PA10. LO 5.2 The following Post-Closing Trial Balance contains errors. Prepare a corrected Post-Closing Trial Balance: Post-Closing Trial Balance Debit Credit Cash $29,900 5,500 Prepaid Insurance Fixed Assets $ 50,000 Notes Payable 46,000 Common Stock 32,000 Retained Earnings 7,400 $103,400 $67,400

PA10. LO 5.2 The following Post-Closing Trial Balance contains errors. Prepare a corrected Post-Closing Trial Balance: Post-Closing Trial Balance Debit Credit Cash $29,900 5,500 Prepaid Insurance Fixed Assets $ 50,000 Notes Payable 46,000 Common Stock 32,000 Retained Earnings 7,400 $103,400 $67,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

4G Vo) .l i 15:42 u. ♡ LTE2 7, 15% 40 แบบฝึกหัดท้ายบท 3. H : Required 1. Use the preceding analysis to compute the estimated amount of uncollectible receivables. 2. Prepare the journal entry to record Nana Company estimated uncollectibles, assuming the balance in the Allowance for Doubtful Accounts prior to adjustment is: a. 0 b. $3,000 (Debit) c. $2,800 (Credit) da 8 (Estimating Bad Debts from Receivables Balances) The following information is extracted from the accounting records of the Shelton Corporation at the beginning of 2012: Accounts Receivable $63,000 Allowance for Doubtful Accounts 1,400 (Credit) During 2012 sales on credit amounted to $575,000, $557,400 was collected on outstanding receivables, and $2,600 of receivables were written off as uncollectible. On December 31, 2012, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance. Required 1. Prepare the journal entry to record Shelton's estimate of bad debt expense for 2012. 2.…
Hh2. Account
Final) Chapters 8-9-10-11 & Ratios A Saved Help Total $ 600,000 1 to 30 $ 96,000 31 to 60 $ 42,000 Over 90 $ 36,000 61 to 90 Accounts receivable Percent uncollectible $ 402,000 $ 24,000 18 28 58 78 108 a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,200 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $700 debit. Complete this question by entering your answers in the tabs below. Req A Reg B and C b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,200 credit. c. Prepare the adjusting entry to record…
. cdn.student.uae.examus.net/?rldbqn3D1&sessi... ACCT101 FEX_2021_2_Male A company failed to post a SR50 debit to the cash e18 account. The effect of this error will be that: 31 - 34 a. The total debits in the trial balance will be larger than the total 3. 112 95° The error will overstate the debits listed in the journal b. 95abe18 C. The trial balance will not balance d. 9.5abe18c33 The cash account balance will be overstated abe18ce 95abe18ce33 95a 95abe18ce33 95abe18ce33 95abe18ce33 MacBook Pro F3 000 F4 FS F6 E 5 F7 6 & DII 7. 7 V T. 8A Y 9 U **** S4
What is the correct answer for 1 and 2?
EM9.10b General Ledger (Quick Check) Required: 7. What is the balance of the Prepaid Expenses: Insurance account? Is it a Debit or Credit balance? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. 8. What is the balance of the Insurance Expense: Liability Insurance Expense account? Is it a Debit or Credit balance? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. 9. What is the balance of the Prepaid Expenses: Supplies account? Is it a Debit or Credit balance? Note: Answer this question In the table shown below. Round your answer to 2 decimal places. 10. What is the balance of the Office Supplies & Software Expense account? Is it a Debit or Credit balance? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. 11. What is the balance of the Rent & Lease Expense account? Is it a Debit or Credit balance? Note: Answer this question in the table shown below. Round your…
uncollectible accounts in each age category are as follows: Age Class Balance Percent Uncollectible Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 $1,420,700 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Estimated Estimated Uncollectible Accounts Uncollectible Accounts Age Class Balance Percent Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 Total $1,420,700 Check My Work Amount
Assume that accounts receivable and the allowance for doubtful accounts (AFDA) ending balances were OMR500,000 debit and OMR5000 credit balances respectively at December 31, and the uncollectible accounts are estimated to be 5% of accounts receivable. Find out the ending balance of ADFA from the above given information . a . None of the given options b . OMR 30000 C. OMR 25000 d . OMR 20000
PA7. LO 5.1 Assume that the first two closing entries have been made and posted. Use the T-accounts provided as follows to: A. complete the closing entries B. determine the ending balance in the Retained Earnings account Debit Credit Income Summary 212,000 277,500 Retained Earnings Bal. 45,900 Dividends Bal. 7,500
Transactions Alex and Hagi decided to open a home cleaning service company, H@L The following information is a partial list of transactions from H@L Inc. January 1- Alex and Hagi each donated $ 25.000 in exchange for common stock to start the business. March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately. March 15-The Company purchased $8.000 of supplies on account. April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020. May 1-H@L Inc., purchased a year's worth of advertising in a local newspaper for $ 1.200 cash. September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021. December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3. December 31- The Company earned service revenues of $ 26.225, of…
At the end of the fiscal year, Accounts Receivable has a balance of R100 000 and allowance for doubtful accounts has a balance of R7 000. The expected net realizable value of the accounts receivable is________. Select one: a. R107 000 b. R7 000 c. R93 000 d. R100 000
Use the following information for the next questions:A trial balance before adjustments included the following:CreditSales₱425,000Sales returns and allowance Accounts receivableAllowance for doubtful accounts₱14,000 53,0007609,000Debit If the estimate of uncollectibles is made by taking 10% of gross account receivables, the amount of the adjustment is