During ZuzZz, onamrock Corp. entered into the 1. 2. 3. 4. Borrowed $67,200 by issuing a note. Paid $10,080 cash dividend to stockholders. Received $14,560 cash from a previously billed customer for services performed. Purchased supplies on account for $3,472. thular analysis, show the effect of each transaction on the accounting equati (If a transaction

During ZuzZz, onamrock Corp. entered into the 1. 2. 3. 4. Borrowed $67,200 by issuing a note. Paid $10,080 cash dividend to stockholders. Received $14,560 cash from a previously billed customer for services performed. Purchased supplies on account for $3,472. thular analysis, show the effect of each transaction on the accounting equati (If a transaction

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A company's Cash account shows a balance of $3,460 at the end of the month. Comparing the company's Cash account with the monthly bank statement reveals several additional cash transactions such as bank service fees ($50), an NSF check from a customer ($370), a customer's note receivable collected by the bank ($1,600), and interest earned ($130). Required: Record the necessary entry(ies) to adjust the company's balance for cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the items that increase cash. 2 Note: Enter debits before credits. Transaction Record entry General Journal Clear entry Debit Credit View general Journal
The following account balances come from the records of Ourso Company: Beginning Balance $3,099 Ending Balance $3,860 Accounts receivable Allowance for doubtful accounts 127 175 During the accounting period, Ourso recorded $11,150 of sales revenue on account. The company also wrote off a $177 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expense
The balance sheet of ANDY Corp. as at December 31, 1979 contained the following current assets: Cash P 96,578 Accounts receivable 452,800 Inventories 376,300 P925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts P357,742 Due from employees – current 43,658 Equity in P50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold by consignee 50,400 Allowance for doubtful accounts (15,000) P452,800 What should be the adjusted amount of the current assets as at December 31, 1979?
On December 31, 20X1, the company reported a debit balance of $200,000 in accounts receivable and a credit balance of $5,000 in the allowance for expected credit losses. December 31 is the company’s reporting date. During 20X2, the company had the following transactions: a. The company made a credit sale of $300,000. b. The company collected accounts receivable for 350,000. c. The company wrote off the uncollectible accounts for $12,000. d. The company collected the receivable of $4,000 that had been written off previously. Required Note: Show calculation: (1) Prepare journal entries to record the above four transactions. (2) Assume that 2% of the company’s accounts receivable cannot be collected, prepare the adjusting journal entry at the end of 20X2.
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1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.
The following account balances come from the records of Ourso Company: Beginning Balance $2,945 123 Ending Balance $3,665 Accounts receivable Allowance for doubtful accounts 171 During the accounting period, Ourso recorded $12,350 of sales revenue on account. The company also wrote off a $183 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expense
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The following data were collected to use in reconciling the bank account for Anderson Co.: Balance per bank statement...……...........….$23,900 Balance per company records (cash acct)…..8,700 Bank service charges...................................................50 Deposits in transit..................................................5,500 Note collected by bank with $450 interest..9,450 Outstanding checks..............................................11,300 a. How much is the correct or adjusted bank balance? b. How much is the correct or adjusted book balance? c. Prepare any necessary journal entries based on the bank reconciliations.
Presented below is information for Vaughn Company. 1. Beginning-of-the-year Accounts Receivable balance was $24,900. 2. Net sales (all on account) for the year were $105,300. Vaughn does not offer cash discounts. 3. Collections on accounts receivable during the year were $84,300. All Boo (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. Debit Credit 2. 3.