From the following data from the ledger, give the total amount that will be in the credit column.AccountNormal BalanceEquipment95,400Accounts Payable11,000Dividends7,000Salaries and Wages Expense53.975Common Stock35.000Notes PayableCash17.00014.125Prepaid Insurance7.500Accounts ReceivableService Revenue5.500129.875Salaries and Wages Payable12,125Rent Expense12,000Utilities Expense9.500

Account Payable - Liability11000Common stock - Is equity shown as Credit balance35000Note Payable -…

Answered: From the following data from the…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

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Similar questions

Brickman’s ending balance of Accounts Receivable is $19,500. Use the data in the preceding question to compute the net realizable value of Accounts Receivable at year-end. $16,800 $19,500 $17,400 $17,900
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explain the image provided the Accounts receivable turn over, days to collect, Inventory turnover,Days to sell, accounts payable turnover,days to pay and give recommendation
The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledger
SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Gelph Co. as of November 30, 20--.
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Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.
The accounts receivable account has a debit balance of $214,000 and the allowance for uncollectible accounts has a credit balance of $8,000. What is the "net accounts receivable (net realizable value)" that will be shown on the balance sheet? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f7 f8 f6 [X f9 f10 f11 4. 6 7 8 9. Y U 5 图 %24
At what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $42,500 and the allowance for uncollectible accounts is estimated at 16% of gross receivables? Select one: a. $42,500 b. $35,700 c. $28,900 d. $6,800
Classifying Items Related to Receivables and Payables in a Balance Sheet When examining the accounts of WholeFoods Company, we ascertain that balances relating to both receivables and payables are included in a single controlling account (called receivables), which has an $7,200 debit balance. An analysis of the details of this account reveals the following. Items Debit Credit Accounts receivable—customers $16,000 Accounts receivable—officers (current collection expected) 1,000 Travel advances to sales staff 400 Accounts payable for merchandise $7,700 Unpaid salaries 1,320 Credit balances in customer accounts (accounts receivable) 800 Cash received in advance from customers for goods not yet shipped 180 Allowance for doubtful accounts, adjusted 200 Indicate how each of the items should be reported on WholeFoods Company’s balance sheet. Some accounts below may have a zero balance. Do not use negative signs in your answers. Cash and…
(a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12(b) On March 1, journalize the entry to record the write-off, assuming that the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12
(c) What is the balance of accounts receivable on it December 31 balance sheet? Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 180,000 1% 31-60 days past due 40,000 2 61-120 days past due 22,000 5 121-180 12,000 10 Over 180 days past due 8,000 25 Total accounts receivable $ 262,000

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