cesJohnson Cleaning Service has the following account balances on December 31, 20X1.CashEquipmentAccounts payableElicia Johnson, CapitalEnter the above balances on the proper side of the T account.Cash$18,60045,60023,80040,400Accounts PayableEquipmentElicia Johnson, Capital

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Description: cesJohnson Cleaning Service has the following account balances on December 31, 20X1.CashEquipmentAccounts payableElicia Johnson, CapitalEnter the above balances on the proper side of the T account.Cash$18,60045,60023,80040,400Accounts PayableEquipme

The different accounts of the business have different balances as debit and credit. The assets and…

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Accounting

Johnson Cleaning Service has the following account balances on December 31, 20X1. Cash Equipment Accounts payable Elicia Johnson, Capital $18,600 45,600 23,800 40,400 Enter the above balances on the proper side of the T account.

Johnson Cleaning Service has the following account balances on December 31, 20X1. Cash Equipment Accounts payable Elicia Johnson, Capital $18,600 45,600 23,800 40,400 Enter the above balances on the proper side of the T account.

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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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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4.
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