2F2WPB3, 15.1 The following selected accounts and normal balances existed at year-end. Notice that expensesexceed revenue in this period. Make the four journal entries required to close the books:$ 85,500Accounts receivablePrepaid insuranceLand18,00015,000Accounts payable82,350Notes payable35,000Retained earnings129,650Dividends15,000311,000Fees earned revenueSelling expenses210,000105,000Administrative expensesMiscellaneous expense8,500This OpenStax book is available for free at http://cnx.org/content/col25448/1.4MAY24#380F3E4QF4R%5F5TMacBook AirF6

Closing entries are those entries that are used for transferring the balance from the temporary…

PB3. Itd 5.1 The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: $ 85,500 Accounts receivable Prepaid insurance Land 18,000 15,000 82,350 Accounts payable Notes payable 35,000 Retained earnings 129,650 Dividends 15,000 Fees earned revenue 311,000 210,000 Selling expenses Administrative expenses 105,000 Miscellaneous expense 8,500

PB3. Itd 5.1 The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: $ 85,500 Accounts receivable Prepaid insurance Land 18,000 15,000 82,350 Accounts payable Notes payable 35,000 Retained earnings 129,650 Dividends 15,000 Fees earned revenue 311,000 210,000 Selling expenses Administrative expenses 105,000 Miscellaneous expense 8,500

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1AP

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E. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 2021
am. 124..
(c) What is the balance of accounts receivable on it December 31 balance sheet? Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 180,000 1% 31-60 days past due 40,000 2 61-120 days past due 22,000 5 121-180 12,000 10 Over 180 days past due 8,000 25 Total accounts receivable $ 262,000
Brickman’s ending balance of Accounts Receivable is $19,500. Use the data in the preceding question to compute the net realizable value of Accounts Receivable at year-end. $16,800 $19,500 $17,400 $17,900
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38. The company’s accounts receivable under “61-90 days” category totaleda. P32,600b. P44,320c. P44,600d. P42,000 39. The allowance for bad debts to be reported on the balance sheet at December 31, 20x7, isa. P13,199b. P6,199c. P9,699d. P9,043 40. What entry should be made on December 31, 20x7, to adjust the allowance for bad debts account?a. Bad debt expense 13,699Allowance for bad debts 13,699b. Bad debt expense 5,199Allowance for bad debts 5,199c. Allowance for bad debts 5,199Bad debts expense 5,199d. Bad debt expense 9,699Allowance for bad debts 9,699
Assume the aging of accounts receivable method was used by the company and that $7050 of the accounts receivable as of Dec 31 were estimated to be uncollectible. You are now required to: a) Determine the amount to be charged to uncollectible expense( show your workings for the computation of this figure).
Write a journal entry for the following beginning balance: “accounts receivable (net of allowance of 5200) 235,884"
Please Solve in 20mins
Answer only please.
1. An analysis of the receivables as at the end of the year of Madeni Limited revealed the followingAgeBalance –Ksh ‘000Current 3,4001 to 30 days 1,20031 to 60 days 2,70061 to 90 days 2,30091 to 120 days 1,400121 to 180 days 700181 to 365 days 1,000Over 365 days 1,30014,000From experience, the company estimates that 1% of the current debtors will not pay, 3% of debtors between 1-30 days will not pay, 5% of the debtors between 31-60 days will not pay, 7% of the debtors between 61-90 days will not pay, 10% of the debtors between 91-120 days will not pay, 15% of the debtors between 121-180 days will not pay, 20% of the debtors between 181-365 days will not pay and 50% of the over 365 days old debtors will not pay.Required:a) Using the Aging Method, determine the balance of allowance for doubtful debts as at the end of the yearb) Pass the journal entry needed. The beginning balance for the Allowance for Doubtful accounts is Ksh 1,750,000
UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.