of Module Five Lesson Two Activity OneUCEFHJuly 20th: Repaired the putting green at a cost of $225, check #110Which accounts are affected?What is the normal (increase) balance of the affected accounts?How is each account affected?Where will you record the debit and credit?July 29th: Michael Powers took $250 out of the business checking account for personal useWhich accounts are affected?What is the normal (increase) balance of the affected accounts?How is each account affected?Where will you record the debit and credit?Accounts Receivable - MarkJones (110)Cash in Bank (101)Golf Equipmer田IA

As per accounting equation of the business, total assets of the business should be equal to total…

Answered: E July 20th: Repaired the putting green…

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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For the accounts receive and interest revenue I for march 20, I got 13, however its wrong, can you tell me what I am doing wrong? our answer is partially correct. Try again. On January 10, Molly Amise uses her Windsor, Inc. credit card to purchase merchandise from Windsor, Inc. for $1,500. On February 10, Molly is billed for the amount due of $1,500. On February 12, Molly pays $1,300 on the balance due. On March 10, Molly is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12.Prepare the entries on Windsor, Inc.’s books related to the transactions that occurred on January 10, February 12, and March 10. (Omit cost of goods sold entries.) (Round answers to 0 decimal places, e.g. 825. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction…
5. Jack's lawn care used the direct write-off method for accounting for uncollectible accounts. The company writes off $500 on Jane Doe's account. The journal entry to record this will include a debit of $500 to which account?
Fill out the check register that follows with this information for August 2022: Note: Enter your answer in the order of given data. Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign in the Balance column only. August 7 August 15 August 19 August 20 August 24 August 29 NUMBER Check Number 959 Check Number 960 Deposit Check Number 961 Check Number 962 Deposit AT&T Staples Balance West Electric Bank of Americal RECORD ALL CHARGES OR CREDITS THAT AFFECT YOUR ACCOUNT DESCRIPTION DATE 2022 PAYMENT/ DEBIT (-) FEE (IF ANY) (-) OF TRANSACTION DEPOSIT/ CREDIT (+) BALANCE $ 4,500.75
The following information is from Madison Corporation's accounting records for May. Check #3269 was returned as a double payment and voided. Checks that have not cleared the bank include #3252, #3260, and series #3275-3278. Check # Amount Check # Amount 3247 $ 32.64 3263 $ 24.87 3248 400.00 3264 45.00 3249 309.22 3265 33.78 3250 256.00 3266 756.77 3251 3,212.17 3267 84.34 3252 56.89 3268 789.00 3253 98.02 3269 48.90 3254 47.55 3270 34.41 3255 1,124.77 3271 872.00 3256 250.00 3272 22.00 3257 68.00 3273 562.38 3258 215.56 3274 512.00 3259 38.55 3275 603.50 3260 92.65 3276 67.00 3261 44.61 3277 301.61 3262 72.96 3278 47.88 In addition to the above list of the checks, Madison had check #2264 for $32.98 and check #2655 for $45.99 outstanding previously that have not cleared.
The bank mistakenly recorded the collection of $385 on a customer account as $358 in the bank statement. The cheque was written in the correct amount and was correctly recorded in the company’s accounting system. The journal entry required to correct this error would be: Select one: a. debit Accounts Receivable, $385; credit Cash, $385 b. debit Cash, $27; credit Accounts Receivable, $27 c. debit Cash, $385; credit Accounts Receivable, $385 d. debit Accounts Receivable, $27; credit Cash, $27 e. no journal entry is required
Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Valley Care & Supplies Co., a local hospital supply company that uses the direct write-off method of accounting for uncollectible receivables: If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. create a balance sheet for all dates given. March 18. Received $26,500 on an account. March 18. Wrote off the remaining $83,190 owed on account as uncollectible. Aug. 29. Reinstated the account that had been written off on March 18. (Do not record the collection of cash yet.) Aug. 29. Received $83,190 cash in full payment for the reinstated account.
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Dexter Company applies the direct write-off method in accounting for uncollectible accounts. March 11 Dexter determines that it cannot collect $45,000 of its accounts receivable from its customer Leer Company 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad d Prepare journal entries to record the above selected transactions of Dexter. View transaction list Journal entry worksheet 1 2 Record write off of Leer Company account Note: Enter debits before credits. Date General Journal Debit Credit March 11 Record entry Clear entry View general journal 2
Answer in 30 minutes Which adjustments need to be recorded in the accounting records? Those that affected the bank balance or the cash account balance in the ledger? What is the result of the adjustments not being recorded?
Question: A customer who owes Berry Sales Company $2,000 is declared bankrupt by a federal court. What journal entry would be made to write off this account: A. Allowance for Uncollectable Accounts 2,000 Accounts Receivable/Customer Account 2,000 B. Accounts Receivable/Customer Account 2,000 Allowance for Uncollectable Accounts 2,000 C. Accounts Receivable 2,000 Notes Receivable 2,000 D. Cash 2,000 Accounts Receivable 2,000

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