For each transaction below, calculate the amount of revenue to be recognized in the current period using accrual-basis accounting:a. Performed $28,000 of services during the month and received full cash payment from customers at the time of service.Revenue to be recognized:28b. Performed $7,000 of services during the month and billed customers. Customers are expected to pay next month.Revenue to be recognizedc. Received $12,000 cash from customers for services to be provided next month.Revenue to be recognized

Here in this question we are require to calculate the revenue that needs to be recorded under…

Answered: For each transaction below, calculate…

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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S Roth Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $72,000 of services on account. 2. Collected $43,000 cash from accounts receivable. 3. Paid $28,000 of salaries expense for the year. 4. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $15,300 5,000 3,200 1,800 3,700 Required A Percent Likely to Be Uncollectible. 0.01 0.05 Required B Required C 0.10 0.30 0.50 Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement for Roth Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1? Complete this question by entering your answers in the tabs below. Allowance Balance Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account…
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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balance of Pharoah Exposure Inc. had these balances for the following select accounts: Supplies $3,950, Unearned Service Revenue $8,900, and Prepaid Rent $1,710. At the end of the period, a count showed $820 of supplies on hand. Services of $3,750 had been performed related to the unearned revenue account, and one month's worth of rent, worth $570, had been consumed by Pharoah Exposure. Record the required adjusting entries related to these events. (List all debit entries before credit entries. 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. 2. 3. (To record supplies used) (To record revenue for services performed) (To record rent expired) Debit Credit
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Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
Based on the following transactions, calculate the revenues and expenses that would be reported (a) on the cash basis and (b) on the accrual basis: a. Credit sales to customers totalled $52,350. b. Cash sales totalled $147,850. C. Cash collections on account from customers totalled $52,350. d. Cost of goods sold during the period was $25,950. Payments made to suppliers of inventory totalled $50,900. Wages of $31,800 were paid during the year. In addition, wages of $1,800 remained unpaid at year end; there were no wages unpaid at the beginning of the year. g. Halfway through the year, a one-year insurance policy was purchased at a cost of $2,370. h. At the end of the year the company paid $2,970 for the first 3 months' rent for the upcoming year. e. f. a. b. C. d. e. f. 5.0 h. (a) on the cash basis Revenues Expenses (b) on the accrual basis Revenues Expenses
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can someone help me with journal entry with the following entries? Prepare journal entries for the following: Beginning Balance in Accounts Receivable: 12,000 Beginning Balance in Allowance: credit of 1,000 On March 31, customers were billed $25,000. On June 15, cash collections from transaction (a) totaled $20,000. On 10/31, a customer balance of $1500 from a prior year was written off. On 12/15, a customer paid an old balance of $900 that had been written off in a previous year. On 12/31, bad debts were estimated at 2% of credit sales.
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Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company’s income tax rate is 40% for all items. Debit Credit a. Interest revenue $ 14,400 b. Depreciation expense—Equipment $ 34,400 c. Loss on sale of equipment 26,250 d. Accounts payable 44,400 e. Other operating expenses 106,800 f. Accumulated depreciation—Equipment 72,000 g. Gain from settlement of lawsuit 44,400 h. Accumulated depreciation—Buildings 175,300 i. Loss from operating a discontinued segment (pretax) 18,650 j. Gain on insurance recovery of tornado damage 29,520 k. Net sales 1,002,500 l. Depreciation expense—Buildings 52,400 m. Correction of overstatement of prior year’s sales (pretax) 16,400 n. Gain on sale of discontinued segment’s assets (pretax) 36,000 o. Loss from settlement of lawsuit 24,150 p. Income tax expense ? q. Cost of goods sold 486,500…
On August 1, Sweetwater Ltd. accepted a $28,400 note from Borges Ltd. in settlement of an account receivable. The note bears interest of 6% and both principal and interest are due in two months, on October 1. Interest on the note was accrued on August 31 and on September 30. On October 1, Borges paid the note, including the accrued interest. Prepare the journal entries required to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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.)

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