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

In the balance sheet, accounts Receivable, where did you get 489,555 from?
a. Show the journal entry to record the uncollectible accounts. b. How much will the balance sheet show as the net realizable value of the accounts receivable
How effective is the organization in collecting its receivables? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S…
Account Titles and Explanation (To record sales on account) (To record collection of accounts receivable) Debit Credit 100
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--.
Allowance method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:
Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.
List the accounts names for the following transaction and determine which is a debit or credit: 1. Interest on notes payable should be accrued $300
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
Answer the balance column of the general ledg

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