can you please solve this general account questions??? HVG, LLC paid $12,000 of cash to a real estate company upon signinga lease on 31 December 2005. The payment represents a $4,000security deposit and $4,000 of rent for each of January 2006 andFebruary 2006. Assuming that the correct accounting is to reflect bothJanuary and February rent as prepaid, the most likely effect on HVG'saccounting equation in December 2005 is:A. no net change in assets.B. a decrease in assets of $8,000.C. a decrease in assets of $12,000.

Step 1:The effect of the given transaction on the accounting equation of the company is considered…

Answered: HVG, LLC paid $12,000 of cash to a real…

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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The company had sales of $100,000 for the calendrer period 2021. The allowance for doubtful accounts total at the beginning of the year was $1500. $ 1800 of accounts receivable were written off during the year as uncollectible. Assuming the company estimates the allowance for bad debts to be 2% of sales, what is the year end adjusting entry? Would your answer be different if the company utilized the direct write off method? If so, how?
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CI On January 1, 2019, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,338. During the first 11 months of the year, bad debts expense of $21,593 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,887. Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-account for the Allowance for Bad Debts account.) Bad debts write-Off b. As the result of a comprehensive analysis, it is determined that the December 31, 2019, balance of the Allowance for Bad Debts account should be $9,365. Show the adjustment required in the journal entry format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry to adjust the allowance account to the appropriate balance. Note: Enter debits before credits. Event General Journal Debit Credit 1
Suppose that on January 1, Year 1 a debtor owed a creditor a $6,573 (face) non-interest-bearing note due on this date. The interest rate implied on this note is 8%. The debtor was unable to pay the total amount and the parties agreed to a restructure in which the debtor would make the following restructured payments: (1) restructured face value of $5,000 due December 31, Year 6, (2) annual interest payments at 10% of the new face value, beginning December 31, Year 1. What would be the debtor’s journal entries on a. January 1, Year 1? b. December 31, Year 1? c. December 31, Year 2? d. December 31, Year 6?
what is notes recievable for On December 31;2025, Blue Inc. rendered services to Beghun Corporation at an agreed price of $106,641, accepting $41,800 down and agreeing to accept the balance in four equal installments of $20,900 receivable each December 31 . An assumed interest rate of 11% is imputed. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Ee.19.
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On January 1, 2021 impatient inc. factored its accounts receivable of shs 100000 at a fee of 8%. Under the terms, of agreement, the company received shs 82000 in cash and the rest of the amount was retained by the factor as a security for any bad debts that may rise. Any excess of this security sum over the total bad debts was agreed to be returned by the factor at the end of the accounting period. That is, December 31, 2021. On December 31, 2021 the full amount of security sum was withheld by the factor because the actual bad debts totaled shs 11000 exceeding the security sum. Impatient incl. had already provided allowance for doubtful debts in the factored accounts receivable and a bad debts expense was recognized in the income statement of the year ended December 31, 2020. Required; Pass Journal entries to record the above transactions for Impatient Incl. both under factoring with recourse and factoring without recourse
At the end of 2021, Barker Corporation’s preliminary trial balance indicated a current ratio of 1.2. Management is contemplating paying some of its accounts payable balance before the end of the fiscal year. Determine whether the effect this transaction would increase or decrease the current ratio. Would your answer be the same if the preliminary trial balance indicated a current ratio of 0.8?
Keegan Corporation’s accounting records disclosed the following information for 2019: Cash sales $850,000 Net credit sales 720,000 Accounts receivable (12/31/2019) 160,000 Allowance for doubtful accounts (12/31/2019, prior to adjustment) 1,500 (debit) Keegan wishes to examine the effect of various alternative bad debt estimation policies. Required: 1. Prepare the adjusting entry that would be required under each of the following methods: a. Bad debts are estimated at 3% of net credit sales. b. Bad debts are estimated at 7.5% of gross accounts receivable. c. An aging of accounts receivable indicates that half of the outstanding accounts will incur a 3% loss, a quarter will incur a 6% loss, the remaining quarter will incur a 20% loss. 2. Next Level Discuss the difference between the income statement and balance sheet approaches to estimating bad debts.
Accounts Receivable balance on December 31, 2009 amounted to P1,500,000. Of this amount, P7,500 are estimated to become uncollectible. As of December 31, 2009, the P7,500 allowance for doubtful accounts should be presented as deduction on what account in the Balance Sheet?
9 Monday Ltd.'s allowance for doubtful accounts was $85,000 at the end of 2020 and $105,000 at the end of 2019. For the year ended December 31, 2020, Monday reported bad debt expense of $18,000 in its income statement. What amount did Monday debit to allowance for doubtful accounts during 2020 to write off actual bad debts? Select one: a. $12,000 b. $20,000 c. $38,000 d. $34,65

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