Here is the adjusted trial balance of Rey Lantin Services for the calendar year 20X1. Make a single-step statement of income for the year. Accounts Cash in Bank Account Receivable Allowance for Bad debts Prepaid Rent Office Equipment Acc. Dep.- Office Equipment Salaries Payable Accounts Payable Rey Lantin, Capital Service Income Cost of Service Administrative Salaries Advertising Expense Utilities Expense Transportation Expense Bad Debt Expense Depreciation Expense Rent Expense TOTALS P Debit 100,000 480,000 10,000 660,000 1,050,000 280,000 70,000 60,000 9,000 5,000 6.000 60,000 2,790,000 Credit 5.000 60.000 30,000 240.000 455,000 2,000,000 P 2,790,000

Here is the adjusted trial balance of Rey Lantin Services for the calendar year 20X1. Make a single-step statement of income for the year. Accounts Cash in Bank Account Receivable Allowance for Bad debts Prepaid Rent Office Equipment Acc. Dep.- Office Equipment Salaries Payable Accounts Payable Rey Lantin, Capital Service Income Cost of Service Administrative Salaries Advertising Expense Utilities Expense Transportation Expense Bad Debt Expense Depreciation Expense Rent Expense TOTALS P Debit 100,000 480,000 10,000 660,000 1,050,000 280,000 70,000 60,000 9,000 5,000 6.000 60,000 2,790,000 Credit 5.000 60.000 30,000 240.000 455,000 2,000,000 P 2,790,000

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Description: Here is the adjusted trial balance of Rey Lantin Services for the calendar year 20X1.Make a single-step statement of income for the year.AccountsCash in BankAccount ReceivableAllowance for Bad debtsPrepaid RentOffice EquipmentAcc. Dep. - Office Equi

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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After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $450,000 and Allowance for Doubtful Accounts has a balance of $25,000. What is the net expected realizable value of the accounts receivable? $25,000 O $450,000 O $455,000 $425,000
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20. Record the entry for write-off Choose * Sales returns and allowances * Bad debt expense * Accounts Payable * Allowance for Uncollectible Account * Accumulate depreciation * Accounts Receivable * Cash
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, December 31, prior year Accounts Receivable (Gross) (A) $ 48,283 Allowance for Doubtful Accounts (XA) 8,474 Accounts Receivable (Net) (A) $ 39,809 During the current year, sales on account were $306,673, collections on account were $290,750, write-offs of bad debts were $7,059, and the bad debt expense adjustment was $4,775. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year.
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…
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: November 30 Debit CreditSupplies $2,000Prepaid Insurance 8,000Salaries Payable $11,000Deferred Revenue 3,000The following information is known for the month of December:1. Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500.2. No insurance payments are made in December. Insurance cost is $2,000 per month.3. November salaries payable of $11,000 were paid to employees in December. Additional salaries for December owed at the end of the year are $16,000.4. On November 1, a tenant paid Golden Eagle $4,500 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount.Required:Show the adjusting entries that…
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At the end of the current year, Accounts Receivable has a balance of $565,000, Allowance for Doubtful Accounts has a credit balance of $5,000, and sales for the year total $2,540,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $26,000. a. Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c. Determine the net realizable value of accounts receivable.$fill in the blank 5
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Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $80,000 of services on account. 2. Collected $48,000 cash from accounts receivable. 3. Paid $32,000 of salaries expense for the year. 4. 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 $23,680 1,600 2,240 1,920 2,560 Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.30 0.50 Allowance Balance Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1?