On January 1, the Supplies account had a $300 balance. On December 31 (end of year), a count revealed that the balance for the Supplies account was $500 . During the year, $900 of supplies were purchased and recorded as an asset. The required adjusting journal entry to be recorded on December 31 is
Q: On June 30 (the end of the period), Brown Company has a credit balance of $2,250 in Allowance for…
A: Allowance for Doubtful Accounts is maintained for upcoming estimated uncollectible accounts…
Q: December 31, 20, according to the Trial Balance, the Equipment account has a balance of 37,700.00.…
A: Given, Depreciation expense = $3,500 Balance in equipment account = $37,700
Q: Prepare a worksheet for Brown’s Plumbing and Heating. Write the heading for the worksheet for the…
A: Trial balance is the statement prepared that includes the ending balance of all the accounts at the…
Q: Prepare the correct adjusting entries using the following information. 1) The warehouse employees…
A: Adjusting entries are the journal entries passed at the end of the month/financial year to close all…
Q: Current Assets Dorothy Corporation had the following accounts in its year-end adjusted trial…
A: Any of a company's securities that are intended to be sold or used in the next year as a part of…
Q: Bonita Company purchased supplies costing $7130 and debited Supplies for the full amount. At the end…
A: Total value of supplies purchased = $7,130 Supplies on hand at the end of period = $1,960 Therefore…
Q: The beginning balance of Otto's savings account for the month of May was $1800, and it remained this…
A: in this method you have to calculate average daily balance and total balance of month and calculate…
Q: Theisens Farm & Auto had accounts receivable of $20,900 at the end of the first year of operations.…
A: The adjustment entry are as follows.
Q: At the end of the current year, Accounts Receivable has a balance of $790,000; Allowance for…
A: Given: The ending balance of Allowance for Doubtful Accounts is estimated at $28,700 credit. There…
Q: On dec 1, 1921, Auditors has a debit balance of $15,000 for the Allowance for Uncollectible Accounts…
A: We know that at the end of the year, allowance for bad debts needs to have a balance that is equal…
Q: Tarheel Corp. plans to prepare its adjusting entries for the year ending December 31, 20X1, and has…
A: At year-end when the company finalizes its accounts then any unrecognized income or expenses for the…
Q: On December 31 of Swift Company's first year, $50,000 of accounts receivable was not yet collected.…
A: Solution 1: Gross receivables = $50,000 Bad debt expense recorded at year end = $2,000
Q: The supplies account had a begging balance of 3375 and was debited for 6450 for supplies purchased…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: At the end of the current year, Accounts Receivable has a balance of $960,000; Allowance for…
A: Answer a
Q: Make the necessary adjusting entry (December 31, 20XX) in general journal form under each of the…
A:
Q: Journalize the entries to reverse the accounts at January 1. (Hint: One of the accounts was affected…
A: Particulars Debit Credit Account's receivable 600 Fees earned 600 Supplies…
Q: At the beginning of 20X3, W7w Tax Prep Company reported Accounts Receivable $11500 and Allowance for…
A: The account receivables represents the amount due for payment but not yet received yet. The…
Q: At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,500 and zero…
A: An important tool in accounting is the T-account, which displays the movement of assets,…
Q: The balance in the Supplies account Before making the necessary adjustments is $1,400. A physical…
A: Cost of the supplies used = Balance in the Supplies account -physical count = $1,400 - $675 = $725
Q: r Company’s year-end unadjusted trial balance shows accounts receivable of $118,000, allowance for…
A: Working Allowance for doubtful accounts 1) Required Ending Balance ($118,000*1.5%) $ 1,770…
Q: The company determines that the interest expense on a note payable for the period ending December 31…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: Louvers, Incorporated, accepted a $15,000, 180-day, 10 percent note from a customer on May 31.…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: On November 1, Year 1, a company borrows $47,000 cash from Community Savings and Loan. The company…
A: Interest Notes Payable - Interest on Notes Payable is an expense for the company. If it says…
Q: must complete parts 1, 2, and 3 before completing p- Based on the following selected data,…
A: Date Accountand Explanation Debit Credit a Bad Debt Expense $18,000 Allowance for Doubtful…
Q: The following selected transactions were completed by Interlocking Devices Co., a supplier of…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Tyrell Company entered into the following transactions involving short-term liabilities. Year 1…
A: Interest is computed based on Principal amount, Rate of interest and period due.Interest accrual is…
Q: BloWare's year-end unadjusted trial balance shows accounts receivable of $33,000 and sales of…
A: The bad debts refer to non-performing assets. When the sales are made on account and the amount due…
Q: Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable.…
A: Allowance for doubtful accounts which is a contra-asset account whiwhiwhichwhiwhiwhichwhich I which…
Q: Journalize the following adjusting entries on December 31: A. The Supplies Account balance as of…
A: Allowance for doubtful debts is considered as the contra asset item i.e used to decrease the value…
Q: Journalize the necessary adjusting entries. Assume that Fireside Magazine uses the periodic…
A: A periodic inventory system is a type of inventory valuation that maintains the inventory account at…
Q: Prepare journal entries for each of the transactions. 1.Record the purchase of inventory of $24,000…
A: A journal entry is an act of recording any transaction, regardless of whether it is an economic one.…
Q: At the end of the current year, Accounts Receivable has a balance of $3,460,000, Allowance for…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the…
A: Adjusting entries are the entries usually made at the end of the period to fix some accounts before…
Q: Based on an analysis of the $2,740,000 of accounts receivable, it was estimated that $113,330 will…
A: The estimated amount of account receivable which will be uncollectible needs to be charged off to…
Q: )Present the journal entries for the transactions above. (b)Journalise the adjusting entry. Show…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: During the month of June, Concord Boutique recorded cash sales of $334,910 and credit sales of…
A: Credit sales are deals in which products or services are vended to guests on credit, with the…
Q: Prepare the year end adjusting entry for the following The supplies inventory at the beginning of…
A: The objective of this question is to prepare the year-end adjusting entry for the supplies…
Q: The worksheet at the end of October has P4,000 in the Trial Balance credit column for Accumulated…
A: Worksheet is a 10 column sheet that is being prepared to show unadjusted general ledger balances,…
Q: Cedar Valley is a national restoration contractor licensed in roofing, siding, gutters and windows.…
A: 2. Allowance Method - Under allowance method company make provision of uncollectible accounts at the…
Q: Warner Company’s year-end unadjusted trial balance shows accounts receivable of $115,000, allowance…
A: Adjusting entries are those which are reported by the entity in the books at the end of the period.…
Q: Maxwell Inc., analyzed its accounts receivable balances at December 31, and arrived at the aged…
A: Adjustment amount = Estimated Uncollectible Accounts - Credit Balance in Allowance
Q: On decmeber 31, the trial balance indicates that the supplies account has a balance, prior to the…
A: The journal entries are prepared to keep the record of day to day transactions of the business. The…
Q: Warner Company's year-end unadjusted trial balance shows accounts receivable of $114,000, allowance…
A: Step 1: Compute the uncollectible amount Sales 430,000 multiply: Uncollectible estimate %…
Q: Allen Bikes Ltd. has a year-end of December 31, 20x9. During the year, the company wrote off…
A: Answer :- calculation of the dollar amount of the bad debt expense when making the adjusting…
Q: On April 1, Jackson Company purchased $2,440 of supplies on account. On April 1, Jackson Company…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
On January 1, the Supplies account had a $300 balance. On December 31 (end of year), a count revealed that the balance for the Supplies account was $500 . During the year, $900 of supplies were purchased and recorded as an asset. The required
Step by step
Solved in 2 steps with 1 images
- MKE Goods’ year-end unadjusted trial balance shows accounts receivable of $198,000, allowance for doubtful accounts of $1,200 (credit), and sales of $560,000. Uncollectibles are estimated to be 1.5% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles.2. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $600?Atlantic Company is completing adjusting entries at the end of the annual accounting period, December 31, 20X1. Four adjusting entries must be made at this date to update the accounts. The following accounts, selected from Atlantic's chart of accounts, are to be used for this purpose. They are coded below for easy reference. A. Office Supplies B. Trade Receivables C. Accumulated Depreciation D. Interest Receivable E. Notes Payable J. Office Supplies Expense K. Rent Expense L. Bad Debt Expense M. Depreciation Expense N. Interest Expense O. Sales Revenue P. Rent Revenue Q. Interest Revenue R. Equipment F. Interest Payable G. Property Tax Payable H. Unearned Rent 1. Rent Payable Below are the four adjusting entries: 1. On January 1, 20X1, equipment was purchased for $6,000. The equipment had an estimated useful life of five years with no residual value. It is depreciated using the straight-line method. Record depreciation. 2. On November 1, 20X1, collected $1,800 rent revenue in advance…Lancaster Company must make three adjusting entries on December 31, 20X1. a. Supplies used, $9,200 (supplies totaling $14,400 were purchased on Decem b. Expired insurance, $6,400; on December 1, 20X1, the firm paid $38,400 for s debited Prepsid Insurance for this amount. c. Depreciation expense for equipment, $4,000. Required: Prepare the journal entries for these adjustments and post the entries to the ger
- An invoice is dated for June 28 for $8657 with terms of 8/10 EOM,ROG . The merchandise was received on July 3 , how much should be paid on or before August 1?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.(a) Journalize the entries to record the following (1) Record the adjusting entry at December 31, the end of the fiscal year, to provide for doubtful accounts. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates doubtful accounts of $18,000. (2) In March of the following fiscal year, the $350 owed by Fronk Co. on account is written off as uncollectible (3) Eight months later, $200 of the Fronk Co. account is reinstated and payment of that amount is received. (4) In October, $400 is received on the $600 owed by Dodger Co. and the remainder is written off as uncollectible. (b) Based on the data in (a) (1) above, what is the net realizable value of the accounts receivable as reported on the balance sheet as of December 31? (c) Assuming that the business had been following the direct write-off procedure in accounting for uncollectible receivables, journalize the…
- Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.At the end of the current year, Accounts Receivable has a balance of $565,000, Allowance for Doubtful Accounts has a credit balance of $5,000, and sales for the year total $2,540,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $26,000. a. Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c. Determine the net realizable value of accounts receivable.$fill in the blank 5Foc
- At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,500 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $5,100. Required: 1. Prepare the adjusting journal entry on December 31. 2. Post the beginning balances and adjusting entries to the following T-accounts. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Post the beginning balances and adjusting entries to the following T-accounts. Accumulated Depreciation Beginning Balance Debit Ending Balance Credit Answer is not complete. 5,100 5,100 Beginning Balance Debit Ending Balance CreditAt the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $72,000; estimated uncollectible = 7%. Accounts 1 to 30 days past due = $32,000; estimated uncollectible = 20%. Accounts more than 30 days past due = $8,000; estimated uncollectible = 50%. Required: Record the year-end adjusting entry for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,400 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
