ing is a list elect Company Accounts and Additional Information: Account Name unadjusted account balances at year-end, as well as additional information regarding year-end amounts. upplies nterest receivable Salaries payable Deferred revenue Account Name $14,700 Service revenue 0 Interest revenue O Supplies expense 9,500 Salaries expense Account Balance 1. Supplies remaining at the end of the year. 2. Services remaining to be provided to customers who paid in advance. 3. Employees are owed additional salaries at the end of the year. 4. A note receivable was accepted on March 31. Interest rate on note. Required: 1. Use the information provided to prepare year-end adjustments. Account Balance $132,600 0 0 48,100, 6,200 2.700 4,500 9,000 8%

ing is a list elect Company Accounts and Additional Information: Account Name unadjusted account balances at year-end, as well as additional information regarding year-end amounts. upplies nterest receivable Salaries payable Deferred revenue Account Name $14,700 Service revenue 0 Interest revenue O Supplies expense 9,500 Salaries expense Account Balance 1. Supplies remaining at the end of the year. 2. Services remaining to be provided to customers who paid in advance. 3. Employees are owed additional salaries at the end of the year. 4. A note receivable was accepted on March 31. Interest rate on note. Required: 1. Use the information provided to prepare year-end adjustments. Account Balance $132,600 0 0 48,100, 6,200 2.700 4,500 9,000 8%

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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Do not give image format Record the transactions for July 10 and 31.
The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000; Sales Revenue $832,000; and Sales Returns and Allowances $18,100. If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at (a) December 31, assuming Pina Colada determines that L. Dole's $1,000 balance is uncollectible. If Allowance for Doubtful Accounts has a credit balance of $2,000 in the trial balance, journalize the adjusting entry at (b) December 31, assuming bad debts are expected to be 11% of accounts receivable. If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry (c) December 31, assuming bad debts are expected to be 8% of accounts receivable.
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