fromation for the question is in the image attached.
Infromation for the question is in the image attached.
Required 1
For items (a)-(j), analyze the transaction to determine effects on specific financial statement accounts and the overall
Assets = Liabilities + Stockholders' Equity
a. [ ] [ ] [ ] [ ] [ ] [ ]
b. [ ] [ ] [ ] [ ] [ ] [ ]
c. [ ] [ ] [ ] [ ] [ ] [ ]
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d. [ ] [ ] [ ] [ ] [ ] [ ]
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e. [ ] [ ] [ ] [ ] [ ] [ ]
f. [ ] [ ] [ ] [ ] [ ] [ ]
g. [ ] [ ] [ ] [ ] [ ] [ ]
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h. [ ] [ ] [ ] [ ] [ ] [ ]
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i. [ ] [ ] [ ] [ ] [ ] [ ]
j. [ ] [ ] [ ] [ ] [ ] [ ]
Required 2
Prepare the journal entries for items (a)-(j). (If no entry is required for a transaction/event, select "No
- Record service revenue of $38,000 sold on account during January. (Note: Enter debits before credits.)
Transaction General Journal Debit Credit
a. [ ] [ ] [ ]
- Record the
adjusting entry forbad debts as of January 31 using 1 percent of credit sales. (Note: Enter debits before credits.)
Transaction General Journal Debit Credit
b. [ ] [ ] [ ]
- Record the collection of $19,000 of outstanding accounts receivables on February 4. (Note: Enter debits before credits.)
Transaction General Journal Debit Credit
c. [ ] [ ] [ ]
- Record the write-off of a $100 account receivable on February 15. (Note: Enter debits before credits.)
Transaction General Journal Debit Credit
d. [ ] [ ] [ ]
- Record service revenue of $28,000 provided on account during February. (Note: Enter debits before credits.)
Transaction General Journal Debit Credit
e. [ ] [ ] [ ]
- Record the adjusting entry for bad debts as of February 28 using 1 percent of credit sales. (Note: Enter debits before credits.)
Transaction General Journal Debit Credit
f. [ ] [ ] [ ]
- Record the receipt of a note on March 1 for a $2,400 loan to an employee. (Note: Enter debits before credits.)
Transaction General Journal Debit Credit
g. [ ] [ ] [ ]
- Record the reversal of a $100 account receivable previously written off one month earlier. (Note: Enter debits before credits.)
Transaction General Journal Debit Credit
h(1). [ ] [ ] [ ]
- Record the receipt of cash of $100 from the customer. (Note: Enter debits before credits.)
Transaction General Journal Debit Credit
h(2). [ ] [ ] [ ]
- Record the interest accrued on the note as of March 31. (Note: Enter debits before credits.)
Transaction General Journal Debit Credit
i. [ ] [ ] [ ]
- Record the adjusting entry for bad debts as of March 31 using the aging of
accounts receivable method. (Note: Enter debits before credits.)
Transaction General Journal Debit Credit
j. [ ] [ ] [ ]
Required 3
Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified
WEB WIZARD, INC.
Partial Balance Sheet
At March 31
Assets
Current Assets:
[ ] [ ]
[ ] [ ]
Accounts Receivable,
Net of Allowance [ ]
[ ] [ ]
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Required 4
Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts Receivable. Name two other accounts related to Accounts Receivable and Notes Receivable that would be reported on the income statement and indicate whether each would appear before, or after, Income from Operations.
Web Wizard would report
[ ] [ ] Income from Operations.
[ ] [ ] Income from Operations.
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