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- What is the amount of uncollectible accounts expense that will be reported on the year 2 income statement1. Calculate Smith's preadjustment balance in accounts receivable on December 31, 2019. $ 372,150 x 2. Calculate Smith's preadjustment balance in allowance for doubtful accounts on December 31, 2019. 650 X Feedback V Check My Work 1 & 2. Using T-accounts, start with the balance at the beginning of the year and make the necessary debits and/or credits for the transactions that occurred during the year. 3. Prepare the necessary adjusting entry for 2019. Bad Debt Expense 3,850 X Allowance for Doubtful Accounts v 3,850 XThe entry to record the receipt of RM800 on account for services previously rendered would be: Dr. Cash RM800 & Cr. Account payable RM800 Dr. Service revenue RM800 & Cr. Account receivable RM800 Dr. Cash RM800 & Cr. Account receivable RM800 Dr. Account receivable RM800 & Cr. Service revenue RM800
- Required: 1. Calculate Ingrid's balance in accounts receivable on December 31, 2019, prior to the adjustment. 2$ 838,000 X 2. Calculate Ingrid's balance in allowance for doubtful accounts on December 31, 2019, prior to the adjustment. $6 - Which of the following is the account and amount that should appear in the dotted places in the journal article above? a) 191 VAT Deductible 5.400 TL B) 391 VAT to be calculated Hs. 5.400 TL NS) 391 Calculated VAT Hs. 6.300 TL D) 360 Taxes and Funds Payable Hs. 5.400 TL TO) 191 VAT Deductible 5,000 TL*see attached In its income statement for the year ended June 30, 20x1, what amount should Oren report as rent expense?a. P 10,000b. P 10,500c. P 40,000d. P 50,000
- How would each of the following items be reported on the balance sheet? a. Accrued vacation pay. b. Estimated taxes payable. c. Service warranties on appliance sales. d. Bank overdraft. e. Employee payroll deductions unremitted. f. Unpaid bonus to officers. g. Deposit received from customer to guarantee performance of a contract. h. Sales taxes payable. i. Gift certificates sold to customers but not yet redeemed. j. Premium offers outstanding. k. Discount on notes payable. l. Personal injury claim pending. m. Current maturities of long-term debts to be paid from current assets. n. Cash dividends declared but unpaid. o. Dividends in arrears on preferred stock. p. Loans from officers.Use the following items taken from the financial statements of the Postal Service for the year ending December 31, 2018 to answer questions: Accounts payable ..............................................................$10,000 Accounts receivable ............................................................11,000 Accumulated depreciation – equipment ..........................28,000 Advertising expense ............................................................21,000 Cash ......................................................................................14,000 Owner’s capital (1/1/18) ...................................................105,000 Owner’s drawings ...............................................................14,000 Depreciation expense ........................................................12,000 Insurance expense ...............................................................3,000 Note payable, due 6/30/19…What should i do? Record the Contracted services of $82,500 as performed. Note: Enter debits before credits. Transaction General Journal Debit Credit 6b
- How much uncollectible accounts expense should be presented on the statement of comprehensive income for the year ended December 31, 2018? a. 160,600 b. 194,000 c. 240,600 d. 254,600 e. None of the choicesState the effect the following situation would have on the amount of annual net income reported for 2019. The collection of USD 5,000 for services yet unperformed as of December 31, was credited to a revenue account and not adjusted. Group of answer choices Net income is understated, liabilities are overstated Net income is overstated, liabilities are understated Net income is understated, assets are overstated Net income is overstated, assets are overstatedLily Landscaping Inc. is preparing its budget for the first quarter of 2022. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end, the following information has been collected. Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after receiving service. Actual service revenue for 2021 and expected service revenues for 2022 are November 2021, $67,200; December 2021, $75,600; January 2022, $84,000; February 2022, $100,800; and March 2022. $117.600. Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2021 and expected purchases for 2022 are December 2021. $11,760; January 2022, $10,080; February 2022. $12,600: and March 2022, $15,120.