Nano Technology Solution Co has prepared the foliowing unadjusted trial balance at Jan 31, 2019Nano Technology Solution Co.Adjusted Trial BalanceJanuary. 31, 2019Debit1310080007500190 000CreditCashSuppliesPrepaid insuranceTrucksAccumulated Depreciation-TruckAccount payableUnearned FeesNote payable (due 2025)Smith s CapitalSmith's DrawingFees earnedSalary expenseRent ExpenseElectricity Expenses27 100450011,00020,0001064003000131,0006100076009800300.000300,000RequirementPrepare income statement and stamen of Owner's EquityJournalize nocessary closing entryPrepare Post-closing Trail balance

Income statement: It is one of the financial statements prepared by an organization. This statement…

Nano Technology Solution Co has prepared the following unadjusted tral balance at Jan 31, 2019 Nano Technology Solution Co. Adjusted Trial Balance January 31, 2019 Debit 13100 8000 7500 190 000 Credit Cash Supplies Prepaid insurance Trucks Accumulated Depreciation-Truck Account payable Uneamed Fees Note payable (due 2025) Smith's Capital Smth's Drawing Fees earned Salary expense Rent Expense Electricity Expenses 27 100 4500 11,000 20.000 106400 3000 131,000 61000 7600 9800 300.000 300.000 Requirement 1 Prepare income statement and stamen of Owner's Equity •2 Journalize necessary closing entry 3. Prepare Post closing Trail balance

Nano Technology Solution Co has prepared the following unadjusted tral balance at Jan 31, 2019 Nano Technology Solution Co. Adjusted Trial Balance January 31, 2019 Debit 13100 8000 7500 190 000 Credit Cash Supplies Prepaid insurance Trucks Accumulated Depreciation-Truck Account payable Uneamed Fees Note payable (due 2025) Smith's Capital Smth's Drawing Fees earned Salary expense Rent Expense Electricity Expenses 27 100 4500 11,000 20.000 106400 3000 131,000 61000 7600 9800 300.000 300.000 Requirement 1 Prepare income statement and stamen of Owner's Equity •2 Journalize necessary closing entry 3. Prepare Post closing Trail balance

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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On Dec. 31, 2021, Boss Company had a credit balance of $50,000 in its records pertaining to allowance for uncollectible accounts. Analysis of its accounts receivable on the same date revealed the following: Age Amount ％ collectible 0-30 days $5,000,000 95 31-60 days 600,000 85 61-90 days 450,000 70 Over 90 days 100,000 50 Total $6,150,000 The company has written off $20, 000 of accounts receivable during 2021. How much is the allowance for uncollectible accounts to be reported on Dec. 31, 2021?
The Garware Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information Accounts receivable on December 31 2020 RO 280000 Required balance in Allowance for Doubtful Accounts account on December 31 2020 RO 4000 Existing balance in Allowance for Doubtful Accounts account on December 31 2019 RO 3500 The journal entry to recognize uncollectible accounts expense on December 31 2017 is a. Dr Uncollectible Accounts Expense 4000 and Cr Allowance for Doubtful Accounts 4000 b. Dr Uncollectible Accounts Expense 500 and Cr Allowance for Doubtful Accounts 500 c. Dr Accounts Receivable 3500 Cr Allowance for Uncollectible Accounts Expense 3500 d. Dr Accounts Receivable 3500 Cr Uncollectible Accounts Expense 3500
The following information is available for AVS-CVN Company: Credit sales during 2019 P 8,000,000 Accounts receivable deemed worthless and written off during 2019 180,000 Allowance for doubtful accounts at December 31, 2018 160,000 As a result of a review and aging of accounts receivable in early January 2020, however, it has been determined that an allowance for doubtful accounts of P110,000 is needed at December 31, 2019. What amount should AVS-CVN record as doubtful accounts expense for the year ended December 31, 2019? P130,000 c. P90,000 P110,000 d. P270,000
Suzuki Supply reports the following amounts at the end of 2024 (before adjustment). Credit Sales for 2024 Accounts Receivable, December 31, 2024 Allowance for Uncollectible Accounts, December 31, 2024 $248,000 43,000 1,000 (debit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 10% of receivables will not be collected. 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 2% of credit sales will not be collected. 3. Calculate the effect on net income (before taxes) and total assets in 2024 for each method.
Part A Albert Trading Limited used the statement of financial position approach to estimate the impairment loss of receivable. An aging of account receivable at 31 December 2019 revealed that S68,000 of the $835,000 outstanding accounts receivable will prove uncollectible. The Allowance for Impairment has a debit balance of $6,200 prior to adjustment. Required: (Explanation of the Journal Entry is not required) Prepare an adjusting entry on 31 December 2019 to recognize the impairment loss of receivable. Part B On 12 January 2020, Peter Lee, a major customer, declared bankruptey, and Albert Trading, determined that a receivable from Peter Lee in the amount of $3,400 was worthless. Required: (Explanation of the Journal Entry is not required) Prepare the journal entry required by Albert Trading in this situation.
Required: (a) Prepare journal entries to record the impairment loss of receivable in 2021 under Statement of Financial Position approach. (b) Prepare partial Statement of Financial Positions to show the accounts receivables at 31 December 2021.
1. Husain Corporation has the following account it trial balance at the end of year: Accounting Receivables $ 230,000, Inventories $ 342,000, Allowances for doubtful debts $ 11,000, Long -term notes payable $ 56,000, Prepaid Rent $ 13,000, Unearned fee $ 5,000, Cash $ 46,000, Trading Securities $ 32,000. Prepare current assets section of the balance sheet.
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