Multiple choice |CHAPTER 5 | JOURNALIZING AND POSTINGb. Prepaid RentCashP6,000P6,000Rent PayableP6,000C.CashP6,000d. Rent ExpenseP6,000o post a P52CashP6,00010. Which of the following is correct concerning recording journa. The credit part of the entry is recorded first.b. The credit account is always indented underneath theC. The debit part of the entry is recorded last.always recorded in the journal.ts.nad the following account balances as P3,000ExpenseP3,0009. Dungeon Company paid the monthly rent, P6,000. The accountant would recordCashP3,000the following journal entry:a. CashP6,000Rent ExpenseP6,000222

A journal entry is a record of a transaction happened in a entity in the the books of such entity…

Answered: P3,000 9. Dungeon Company paid the…

P3,000 9. Dungeon Company paid the monthly rent, P6,000. The accountant would record the following journal entry: a. Cash P6,000 Rent Expense P6,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...

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Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23,300 48, e00 Accounts Receivable Allowance for Uncollectible Accounts $ 4, See Inventory Land 37,800 72,108 Accounts Payable Notes Payable (6%, due in 3 years) Comnon Stack 28,9ee 37,000 63, 0e0 Retained Earnings 39,0e0 Totals $172,400 $172,48e The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,6e0 units for $168,80e on account ($18s cach). January 8 Purchase 1,78e units for $187,000 on account ($11e cach). January 12 Purchase 1,8e0 units for $287, B0e on account ($115 cach). January 15 Return 135 of the units purchased on 3anuary 12 because of defcects. January 19 sell 5,280 units on account for $788,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…
On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Debit Credit Cash $ 23, 308 Accounts Receivable Allowance for Uncollectible Accounts 48, B00 $ 4, 580 Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) 37, e00 72,100 28,980 37,000 Comnon Stack Retained Earnings 63, eee 39,eee Totals $172,400 $172,400 The $37,000 beginning belance of inventory consists of 370 units, each costing S100. During Janusry 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,68e units for 168,088 on account ($10s cach). January 8 Purchase 1,78e units for $187, 880 on account ($110 cach). January 12 Purchase 1,88e units for $287,000 on account ($115 cach). January 15 Return 135 of the units purchased on 3anuary 12 because of defccts. January 19 Sell 5,2ee units on account for $788,8ee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…
At December 1, 2021, Vaughn Company's accounts receivable balance was $1860. During December, Vaughn had credit revenues on account of $7080 and collected accounts receivable of $6070. At December 31, 2021, the accounts receivable balance is $850 credit. Ⓒ $850 debit Ⓒ $2870 debit. O $2870 credit.
At January 1, 2025, XYZ Company had an allowance for doubtfulaccounts with a $39,300 credit balance. XYZ Company reportedthe following information for 2025:Sales revenue .................................. $392,800Cash collections from customers ................ $307,500Write-offs of uncollectible accounts ........... ?Recoveries of previously written-off accounts .. $ 14,600Bad debt expense ............................... $ 31,090In order to estimate the bad debt expense, XYZ Company preparedthe following aging schedule at December 31, 2025:Accounts Receivable % Uncollectiblenot past due $181,000 3%1-30 days past due $ 36,000 7%31-60 days past due $ 42,000 11%61-90 days past due $ 21,000 24%over 90 days past due $ 13,000 46%total accounts receivable $293,000Calculate XYZ Company's accounts receivable balance atJanuary 1, 2025. Please don't provide answer in image format thank you
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At December 1, 2022, Swifty Corporation Accounts Receivable balance was $12770. During December, Swifty had credit sales of $34200 and collected accounts receivable of $27360. At December 31, 2022, the Accounts Receivable balance is $19610 credit $19610 debit $12770 debit $46970 debit
A. Cash Discount1. An invoice for Php 70 250 dated March 25, terms 5/10, 2/30, n/60, is paidin full on April 20. What is the total amount paid to settle the account?2. Ms. Garcia received an invoice dated April 18 amounting to Php 30 123for her orderedplants. The invoice comes with cash discount terms, 5/5, 2/15, n/30, R.O.G.The plants were received on April 25. If she paid on May 12, how much did she pay?
At January 1, 2025, XYZ Company had an allowance for doubtfulaccounts with a $39,300 credit balance. XYZ Company reported the following information for 2025:Sales revenue .................................. $392,800Cash collections from customers ................ $307,500Write-offs of uncollectible accounts ........... ?Recoveries of previously written-off accounts .. $ 14,600Bad debt expense ............................... $ 31,090In order to estimate the bad debt expense, XYZ Company preparedthe following aging schedule at December 31, 2025:Accounts Receivable % Uncollectiblenot past due $181,000 3%1-30 days past due $ 36,000 7%31-60 days past due $ 42,000 11%61-90 days past due $ 21,000 24%over 90 days past due $ 13,000 46%total accounts receivable $293,000Calculate XYZ Company's accounts receivable balance atJanuary 1, 2025.
he journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit Credit Wages Expense 24,762.70 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FIT Payable 3,714.00 SIT Payable 55.25 Group Insurance Payments W/H 54.70 Cash 19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%): Debit Credit Payroll Taxes 2,785.81 FICA Taxes Payable—OASDI 1,535.29 FICA Taxes Payable—HI 359.06 FUTA Taxes Payable 148.58 SUTA Taxes Payable 742.88 a. Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $9,600, all of which is taxable. The amount of federal income taxes withheld each month is $1,250. Journalize the payment of wages, and record the payroll tax on November 29. For a compound…
Simon got an invoice dated on May 2nd with an amount of $2,150.00 and the terms are 4/15, n/30 ROG. The goods were received on May 14th, and Simon paid on May 25th, so how much should he pay? O a. $1,827.50 O b. $2,064.0O O c. $2,236.00 O d. $2,150.00 Type here to search 24 ASUS
What payment should be made on an invoice for $500 dated November 16, carrying terms 4/10, net 30?