On april foreman electric installs wiring in a new home for 2300 on account however on april 27 foreman's electronical work does not pass inspection and foreman grannts the customer an allowance of 480 because of the problem. The customer makes full payment of the balance owned on april 30 Calculate net revenue associated with these transactions

Q: On april 25, foreman electric install wiring in a new home for 2300 on account. However on april 27…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: The General Journal was not completed. Please fill out the missing answers for these dates: 1) S

A: General Journal is the book of prime entry where the transactions are first…

Q: Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December…

A: The allowance for an uncollected account refers to the amount that is not expected to be received…

Q: Window World extended credit to customer Nile Jenkins in the amount of $131,900 for his purchase of…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Gomez Corporation uses the allowance method to account for uncollectibles. On January 31, it wrote…

A: Bad debts expense: Bad debt expense is recognized in the books of the company when a debtor is…

Q: Dec. 12

A: Uncollectible receivables refers to funds owed to a company that is unlikely or impossible to…

Q: Buttercup Florist uses the allowance method to account for uncollectible accounts. Unable to collect…

A: Introduction:- Uncollectible accounts means firm is unable to collect the full amount due from the…

Q: on december 1, 2019, pinewood company sold machinery to a customer for $2000. pinewood regularly…

A: Note Receivable: A written promise from a client or customer to pay a definite amount of money on a…

Q: Darla Sevy purchased merchandise from a supplier and failed to pay the invoice amount ($310) by the…

A: The past due balance method is one way to calculate interest on a loan. Under the past due balance…

Q: On January 1, Wei company begins the accounting period with a $30,000 credit balance in allowance…

A: a.Prepare the journal entry to write off the two specified accounts.

Q: Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December…

A: The uncollectible accounts are the accounts receivables balance which are estimated to be…

Q: On January 1, Wei Company begins the accounting period with a $34,000 credit balance in Allowance…

A: Under the allowance method company makes provisions for uncollectible accounts at the end of the…

Q: Solstice Company determines on October 1 that it cannot collect $54,000 of its accounts receivable…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Party Warehouse Inc. rents a wide variety of products (e.g., tables, chairs, tents) for special…

A: Date Account Debit Credit         Apr 5 Cash $  10,000          Deposit from Customer   $…

Q: At the end of 2021, Kingbird Co. has accounts receivable of $691,500 and an allowance for doubtful…

A: (a)Entry to record the write off.

Q: Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Window World extended credit to customer Nile Jenkins in the amount of $133,900 for his purchase of…

A: When services are provided on account to customers, then this will become accounts receivable for…

Q: uttercup Florist uses the allowance method to account for uncollectible accounts. Unable to collect…

A: Solution: Under allowance method to account for uncollectible accounts, any write off of…

Q: An auto repair shop makes a repair for $1,800 on November 30. The customer is sent a statement on…

A: Revenue recognition principle implies that the recognition of revenue by the entity should be made…

Q: At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of…

A: Definition of Direct Write-off Method:The Direct Write-off method is a way of recording the loss…

Q: Asap Dexter Company uses the direct write-off method.     March 11 Dexter determines that it…

A: Introduction: In a corporation's accounting records, a journal entry is used to record a business…

Q: Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase of…

A: At the time of sale of goods at credit, accounts receivables is increased, hence debited and sales…

Q: Following are transactions of Danica Company. December 13 Accepted a $24,000, 45-day, 6% note in…

A: Journal entries refer to the recording of the financial transactions in a format of debit and credit…

Q: On April 25, Richards Electric installs wiring in a new home for $2,800 on account. However, on…

A: Income statement is one of the financial statements that shows the profitability, total revenue and…

Q: a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the…

A: Journal Entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: 1. Ace Plus is a home improvement store that began operations last year. On December 31st of the…

A: Allowance for doubtful accounts - Allowance for doubtful accounts is the provision made by the…

Q: Need Help with this Question

A: An accounts receivable from a customer who has been officially declared bankrupt can be generally…

Q: Following are transactions for Ridge Company. March 21 Accepted a $11,900, 180-day, 7% note from…

A: Notes are also known as promissory notes which are a sort of debt instrument stating a promise to…

Q: on january 1, cooper company accepted a one-year note for $5,000 at 4% from one of its customers.…

A: Journal entries are the transactions that are recorded in the primary book. They are chronological…

Q: Write off the $3,890 of accounts receivable due from Jacob Marley. If an amount box does not require…

A: The direct-write off method mean writing off a bad debt expense directly against the corresponding…

Q: Window World extended credit to customer Nile Jenkins in the amount of $139,900 for his purchase of…

A: Here narrate the details of wrote off the uncollectable accounts and reversal of the same because it…

Q: Window World extended credit to customer Nile Jenkins in the amount of $135,900 for his purchase of…

A: Journal entry is the procedure for initially documenting commercial transactions in the books of…

Q: Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December…

A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…

Q: Prepare the adjusting entries and the journals needed to record the above transactions properly the…

A: The question pertains to how the bad debts are dealt with under two methods. One is the backup…

Q: On January 1, Wet Company begins the accounting period with a $35,000 credit balance in Allowance…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.