the adjusting entry would include a:debit to Rent Expense for $111debit to Rent Payable for $111O credit to Cash for $111.credit to Accumulated Rent for $111.Attempts: 0 of 1 usedSubmit.Save for LaterMacBook AirDD吕0000000888F9F8F7F.5F6F3F4*&.

The adjusting entry for rent with proper explanation are as follows

$4870 $4870 If as of December 31, 2022, rent of $111 for December had not been recorded or paid, the adjusting entry would include a: debit to Rent Expense for $111 debit to Rent Payable for $111 O credit to Cash for $111. credit to Accumulated Rent for $111.

$4870 $4870 If as of December 31, 2022, rent of $111 for December had not been recorded or paid, the adjusting entry would include a: debit to Rent Expense for $111 debit to Rent Payable for $111 O credit to Cash for $111. credit to Accumulated Rent for $111.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: how to in sage 300, a/r customers add the ffollowing customer December, 2022 historical invoices.…

A: Step 1:Here are the steps to enter verifiable solicitations in Sage 300 Records Receivable (A/R) for…

Q: PIPO P SP saf NOREN COMPANY Comparative Income Statments Year Ended December 31, 2019 Original…

A: Bad debt expense will increase from the change in ageing creteria

Q: 2. A credit sale of P750 is made on June 13, term 2/10, net/30. A return of P50 is granted on June…

A: The credit sale is the selling of goods & services without receiving the consideration of…

Q: Part B: ANALYSIS OF RECEIVABLES METHOD Assume that River Corporation instead uses the analysis of…

A: Bad Debt Expense: Bad debts are accounts receivable that a company does not expect to collect and…

Q: On January 1, 2021, Chandler Company's Allowance for Doubtful Accounts had a credit balance of…

A: Estimated uncollectible account = 10% of balance in receivable = $380,000 x 10% = $38,000

Q: about the homework of Intermediate Accounting: Reporting and Analysis 3rd Edition Chapter 6, Problem…

A: Step 1 The discount on note receivable of $78 is obtained by multiplying the present value of…

Q: Jacqueline recieves an invoice from Lowes dated March 2nd, 2018 for $730 with terms 7/10, 2/19,…

A: Term 7/10, 2/19 means that buyer are allowed 7% discount if the payment is made within 10 days and…

Q: 1. Prepare the journal entry, if any, on January 1 and on December 31 of the third year, 2026 for…

A: As per IFRS 16, Any change in the lease terms during the lease period may be accounted as a seperate…

Q: On January 1, 2021, LLB Industries borrowed $400,000 from Trust Bank by issuing a two-year, 8% note,…

A: Notes Payable: - Notes payable refers to a loan from a bank or any other financial institution…

Q: +9. Company A pays first semiannual interest payment of $ 2500. General Journal Page Date Account…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Bad Debts-Allowance Method On 2/22/2023, Wrote off the account of Jay Smith 10,000. On 06/30/2023…

A: Allowance for Doubtful Accounts - Allowance for doubtful account is one of the method of recording…

Q: Nissan Inc. prepared an aging of its accounts receivable at December 31,2020 and determined that the…

Q: Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past…

A: Age class Balance (A) Percent Uncollectable (B) Doubtful Debt (A*B) Not past due…

Q: Number of Days Unpaid Not yet due 1-30 days past due 31-60 days past due Over 60 days past due…

A: We need to calculate the estimate of allowance for doubtful accounts.

Q: Description Accounts Receivable Reserves: Allowance for Doubtful Accounts (2023) Allowance for…

A: Allowance for Doubtful Accounts is a contra asset which is basically the estimated amount of…

Q: December 12, 2022: Received a $5,775, 120-day, 8 percent note from Jacques Alard to settle his…

A: A note receivable is simply a written commitment to receive a specified amount of money on a future…

Q: On December 31, 2020, Sunland Co. estimated that 4% of its net accounts receivable of $488,600 will…

A: The allowance for doubtful accounts is established to record the estimated bad debt expenses for the…

Q: Brief Exercise 8-03 a-b At the end of 2021, Larkspur Co. has accounts receivable of $675,100 and an…

A: (a).Prepare the journal entry to record the write-off:

Q: AGING ACCOUNT RECEIVABLE ALLOWANCE FOR UNCOLLECTIBLE SCHEDULE AMOUNT UNCOLLECTIBLE AMOUNT 1-30 days…

A: The uncollectible accounts are the doubtful accounts that are estimated for non receipt of payment.

Q: e Se C uring ate ov justed) ate ec oose f More Info Accounts Receivable and aging schedule to be…

A: Answer - 1 1. Date Account Titles Debit Credit Nov. 30 Allowance for Uncollectible Accounts…

Q: Pina Corporation leased equipment to Kingbird, Inc. on January 1, 2020. The lease agreement called…

A: The lease is an agreement where one party agrees to provide the right to use the asset to the…

Q: In 2021, XYZ made the mistake of not amortizing the Note Payable Discount account. Indicate the…

A: Income statement forms a part of financial statements and is prepared with a view to ascertain the…

Q: The following transactions were completed by The Wild Trout Gallery during the current fiscal year…

A: Answer:

Q: Using the allowance method, the uncollectible accounts for the year is estimated to be $48600. If…

A: Bad debts refer to the non performing assets, These are amounts owed by the customers and which are…

Q: Question Content Area Analysis of receivables method At the end of the current year, Accounts…

A: Allowance for doubtful accounts - Allowance for doubtful accounts is the provision made by the…

Q: Kendall, who earned $128,400 during 2021, is paid on a monthly basis, is married, (spouse does not…

A: Federal withhold Taxes The sum of federal income tax deducted from an employee's wages is known as…

Q: Oregon Ltd's account balances at December 31, 2021, before adjusting entries, include: Accounts…

A: Before adjusting entries, balance of Accounts receivable $1,56,000 Before adjusting entries,…

Q: Accounts Receivable are $400,000 and estimated uncollectible a

A: The allowance account is a contra-asset account used when the aging of receivables, the income…

Q: On 31.12.t1, Frieda OHG has trade receivables with a book value of € 35,700, which also includes…

A: You must enter every financial transaction, including bank deposits and bill payments, in your…

Q: on January 1, 2021, dependable, Inc borrows $10,000 from a local bank by signing a 6% note July 1,…

A: The note refers to the amount that the company or individual owned from the bank or suppliers by…

Q: St. Joseph Hospital has the following balances on December 31, 2024, before any adjustment: Accounts…

A: Allowance for doubtful accounts is the provision made by the company for the accounts which the…

Q: Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66…

A: Adjustment in accounting is a business transaction that has not yet been included in the accounting…

Q: Problem: Accrued rent receivable of P10,000 was not recorded at the end of 2019. What is the…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: QUESTION 1 On December 31 , 2018, Ava Company had an ending balance of $5864 in its accounts…

A: NET REALIZABLE ACCOUNTS RECEIVABLE MEANS ACCOUNT RECEIVABLE MINUS THE VALUE OF THE ALLOWANCE FOR…

Q: a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the…

A: Journal Entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Prairie Company uses the allowance method to account for its uncollectible accounts. On February 20,…

A: Under the allowance method, allowance for uncollectible accounts is maintained for the upcoming…

Q: Metlock Corp. carries an account in its general ledger called Investments, which contained debits…

A: Journal entry:Journal entry refers to recording the day-to-day transactions of the business in the…

Q: Sarasota Co receives $2,680,000 when it issues a $2,680,000, 6%, mortgage note payable to finance…

A: Mortgage notes payable is kind of legal promissory note which binds one to pay the mortgage with the…

Q: 48 Assume that Oman Oil Marketing Company has credit sales of OMR 100,000 in 2019, of which…

A: the journal entries are prepared to keep the record of day to day transactions of the business.

Q: The closing trade receivables as at 31/12/2020 before bad debts written off were £140,000. The…

A: A counter account termed as an allowance for doubtful accounts nets against the total receivables…

Q: The balances on December 31 before any adjustments : Sales - 5,000,000 Accounts receivable…

A: Allowance for doubtful accounts is provision made for those accounts from which due amount has not…

Q: 1. How much is the adjusted balance of the allowance for doubtful accounts as of December 31, 2005?…

A: Accounts receivable means accounts of those customers to whom business has made credit sales on…

Q: At the end of 2024, Blue Depot has accounts receivable of $141,000 and an allowance for doubtful…

A: The sums that consumers or clients owe a business for items sold or services provided on credit are…

Q: On December 31, 2019, Oriole Inc. borrowed $3,060,000 at 13% payable annually to finance the…

A: Capitalization of interest The amount of interest cost that theoretically could have been avoided if…

Question

The trial balance for Nash's Trading Post, LLC appears as follows:
Nash's Trading Post, LLC
Trial Balance
December 31, 2022
Cash
$220
Accounts Receivable
386
Prepaid Insurance
61
Supplies
133
Equipment
2960
Accumulated Depreciation, Equipment
$440
Accounts Payable
284
Common Stock
890
Retained Earnings
1040
Service Revenue
2216
Salaries and Wages Expense
740
Rent Expense
370
$4870
$4870

$4870
$4870
If as of December 31, 2022, rent of $111 for December had not been recorded or paid, the adjusting entry would include a:
debit to Rent Expense for $111
debit to Rent Payable for $111
O credit to Cash for $111.
credit to Accumulated Rent for $111.
Attempts: 0 of 1 used
Submit.
Save for Later
MacBook Air
DD
吕0
000
000
888
F9
F8
F7
F.5
F6
F3
F4
*
&.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The following transactions involving intangible assets of Oriole Corporation occurred on or near December 31, 2020. 1. Minton paid Grand Company $440,000 for the exclusive right to market a particular product, using the Grand name and logo in promotional material. The franchise runs for as long as Oriole is in business. Oriole spent $600,000 developing a new manufacturing process. It has applied for a patent, and it believes that its application will be successful. 2. In January, 2021, Oriole's application for a patent (#2 above) was granted. Legal and registration costs incurred were $249,900. The patent runs for 20 years. The manufacturing process will be useful to Minton for 10 years. Oriole incurred $180,800 in successfully defending one of its patents in an infringement suit. The patent expires during 3. 4. December, 2024. Oriole incurred $470,400 in an unsuccessful patent defense. As a result of the adverse verdict, the patent, with a remaining unamortized cost of $241,920, is…
QUESTION 5 2020 Net credit sales $100,000. Estimate of doubtful debts 1% of net credit sales $1,800 before the estimate was made $40,000. Allowance account credit balance Gross Accounts receivable Required: Prepare the adjusting entry to record bad debts expense for 2020 using the percentage of sales method.
Please answer question correctly
Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2022. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Dec. 31, Interest Expense 2022 Discount on Bonds Payable Cash Debit 27300 240 Credit 27060
Debit Accounts receivable $730000 Allowance for uncollectible accounts 7500 Net credit sales Credit O $47750 O $145000. $36500, O $133750. $2900000 Bonita estimates that 5% of the gross accounts receivable will prove to be uncollectible. After adjustment at December 31, 2025, the allowance for uncollectible accounts should have a credit balance of
Solve this accounting not use excel
Accounts receivable, net of P520,000 allowance 5:49 "il ll 674 est doubtful accou... On June 1, 2018, Yola Company loaned Dale P500,000 on a 12% note, payable in five annual installments of P100,000 beginning January 1, 2019. In connection with this loan, Dale was required to deposit P5,000 in a noninterest-bearing escrow account. The amount held in escrow is to be returned to Dale after all principal and interest payments have been made. Interest on the note is payable on the first day of each month beginning July 1, 2018. Dale made timely payments through November 1, 2018. On January 1, 2019, Yola received payment of the first principal installment plus all interest due. On December 31,2018, what is the accrued interest receivable on the note receivable? 3. 5,000 c. · 10,000 d. 15,000 b. ua Company reported the following receivables on December 31, 2018: for doubtful accounts Interest receivable ..Lle 3,840,000 190,000 A 000 00
Ww.232.
Q20
Question 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
7
Question attached in the SS thanks appreciate it itj2jy2o4jy2404 h04h0hje0hh d0