Information from the records of Stormfall Co. is shown below: Accounts receivable net of 8,000 credit 100,00 balance in customers' accounts 0 Notes receivable (trade) 15,000 Notes receivable (non-trade), P15,000 30,00 0 collectible within one year Dividends receivable Subscriptions receivable Advances to officers and employees (due in 10 months) Accounts payable net of 10,000 debit balance in suppliers' accounts 23. How much are the following? Total trade receivables A. 132,000 B. 123,000 C. 143,000 D. 123,000 2,000 2,000 4,000 3,000 Total current receivables 154,000 154,000 162,000 145,000

Information from the records of Stormfall Co. is shown below: Accounts receivable net of 8,000 credit 100,00 balance in customers' accounts 0 Notes receivable (trade) 15,000 Notes receivable (non-trade), P15,000 30,00 0 collectible within one year Dividends receivable Subscriptions receivable Advances to officers and employees (due in 10 months) Accounts payable net of 10,000 debit balance in suppliers' accounts 23. How much are the following? Total trade receivables A. 132,000 B. 123,000 C. 143,000 D. 123,000 2,000 2,000 4,000 3,000 Total current receivables 154,000 154,000 162,000 145,000

Name: Information from the records of Stormfall Co. is shown below:Accounts
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Description: Information from the records of Stormfall Co. is shown below:Accounts receivablenet of 8,000 credit 100,000balance in customers' accountsNotes receivable (trade)15,000Notes receivable (non-trade), $15,000 30,0002,0002,000collectible within one yearD

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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Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
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Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.
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