Journalize the adjusting entry for the bad expenses - picture attattached to show the format Also prepare the journal entry for the transaction for 2024 using the allowance method Transactions for 2024 1-Sales revenue on account, $113,600 (ignore Cost of Goods Sold). 2-Collections on account, $92,895 3-Write-offs of uncollectibles, $760. 4- The Company accepted a 90-day, 9%, $13,500 note receivable from a customer in exchange for 4 his account receivable. a Journalize the issuance of the note. b Journalize the collection of the principal and interest at maturity. (use 360 days) 5 Bad debts expense of $?? was recorded. (Refer to requirement 3)(about the write off) The image attached also has the data and imformation.
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
![### Minimum Days, Maximum Days, % Uncollectible
| Minimum Days | Maximum Days | % Uncollectible |
|--------------|--------------|-----------------|
| 1 | 30 | 0.0 |
| 31 | 60 | 0.1 |
| 61 | 90 | 0.2 |
| 91 | 365 | 0.7 |
### Data Table
| Customer Name | Amount | Today's Date | Invoice Date | Days Outstanding | Uncollectible % |
|---------------|--------|--------------|--------------|------------------|-----------------|
| Bonneville | $80 | 7/31/2024 | 5/26/2024 | 66 | 12.0% |
| Chinook | $1,010 | 7/31/2024 | 5/30/2024 | 61 | 3.5% |
| Duwamish | $150 | 7/31/2024 | 7/12/2024 | 19 | 1.5% |
| Fors | $3,145 | 7/31/2024 | 4/15/2024 | 107 | 70.0% |
| Nisqually | $710 | 7/31/2024 | 6/18/2024 | 43 | 0.0% |
| Worden | $350 | 7/31/2024 | 5/10/2024 | 82 | 12.0% |
### Schedule of Accounts Receivable
| Customer Name | 1-30 Days | 31-60 Days | 61-90 Days | 91-365 Days | Total Balance |
|---------------|-----------|------------|------------|-------------|---------------|
| Bonneville | | | 980 | | 980 |
| Chinook | | 1,010 | | | 1,010 |
| Duwamish | 150 | | | | 150 |
| Fors | | | | 3,145 | 3,145 |
|](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F385dd7d1-1a38-4b33-a039-059d65b0c7b0%2F8e928289-7e5b-440d-bd00-da3c0169012e%2Fz53ljrk_processed.jpeg&w=3840&q=75)
![The image shows a spreadsheet template, likely used for accounting or ledger purposes. Here's a description suitable for an educational website:
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**Spreadsheet Template for Accounting Ledger**
This spreadsheet is designed to help users manage financial transactions effectively. Below is a breakdown of its layout:
- **Columns**:
- **Date**: This column is meant for recording the date of each transaction.
- **Account and Explanation**: This column allows users to list the account involved and provide a brief description of the transaction.
- **DR (Debit)**: This column is used to record amounts that increase asset or expense accounts.
- **CR (Credit)**: This column is used to record amounts that increase liability, equity, or income accounts.
- **Rows**:
- Multiple rows are provided for entering daily transactions, with each row allowing for a separate entry.
- **Formatting**:
- The sheet has alternating shaded rows, which can help in visually distinguishing between different transactions.
This template can serve as a basic structure for students or professionals learning about bookkeeping and financial recordkeeping.
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Ensure that learners understand how to input data accurately in each column to maintain a clear and effective accounting record.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F385dd7d1-1a38-4b33-a039-059d65b0c7b0%2F8e928289-7e5b-440d-bd00-da3c0169012e%2Ffovwrdn_processed.jpeg&w=3840&q=75)
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The amount for uncollectible accounts is estimated using management experience and the current paying ability of a debtor. This is recorded as an expense under the conservatism principle of accounting.
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