GuideWell has the following balances on their Trial Balance in random order.Each account contains the balance that is normal for that type of account:Accounts Payable$87,920 Building$105,000Service Revenue644,000 Note Payable - long term60,330Equipment31,500 Common Stock168,000Patent7,350 Accounts Receivable143,080Cash120,810 Unearned Revenue21,560Dividends17,080 Prepaid Expenses10,150Accumulated Depreciation 17,500 Retained Earnings (Beg.)0What are Total Expenses for the period?Select one:Oa. $564,340O b. $458,920Oc. $581,420Od. $547,260Oe. $560,840

Step 1: Total Assets and LiabilitiesFirst, let's categorize the accounts into assets and…

Answered: GuideWell has the following balances on…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EB: Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...

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The accounts receivable account in the general ledger has a balance of $11,280. The accounts receivable ledger has the following account balances: А. Broccoli $3,242 B. Reilly 1,610 C. Greenspan 4,723 J. Fuentez Determine how much J. Fuentez owes. %24
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Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company. Assume the following account balances at January 1, 20X1: Accounts Receivable (control account) Accounts Receivable-John Gibrone $8,880 5,600 Accounts Receivable-Jim Garcia 2,180 Accounts Receivable-June Lin 1,100 DATE 20X1 Jan. 8 Cash GENERAL JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT 560 560 Accounts Receivable/John Gibrone Received partial payment on account from John Gibrone 20 Sales Returns and Allowances Sales Tax Payable Accounts Receivable/Jim Garcia Accept return of defective merchandise, Credit Memorandum 121; original sale made on Sales Slip 11102 of January 2, 20X1 300 24 324 Required: 1. Prepare a schedule of accounts receivable for Calderone Company at January 31, 20X1. 2. Should the total of your accounts receivable schedule agree with the balance of the Accounts Receivable account…
Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company. Assume the following account balances at January 1, 20X1: Accounts Receivable (control account) $ 8,880 Accounts Receivable—John Gibrone 5,600 Accounts Receivable—Jim Garcia 2,180 Accounts Receivable—June Lin 1,100 GENERAL JOURNAL DATE DESCRIPTION POST.REF. DEBIT CREDIT 20X1 Jan. 8 Cash 560 Accounts Receivable/John Gibrone 560 Received partial payment on account from John Gibrone 20 Sales Returns and Allowances 300 Sales Tax Payable 24 Accounts Receivable/Jim Garcia 324 Accept return of defective…
Charlston Inc. has accounts receivable of $110,000 in an allowance for doubtful accounts of $17,000. If it writes off a customer account balance of $1700 what is the amount of its net accounts receivable? A) 93,000 B) 108,300 C) 91,300 D) 110,000
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Echo Corporation had the following balances immediately prior to writing off a $100 uncollectible account: Current assets $ 30,000 Accounts receivable 3,300 Allowance for credit losses 300 Current liabilities 10,000 Required: Calculate the following amounts or ratios and determine the relationship between the amount or ratio before the write-off (x) with the amount or ratio after the write-off (y): Current ratio x equals y Net accounts receivable balance x equals y Gross accounts receivable balance x greather than Y
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Entity G uses the allowance method for uncollectible accounts. Accounts receivable has a balance of $12,000 and the allowance account has a credit balance of $1,300. Entity A writes of an $800 account. What is the net realizable value of accounts receivable after the write off?: a) $11,200 b) none of the above. c) $10,700 d) $9,900
When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. Give the journal entry to eliminate the above account and to set up the appropriateaccounts to replace it.
When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. How should each item be reported on Palma Company’s statement of financial position?

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